The Syscoin network, after eight years on the platform, has announced the launch of their smart-contract chain. This comes after reaching its 1,317,500 block, noting the completion of Phase 1.
As the crypto world evolves as its community grows, some of the biggest problems today are the ecological problems behind the concept of proof-of-work (PoW) and the high gas fees Ethereum. Despite these issues, Syscoin has stepped in and found a solution.
How to Bring the “Beyond” Here
What started out as a blockchain that offered the benefits from the Bitcoin and Ethereum networks turned into a viable plan with a clear-cut future of innovative technology.
As stated by Jagdeep Sidhu, Syscoin’s lead core developer, “Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum.” Right from the beginning, the intentions have been clear, and this kind of innovation and speed can only improve with time and usage.
As of right now, the network is capable of hosting the Metaverse and smart cities, as well as a wide variety of different meetings and virtual spaces — all in a decentralized and secure manner. Therefore, it was necessary to onboard a way of doing smart contracts that take “best features of the top two cryptocurrencies,” according to the lead core developer.
NEVM is also fully compatible with the Ethereum Virtual Machine (EVM), so users from EVM who are tired of the high and every changing gas fees can come to Syscoin to reap the same benefits of the network and the benefits of indestructible that Bitcoin offers.
What Does the Future Hodl?
With high stakes, Syscoin hopes that Phase 2 can bring much more to the platform. Plans of having zk-Rollups implemented onto the network that would increase the speeds up to 210k TPS in Q1 of 2022 are hoping to be implemented for Phase 2.
In Phase 3, there are plans to implement Validium technology with the hopes to achieve 4 million TPS in order to ensure that the Syscoin platform has long-term viability. This further pales in comparison with the delayed Ethereum updates that are not always projected to work as planned.
Since this is only the first Phase of the project, Syscoin can scale up and mold to this changing space, and more innovation can come about as the smart-contract chain is able to be used, tested and available for those who are looking for greener grass across the chain.
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