Unique hybrid ecosystem Syscoin confirms the activation of its smart contracts on block 1,317,500 on Dec. 6, 2021.
Syscoin NEVM goes live, introduces Bitcoin (BTC) security to smart contracts
According to the official announcement shared by the Syscoin team, its smart contracts platform NEVM has just gone live.
Today we combine the best of #Bitcoin and #Ethereum.— Syscoin (@syscoin) December 6, 2021
With less than 200 Blocks to go till launch, #Syscoin #NEVM will go live at block 1,317,500!
Bringing in a new era for #DeFi, #NFTs, #Metaverse, & more! ?
Enabling a secure, scalable, and decentralized platform on @syscoin pic.twitter.com/WxwnquNIzo
As such, Syscoin's modular chain now merges the benefits of Bitcoin's security and Ethereum's operability and flexibility. An inaugural stage of Syscoin's smart contract release, Phase One, is already able to support the latest Layer 2 advancements.
With full EVM compatibility, Syscoin's NEVM can easily onboard Ethereum-based dApps. Syscoin's fees are trivial, so its dApps economies are more resource-efficient than those of Ethereum (ETH) and other mainstream blockchains.
Jagdeep Sidhu, Syscoin's lead core developer, stresses the crucial importance of this release for the entire decentralization sphere:
Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum. Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees.
Syscoin adheres to the merge-mining model ("green proof-of-work") that only utilizes resources already spent on Bitcoin (BTC) operations.
DeFi on Syscoin, ZK-rollups, Layer 2 services
The Phase One release is the first step in Syscoin's strategy of building a one-for-all decentralized finance ecosystem for both individuals and enterprises.
In Q1, 2022, Phase Two will empower Syscoin with ZK-Rollups: its throughput will rocket to 210,000 transactions per second.
In Q3, 2022, Syscoin will activate Validium technology, which is projected to accomplish an unmatched four million TPS.
Hand in hand with the progress of its virtual machine, Syscoin is building a multi-directional Defi ecosystem. So far, it includes an NFT marketplace, a DEX with AMM, an instant lending/borrowing platform and so on.