Syscoin Platform Development Update

Here is a behind-the-scenes look at progress on Syscoin NEVM, the extension wallet, and other tools and infrastructure developments. 
 

NEVM

Syscoin NEVM is designed to serve the smart contract and interoperability demands of smart cities and beyond at very low fees, while providing robust decentralized settlement backed by a significant portion of Bitcoin's hashrate via merged-mining, and Bitcoin’s own Proof of Work consensus model.

NEVM (Network-Enhanced Virtual Machine) is the brainchild of Jagdeep Sidhu, Syscoin's Lead Core Developer and CTO of Blockchain Foundry Inc. NEVM will make Syscoin a coordinated platform that combines the best aspects of Bitcoin and Ethereum, along with notable advancements. Syscoin NEVM will implement the latest cryptographic research like zero-knowledge proofs to provide true scale for Turing-complete smart contracts, along with trustless interoperability.

The computer scientists contracted by the Foundation, Jag Sidhu and Ian Moore, spent months working out the details, and now development has begun. 

The demand for smart contracts on Syscoin continues to grow rapidly. The number of existing and inbound projects interested and awaiting NEVM is increasing. NEVM is deemed our highest priority due to this growing interest. Every Syscoin team has become involved. Blockchain Foundry, Quan Digital, Elint Tech and Syscoin Foundation are each contributing. This speeds up development significantly. The goal is to have an NEVM testnet ready in August!

 

Extension Wallet and Tools

 

Our Partners from Quan Digital and Elint Tech have been working diligently on an extension wallet, along with other tools like Syscoin’s Blockbook block explorer and an associated load balancer. In effect, our Blockbook ecosystem, used by every wallet supporting Syscoin, SPTs and NFTs, will be much faster and more robust.

This week the extension wallet will be introduced to our community testers for private testing. After this, the security audit will begin. Depending on the time frame of the security audit we will have a public beta or full launch.

The extension wallet release will align with the release of another tool that has been in development; SysMint, a user-friendly Dapp that will interface with the extension wallet to enable users with easy creation of SPTs and NFTs while maintaining self-custody at every point. 

The extension wallet will support Trezor hardware!  

Phase two of the extension wallet will introduce Syscoin NEVM support, support for additional hardware wallets, and more.

 

Although we cannot disclose everything presently being worked on, you can expect more updates like this in the coming months.

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Jun 23, 2021 by Syscoin Foundation, SMT