Syscoin Is Now the Most Advanced Smart Contract Platform
The best of Bitcoin & Ethereum are together in one place.
Phase One of the NEVM launch is complete! Our Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500, December 6th, 2021. With this upgrade to the Syscoin network, you can simultaneously enjoy all the benefits of Bitcoin's POW security and the flexibility of smart contracts on a modular chain built to remain indefinitely decentralized, scalable, and affordable. Phase One has effectively laid the world's most secure foundation for supporting all the best EVM Layer 2 advancements.
Our unique approach to infrastructure has addressed the greatest criticisms aimed at Bitcoin and Ethereum alike. Thanks to merge-mining, our POW security is effectively a green energy solution, which recycles resources already being spent on Bitcoin’s gold standard security. Thanks to our Solidity and full EVM-compatibility, we have set the stage for all EVM-based projects, including Ethereum itself, to be able to take advantage of Syscoin NEVM’s scalability and low fees. In this manner, we have effectively leapfrogged the promises being offered by Ethereum 2.0 and solved the trilemma facing blockchains.
What does this mean to you? It means your favorite projects running on Ethereum can now migrate to the Syscoin Platform and immediately save nearly 100% of their transaction fees, which means every time you wish to move or craft an NFT, create a smart contract, or take part in a promising DeFi opportunity, you can do the same.
As Lead Core Developer Jagdeep Sidhu and Dr. Ian C. Moore explained in the Syscoin 4 White Paper,
“We have presented what is currently underway for Syscoin 4, which will come in the form of a four-layer tech stack to work with the Ethereum ecosystem via our NEVM. With the ever increasing cost of gas prices, we present the data showing a 1000x+ improvement over Ethereum 2.0 in efficiency in terms of low gas cost per transaction. 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.”
As mentioned, the Syscoin NEVM going operational is only Phase One of our grand strategy to offer the world’s first mature blockchain capable of running the metaverse, smart cities, and hosting both the needs of public and private institutions. Phase Two brings ZK-Rollups and their incredible boost to speeds of up to 210K TPS in Q1 of 2022, followed by Phase Three in Q3 and the implementation our proprietary Validium technology, which is projected to achieve 4 million TPS, guaranteeing the long term viability of the Syscoin Platform.
Since 2014, Syscoin has been continuously evolving in scope to anticipate and address the greatest challenges facing blockchain technology. Our NEVM is the culmination of these years of effort and a novel solution we are incredibly pleased to offer. Many new partners have already begun onboarding, with the majority looking towards leveraging ZK-Rollups on Syscoin NEVM.
Here are some projects launching on NEVM. Many more will join the ecosystem. If you would like to consider doing the same, begin by checking us out at Syscoin.org.
Luxy: Powerful and user-friendly NFT marketplace
Gold Standard DAO: Decentralized reserve currency backed by precious metals, Bitcoin, and Ethereum
Pegasys: The first DEX & AMM built on Syscoin’s NEVM
Mute: DeFi suite dedicated to privacy and ZK-Rollup scalability
Equalizer: World’s first dedicated DeFi flash loans platform
Orai: World’s first AI Oracle blockchain
In order to ensure that the Syscoin ecosystem continues to attract quality projects and expands marketing efforts in a manner befitting our ambitions, the community recently passed a decentralized governance proposal that will grant the funding necessary to achieve these ends. In the interest of full transparency, Syscoin Foundation will soon release a more in-depth article that details how these funds will be managed and put to their fullest use.
To christen this momentous occasion in Syscoin’s history, we have redesigned our website to be more visually appealing and better represent our mission to provide blockchain solutions to the world’s most pressing technological problems, as a combination of the best of Bitcoin and Ethereum.
In addition, all masternode operators must be aware that the NEVM requires a mandatory upgrade to both the nodes and controllers (your Qt Wallet). If you use a third-party hosting service like AllNodes, they will do all of the node work for you, but you must still make sure your Qt Wallet is up to date. If you have not already done so, get the latest version for your system available here. For our masternode installation guide, please go here.
In conclusion, we are incredibly grateful to have reached this milestone in the development of the Syscoin Platform. This would not have been possible without the assistance of our community and our partners at both Pollum and Elint Tech whose developmental input has been integral to delivering Syscoin 4, Pali Wallet, and NEVM. Their continued support will ensure the smooth implementation of Phases Two and Three, ZK-Rollups and Validium, continuing into the next year. We would also like to thank Blockchain Foundry whose on-going development contributions help ensure Syscoin will not only survive, but thrive as it realizes the world’s first mature blockchain platform .
Learn more about Syscoin NEVM
Some resources for you.
A boil-down of what NEVM is, and what it means for Syscoin and blockchain technology
An in-depth article providing a technical overview of the design and the philosophy behind Syscoin NEVM