Syscoin Weekly Update V.

If you do not follow Syscoin's Twitter, then you are missing out! Over the past week, several members of the team have appeared on numerous Twitter Spaces, including Corey Costa's Crypto Coins. Be sure to follow both to stay in the loop with all that's happening on the Syscoin Platform. If you already are, then you may have noticed Pegasys has announced they are taking the first steps toward community governance.



2022 Year In Review

2022 has been an interesting year for the cryptocurrency industry, and one full of promising steps forward for the Syscoin Platform. Over the past year, we have partnered with a lot of great companies and forged important relationships that are helping us reach the goal of becoming the most complete blockchain ecosystem built on the solid foundation of Bitcoin’s gold standard proof-of-work security combined with the programmability of Ethereum-based smart contracts, all scaled to the levels needed for mass adoption thanks to Syscoin’s own rollup suite, Rollux.

    In this week's review, we will revisit some of what we’ve accomplished during 2022 as we gear up to deliver the world’s most capable Web3 experience with the launch of Rollux on mainnet in early 2023. We ended 2021 with a bang by launching our Ethereum-compliant NEVM smart contract chain on December sixth, which laid the groundwork for most of what we have accomplished in the time since. Last year, we added a hefty repertoire of partners, which would honestly be too many to name in this short video, so if you are out of the loop, please be sure to go syscoin.org/news to get the full picture, but first here's this week's video about one of Syscoin's not so secret weapons to bring scalability to the masses:
 


This Week's Video: PoDA (Proof-of-Data Availability

 

Everyone is talking about rollups and their role in scaling blockchain technology to the level needed to offer a true Web3 experience on par with what people are accustomed to from Web2. However, an equally important factor only Ethereum seems to be acknowledging is how to solve data availability on Layer 1, which they have proposed to solve through proto-danksharding. Syscoin's solution is through a similar process we call PoDA, or Proof-of-Data Availability. The good news is unlike proto-danksharding, which has an indefinite release date, PoDA has already been working on testnet, and will premier on mainnet by the end of this first quarter in 2023.

Charlie Hu Becomes a Syscoin Advisor

 

At the beginning of 2022, former head of Polygon China, Charlie Hu became a Syscoin Advisor. He has been integral in our expansion across the Asian market, and has since become an even closer member of the Syscoin team. Under Hu’s direction, Syscoin has made greater connections within China, Taiwan, Singapore, Korea, Japan, Philippines, Indonesia, Malaysia, India, Vietnam, and more. 

Pegasys Takes Flight

 

In early 2022, the first native Syscoin decentralized exchange and automated market maker, Pegasys, set flight. Pollum, a development company headquartered in Brazil, launched the DEX & AMM after also being instrumental in the creation of the Pali Wallet. The Pali Wallet launched in 2021 and is a browser and app wallet similar to MetaMask, but designed from the ground up for the Syscoin Platform. 

DAOSYS
 


In March, at Binance Blockchain Week 2022 in Dubai, we announced Syscoin’s design for Decentralized Autonomous Organizations via DAOSYS. DAOSYS is meant to be the ultimate DAO model that respects self-sovereignty and moves the concept forward. It will be launched on Rollux and used by the Syscoin Foundation itself as a proof-of-concept for how transparent blockchain companies should operate. However, its tools will also help small organizations and large Web2 companies alike be competitive within the Web3 space. DAOSYS will also provide a Blockchain Operating System, which will give EVM developers the tools they need to save time and build faster, similar to what AWS does for building servers.

GMMA

 

In July, Syscoin and Jax Network came together at Mining Disrupt Miami to announce the formation of the Global Merged Mining Alliance. The GMMA represents our commitment to sharing Bitcoin’s Proof-of-Work through the process of merged mining in order to offer greater security than Proof-of-Stake, strengthening the Bitcoin Network without requiring greater energy consumption.

Token2049 Premier of SYS Labs & Rollux

 

In September, the Syscoin Team had the opportunity to sponsor the largest crypto conference of the year, Token2049 in Singapore. We unveiled about twenty project partners, the first public testnet for Rollux, and trumpeted our major breakthrough regarding Proof-of-Data Availability, which we call PoDA. Rollux is a rollup suite for scaling smart contracts. PoDA is a Layer 1 scaling solution and Syscoin’s answer to the data availability issue. It is worth noting this integral solution has not been openly discussed by other projects with the exception of Ethereum, which they hope to answer through proto danksharding in the indefinite future. Both, Rollux and PoDA, are the first of their kind to reach testnet. 

That’s not all that happened at Token2049. We also announced our strategic partnership with MEXC and the formation of their $20 million ecosystem fund to generate growth within Syscoin’s ecosystem. Additionally, we debuted the formation of SYS Labs, a private venture behind the Syscoin Foundation, which will be instrumental in guiding the growth of Syscoin.

Asia's Largest Web3 Incubator, WEconomy, Chooses Syscoin
 


We recently announced our partnership with the largest Web3 incubator in Asia, WEconomy. Headquartered in China, but already with teams in Taiwan and Vietnam, and an open invitation for teams across Asia, WEconomy currently consists of seventy projects dedicated to transitioning their products from Web2, or building entirely new Web3 ones, all on Syscoin. They currently have seventy teams within their incubator and are hoping to reach 100 by the launch of Rollux on mainnet.

Hotep Jesus Endorses Syscoin

 

As Syscoin has remained committed to the foundational principles of Bitcoin rooted in self-sovereignty and decentralization, we welcomed the endorsement of free-thinker Hotep Jesus. Within our aligned visions for empowering the individual, we have found much to agree on, and several members of the Syscoin team have spoken with him in interviews and Twitter Spaces. Lead Core Developer, Jagdeep Sidhu, even had the opportunity to speak with him in the wake of the FTX debacle about the potential of decentralized exchanges to replace centralized exchanges, something relevant to Syscoin’s last major partnership of the year.

Dexchange to Offer CEX-like Experience on Syscoin's DEX Technology

 

Dexchange is an order book DEX running on ZK-Rollups and other L2 scaling solutions. Dexchange is built to facilitate a CEX-like order book trading experience without ever encroaching on user custodianship through the advancements made to scaling on Syscoin Rollux. Sidhu stated, “We are working to make Dexchange a primary player in the TradeFi ecosystem.”

With these things in mind, Syscoin is gearing up to make 2023 the biggest year for the platform since it all began in 2014. With Rollux, we stand on the verge of the most major breakthrough in blockchain technology since the introduction of Bitcoin and Ethereum. A dark horse is a previously lesser-known contestant that emerges to prominence, especially in a competition involving multiple rivals. Syscoin is blockchain’s dark horse and it’s already galloping.

Jan 4, 2023 by Syscoin Foundation