Syscoin Bridge

Delivering Interoperability

In Syscoin 4.0 we introduce a brand-new addition to Syscoin Platform: a unique blockchain bridging technology called Syscoin Bridge, which establishes a two-way transaction channel between Syscoin and other blockchains. Making a bridge work like this has been a point of focus for the blockchain industry since Satoshi spoke about SPV (Simplified Payment Verification) in the original Bitcoin whitepaper.

This type of bridge has never been seen before and is unique in that it allows for Syscoin tokens to transfer to and exist on other blockchains; the sum of which combined with Syscoin tokens on the Syscoin blockchain represent the total circulating supply of SYS.

Some unique features of the bridge, include:

  • Fully decentralised: anyone can run a bridge node, and earn ETH by doing so.
  • No counterparty required: unlike other bridges Syscoin Bridge requires no counterparty in the chain transfer process. This is due to the unique approach that requires tokens to be burned and minted and they leave and re-enter the Syscoin blockchain respectively. No swap, change or escrow is needed to facilitate honesty of transfer.
  • Two-way transfer of assets: the bridge allows for Syscoin Platform Tokens (SPT) to be transferred to other chains and vice-versa. This enables a Syscoin asset owner to leverage features of other blockchains such as smart contracts or privacy. Looking at it in reverse, owners of tokens on other blockchains can now access the speed, throughput and merge-mined security offered by Syscoin.

Current implementations

Syscoin Ethereum Bridge

The initial implementation of the Syscoin Bridge technology connects the Syscoin blockchain to the Ethereum blockchain. This allows Syscoin developers to gain access to the powerful smart contract capabilities of the Ethereum network, as well as all the toolkits present in the Ethereum ecosystem.

Platforms such as Metamask, ERC-20 DEXs, MyEtherWallet, Ledger and others can now be accessed from Syscoin 4.0 via the Syscoin Bridge ERC-20 token: SysE. This provides an opportunity to Ethereum users as well, since they are now able to convert their ETH-based ERC-20 token to a Syscoin Asset - which has a higher throughput rate; is backed by PoW and allows for rapid (Visa/Mastercard speed) point-of-sale transactions (~10 second settlement time) using Z-DAG.

For example, you could use the Syscoin-based asset on the main Syscoin chain for point-of-sale applications, which would be backed by the security of Proof-Of-Work, then use the Syscoin bridge to move from SYS to SysE (an ERC-20 token on Ethereum). The SysE can then be used to interact with smart contracts (for example) on the Ethereum chain, such as a marketplace smart contract that requires SysE for execution and pays fees back to users as dividends.

The Future of Syscoin Bridge

Interoperability

The Syscoin Bridge can be modified to interoperate with any blockchain of your choice.
Bridges to other ecosystems can be built whenever the need arises.

In an ecosystem where bridges exist between Syscoin, Ethereum, Komodo, Neo and Zcash,
for example, the total SYS supply will always remain SYS + SysE + SysK + SysN + SysC = 888 million max.

Syscoin Bridge is ready to serve your project

Are you looking for a proof-of-work secured blockchain with point-of-sale capabilities that also has potential to leverage the unique features of other blockchains? Look no further and start developing on Syscoin today!