Phase One of the NEVM launch is now officially complete, the Syscoin team announced in a recent update.
Their Bitcoin-secured Layer 1 for EVM smart contracts “reached mainnet on block 1,317,500, December 6th, 2021,” according to an update shared with Crowdfund Insider.
With this upgrade to the Syscoin network, users may take advantage of all the benefits of Bitcoin’s proof of work or POW security and the “flexibility” of smart contracts on a modular chain.
The chain has been “built to remain indefinitely decentralized, scalable, and affordable.”
Phase One has laid “the world’s most secure foundation for supporting all the best EVM Layer 2 advancements,” the update noted.
Syscoin project’s unique approach to infrastructure has “addressed the greatest criticisms aimed at Bitcoin and Ethereum alike.”
Thanks to merge-mining, their POW security is “effectively a green energy solution, which recycles resources already being spent on Bitcoin’s gold standard security.”
Thanks to their Solidity and full EVM-compatibility, they have now “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, they claim to have have effectively “leapfrogged the promises being offered by Ethereum 2.0 and solved the trilemma facing blockchains.”
Why is this significant?
As noted in the announcement, it means projects running on Ethereum are able to “migrate to the Syscoin Platform and immediately save nearly 100% of their transaction fees, and in turn those savings can be passed on to their user bases.”
Jagdeep Sidhu, Syscoin’s Lead Core Developer, stated:
”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 explained in the update, 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.”
Their NEVM is the “culmination of these years of effort and a novel solution we are incredibly proud to make a reality.”
Many new partners have already “started onboarding, with the majority looking towards leveraging ZK-Rollups on Syscoin NEVM,” the announcement revealed.
Thus far, these NEVM partners reportedly include Luxy: “a powerful and user-friendly NFT marketplace,” Gold Standard DAO: “a decentralized reserve currency backed by gold,” Pegasys: “the first DEX & AMM built on Syscoin’s NEVM,” Mute: “a DeFi suite dedicated to ZK-Rollup scalability,” Equalizer: “the world’s first dedicated DeFi flash loans platform,” Orai: “the world’s first AI Oracle blockchain, and many more will join the Syscoin ecosystem.”
If you are interested in doing the same, then you can start by checking the project out at Syscoin.org.
As noted in a release, Syscoin is a decentralized and open-source project “founded in 2014 whose NEVM upgrade combines the best of Bitcoin and Ethereum in a single coordinated platform.”
Bitcoin’s proven security and Ethereum’s Turing-complete programmability “elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin, will usher in the next step in the evolution of blockchain technology.”