MEXC, a global digital asset trading platform, has entered into a partnership to support the launch of “a rollup solution that is secured by the Bitcoin network.”
Rollux OPv1 is Syscoin’s first in “a series of planned rollup implementations secured by Bitcoin’s own PoW network.” MEXC has “allocated a $20m fund for kickstarting projects to utilize the new Syscoin layer-two which was recently released on a public testnet.”
Syscoin is “a modular blockchain that incentivizes Bitcoin’s miners and thereby inherits roughly 30% of Bitcoin’s hashrate today.”
Syscoin accomplishes this “through a carbon-neutral process called merged-mining.”
By combining this extension of Bitcoin’s own security with a utility-focused economy, an EVM coupled with finality, and rollups, the project “aims to serve Web3 at global scale to provide the opportunity for worldwide financial inclusivity.” That is, actualization of “a new concept some refer to as Web5.”
Leo Zhao, investment manager of MEXC Ventures, said:
“Our new collaboration with Syscoin is part of the MEXC commitment to empower solid and innovative projects that push the boundaries of blockchain to solve big problems. We’re excited to see where Syscoin can go, and how builders and users will take advantage of this novel design.”
As an alternative to post-Merge Ethereum, Syscoin offers decentralized finality “by way of ‘multi-quorum chainlocks’, along with data availability on layer-one through an innovation called PoDA (Proof of Data Availability).”
These bring similar effects “as those Ethereum plans to achieve in the future. Syscoin’s NEVM chain is also fully compatible with Ethereum smart contracts.” In all, these “make Syscoin the carbon-neutral Proof of Work alternative to Ethereum’s Proof of Stake approach.”
As philosophical debates continue between the two schools of thought, PoW adherents “can now look toward Syscoin.”
Bradley Stephenson, Syscoin Foundation Board Member, said:
“It’s great that MEXC is demonstrating such a positive outlook on what Syscoin is doing. Their contributions and diligence will go a long way toward growing the ecosystem further with quality. It’s also an ideal time for MEXC’s participation because Rollux OPv1 is getting closer to mainnet and launchpad solutions are nearing completion as well.” –
After Rollux OPv1 reaches Syscoin’s mainnet, OPv2 and ZK rollups advancements “will follow.”