On December 6, 2021, Syscoin’s unique hybrid ecosystem confirms the activation of its smart contracts on block 1,317,500.
Syscoin NEVM is now operational, bringing Bitcoin (BTC) security to smart contracts.
Syscoin’s smart contracts platform NEVM has just gone live, according to an official announcement shared by the Syscoin team.
As a result, Syscoin’s modular chain now combines the advantages of Bitcoin’s security with the operability and flexibility of Ethereum. Phase One, the first stage of Syscoin’s smart contract release, can already support the most recent Layer 2 advancements.
Syscoin’s NEVM can easily onboard Ethereum-based dApps due to its full EVM compatibility. Because Syscoin’s fees are so low, its dApp economies are more resource-efficient than Ethereum’s (ETH) and other mainstream blockchains.
Jagdeep Sidhu, Syscoin’s lead core developer, emphasizes the release’s critical importance for the entire decentralization sphere:
Syscoin will take advantage of the best features of the top two cryptocurrencies, Bitcoin and Ethereum. As a result, Syscoin will offer the security of Bitcoin while retaining the programmability of Ethereum. Scalable applications will be installed on this system using ZKPs, which will implement our proposed decentralized cost model for Ethereum gas fees.
Syscoin uses the merge-mining model (“green proof-of-work”), which only uses resources that have already been spent on Bitcoin (BTC) operations.
Layer 2 services, DeFi on Syscoin, ZK-rollups
The Phase One release is the first step in Syscoin’s strategy to create a one-for-all decentralized finance ecosystem for individuals and businesses alike.
Phase Two will equip Syscoin with ZK-Rollups in Q1 2022, increasing its throughput to 210,000 transactions per second.
Syscoin will activate Validium technology in Q3 2022, which is expected to achieve an unrivaled four million TPS.
Syscoin is constructing a multi-directional Defi ecosystem in tandem with the advancement of its virtual machine. So far, it consists of an NFT marketplace, a DEX with AMM, an instant lending/borrowing platform, and other components.