📍 Austin, TX, USA. on 9th Jun 2022 at 00:00
4 mins read
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This adage encapsulates the essence of the Syscoin project – not found merely in the collaboration of some of the most experienced minds in blockchain, but also in the application and development of the most cutting-edge technology.
Syscoin is focused on designing the best blockchain network available. The aim? — To build the most secure, reliable, and fastest Web 3.0 platform possible with robust scalability solutions.
The Syscoin team started with combining the power of Bitcoin and Ethereum and has evolved their approach with features that achieve scalability without succumbing to the typical pitfalls that have plagued other networks under the strain of high traffic volume.
While scalability has long been a necessity, current competitors face a litany of other issues such as centralization, security, transaction fees, and other inadequate solutions to perceived limitations.
Enter Syscoin, which utilizes the selective strengths of existing networks by working tirelessly to overcome any otherwise inherent shortcomings. This is accomplished by anticipating the future in order to capitalize on where the industry is going in terms of solving problems of scalability. It’s here where the concept of modularity lies at the core of their success.
Let’s look at an overview of Syscoin’s model and the new paradigm of modular blockchains...
Syscoin’s main value proposition is to offer scalability with all the elements of decentralization in mind. However, as stated before, the successful execution rests on the implementation of a new paradigm: Modular Blockchains.
Jagdeep (Jag) Sidhu, CTO & Chief Technology Officer, explains it like this:
“To understand why developing on Syscoin is a perfect choice, one must first understand the direction of where the EVM-based blockchain ecosystem is heading. The new paradigm is focused on modular blockchains, rather than blockchains that try to do everything. Specifically, in terms of scaling, being on one base layer doesn’t work with respect to security and decentralization. There should be multiple layers.”
Syscoin is a Proof-of-Work blockchain, merged-mined with Bitcoin. At its base, it is a dual-layered blockchain: the core is the Syscoin blockchain itself, and running in tandem with it is the NEVM (Network-Enhanced Virtual Machine)that provides smart contract functionality, and is directly modeled after the Ethereum Virtual Machine (EVM.
When asked what the inspiration was behind the development of Syscoin, Sidhu shared, “We wanted to create added value from the store of wealth concept of Bitcoin [ability of the asset to preserve its value over time]. We have continuously evolved since our inception to follow a streamlined approach and create a decentralized, secure, and effective Layer 1 technology. Zero-knowledge proof (ZkP) allowed us to venture into EVM and do Smart Contracts at scale.”
Syscoin’s offerings follow a Build, Launch, Grow model:
Build: Developers can build with all of the same EVM tools and resources provided by the Ethereum platform, down to the Solidity programming language, which allows them to deploy scalable lightning-fast Smart Contracts with ease. Thanks to Bitcoin merge-mining, they also leverage the most proven security in the industry.
Launch: Developers can kick-start their projects on Syscoin’s Layer 1 NEVM solution and rest easy knowing they are backed by Bitcoin’s Proof-of-Work security, powered by the recycled energy allowed through merge-mining. Meanwhile, all of their favorite EVM tools for building dApps are at their disposal.
Grow: Developers can design the most ambitious, future-proof projects without needing to worry about scalability and inordinate fees. Smart Contract scalability is enabled by ZK-Rollups (Q1 2022) and Validium (Q3 2022) beyond that. Developer projects are supported by a robust masternode service layer that provides additional ledger security with chainlocks.
Sidhu interjects: “With Syscoin, you can design the most ambitious, future-proof projects you can imagine to go live on a fast, reliable, and hassle-free network without needing to worry about scalability and inordinate fees."
Syscoin is a collaboration between Syscoin Foundation and Blockchain Foundry. In 2014, Syscoin was founded by the founders of Blockchain Foundry, who remain Syscoin's core developers, and the core project itself has been guided by the Syscoin Foundation since 2019.
This leadership team is quite robust, with each member impressively experienced in their respective discipline. Collectively, they tout more than sixty-five years of blockchain building experience, and well over twenty-five years developing large commercial apps and websites.
Syscoin also has a growing list of development teams who contribute their time and efforts to design the best blockchain network available. Through all of their efforts, Syscoin has become one of the most robust blockchain solutions designed for true large-scale adoption.
Sidhu shares: “No other platforms offer the same level of security and scalability that Syscoin can offer. With the great power of a decentralized future, comes the responsibility to provide security, functionality, and technology designed to encourage collaboration and growth. We will continue to construct a roadmap replete with the most cutting-edge technology.”
Upcoming Articles: Look out for Syscoin Part 2 – Breaking Down the Features in Syscoin’s Network
For the latest news, visit Syscoin on: Twitter, Syscoin News, and GitHub. Join community discussions on Discord. For more information, check out their website and white papers.