According to the official announcement from the Syscoin team shared at the Consensus 2022 conference, the protocol takes a big step forward in terms of technical advancements. Syscoin’s solution is designed to deliver security as well as high throughput for leading Web3 infrastructure and mass adoption.
Syscoin is a smart contract platform that offers a state-of-the-art Web3 environment, with very low fees, decentralized level 1 security and level 2 scalability that allows economies of scale through rollups.
Les smart contracts in the Metaversethe Internet of Things, smart cities and future interplanetary economies are all supported by Syscoin.
The deployment of ZK-Rollups, Optimistic Rollups, Validium and DAOSYS, a new type of DAO that seeks to offer governance-free cash management as well as self-sovereignty for all members are all on the roadmap of Syscoin.
By protecting transactions through its own proof-of-work protocol and network of bitcoin miners through merge mining, Syscoin promotes smart contracts and Rollups.
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Additionally, Syscoin uses chain locks which are backed by quorums of paid full nodes (masternodes). While maintaining Nakamoto’s established consensus and proof-of-work, this finality allows for the emergence of a cryptocurrency Challenge (decentralized finance) safer.
Why ? Because it effectively eliminates the dangers of +51% attacks as well as long-range Miner Extractable Value (MEV) attacks, which Ethereum is still vulnerable to.
What you need to know is that Syscoin is a rollup-centric dual-chain architecture. The Network Enhanced Virtual Machine (NEVM), an Ethereum-based blockchain that will be made available on December 6, 2021, is fully compatible with all smart contracts and rollups created for Ethereum.
Syscoin Core or Syscoin Main is the name of the other blockchain. It is a powered blockchain by bitcoin cryptocurrency which includes taproot, a proprietary DAG protocol called Z-DAG, support for fungible and non-fungible tokens, an asset layer, and much more.
Users and developers can utilize the features of each model through the overall architecture.
Moreover, Syscoin can develop new synergies between them if necessary. These two blockchains use the same amount of the native SYS cryptocurrency based on EIP-1559.
SYS owners can move their coins between the two chains through a two-way exchange mechanism on the Syscoin bridge.
The project has a wide range of goals and presents original solutions to several problems in the crypto industry, such as regulatory compliance.
To ensure regulatory pre-compliance of individual transactions while preserving self-ownership of asset owners, Syscoin offers Notary, an opt-in solution that allows companies to use its public blockchain for their tokens. This lays the technological groundwork for a time when, in the future, stocks and securities could participate in the Defi alongside other tokens on a public blockchain.
Syscoin is the pioneer in the use of Rollux technology in hybrid systems because the algorithm of this blockchain merges the advantages of Ethereum (ETH) and Bitcoin (BTC) technologies.
For the Syscoin Foundation, Rollux will be a non-profit product; DAOSYS reserves and blockchain cash will be used to cover transaction fees for dApps working on Rollux.
Additionally, Syscoin Rollux will set a new benchmark in terms of scalability for all Solidity-based smart contracts. With 100% NEVM compatibility, Syscoin will be able to embed decentralized applications of Ethereum (ETH) and other first-generation dApps hosting platforms.