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There are constant updates in the crypto space, so it is no surprise that Syscoin, a decentralized and open-source project, launched its smart-contract chain that combines the “best features of the top two cryptocurrencies,” as stated by lead core developer Jagdeep Sidh
With the established 1,317,500th block, Phase 1 of Syscoin’s plan of creating a hybrid of Bitcoin and Ethereum has commenced. The idea is to forgo gas fees in Ethereum that keep ping-ponging around, as well as improve and resolve the ecological concerns around Bitcoin’s proof-of-work (PoW) mining that continue to be a challenge for many in the space.
Innovation Behind Syscoin’s Smart Contracts
Syscoin took the benefits that both networks give to its users and started to create something that allows everyone to have all of the good that the two leading networks bring, without the hassles that follow.
Moreover, Syscoin allows onboarding into the Metaverse, smart cities and virtual spaces for meetings and events. Because of this, a smart contract protocol was needed to bring scalability, security and decentralization into contracts that are written into the protocol.
It is really Ethereum and Bitcoin on one all-encompassing protocol for using the security that PoW offers and the scalability and lack of gas fees that Ethereum hopes to accomplish with Ethereum 2.0.
Since Syscoin’s smart-contract chain is accessible via the Ethereum Virtual Machine (EVM), this chain allows users on Ethereum to easily transfer to this protocol for easy onboarding with Bitcoin-level safety protocols that ease the minds of those looking to implement any kind of smart contract.
Syscoin: The Future
Already planning ahead, the implementation of Phase 1 shows an optimistic future for the platform and its users, all at the hands of a platform harvesting the benefits from two blockchains and growing a service for users that helps them solve their concerns in the crypto space.
Further noted by the lead core developer, in Phase 2 “Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees,” that look to increase speeds by 210k TPS by Q1 of 2022.
Finally, Phase 3 is looking to have a TPS speed of 4 million, and Syscoin will use Validium technology to try to implement this.
These smart-contract chains give curious users easy access to hop on board and give it a shot. This could be the start of a new beginning in the blockchain space, hoping that each phase further erases the problems that other blockchains struggle to solve.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.