One of the most important trends in the short but fascinating history of crypto has been the rise of different L1 networks, some focusing on specific use cases while others attempt to provide generalizable solutions to the blockchain trilemma of scalability, security and decentralization.
This has partly led to a fragmentation of the crypto space, as different solutions - Bitcoin and Ethereum being the first and largest - are often seen as mutually exclusive approaches. Fortunately, some projects see the different properties of Bitcoin and Ethereum (most importantly Proof of Work and smart contracts, respectively) as complementary tools in the emerging financial (and not just financial) landscape of tomorrow.
This is precisely what Syscoin is doing - a project built to combine industry-proven technology (Bitcoin) to support advanced applications (Ethereum) into a single powerful and secure programmable blockchain development platform. Since it’s merge-mined with Bitcoin, it offers a complete Proof of Work security, in addition to Ethereum-compatible smart contracts with much lower transaction and infrastructure costs (compared to Ethereum). Moreover, Syscoin’s problem solving doesn’t stop at minimizing fees and security, as it aims to enable easy token creation and minimize blockchain bloat as well.
Keeping all of the outlined characteristics in mind, we’re incredibly proud to announce that we’re partnering with Syscoin, a platform that provides a public decentralized blockchain, a development platform, as well as a token platform offering high throughput with cross-chain interoperability for tokenized assets, enabling things like Ethereum smart contracts and scalability solutions for other blockchains.
One of Syscoin's interesting features includes Z-DAG technology that allows users to determine their optimal means of transfer based on the amount they want to transfer (micro or macro transactions). It’s purpose is to enable ideal microtransactions that are settled almost instantly, as well as provide probabilistic security.
It’s worth mentioning that Z-DAG technology still is less secure in comparison to Proof-of-Work consensus mechanism, therefore it eventually gives way to PoW to ensure long term settlement assurances. In case users want to conclude a high value transaction and don't want to trade transaction security for speed, they can always opt to rely exclusively on the Proof of Work base layer.
When it comes to the Syscoin platform, a masternode network provides a scalable service layer and added security through ChainLocks. Building on it unlocks access to Network Enhanced Smart Contracts (NEVM), which takes ETH’s smart contracts to the next level, expanding the processing power in order to be able to facilitate bigger and more complex programs with almost zero fees.
Our partnership will consist of multiple phases, starting with educational content on new developments, scalability and security and why these aspects are crucial for going forward. This content will be available in our Academy as a new section and will be sponsored by our partners. This way we’ll collaborate with the Syscoin team to bring awareness and adoption to this growing space in crypto.
Our cooperation, however, won’t stop at spreading awareness, as we’ll later on proceed with developments on a technical level. These will be revealed at a later time, but suffice it to say that our shared ethos of building in a multichain world - without downplaying the importance of Bitcoin and PoW - gives us many avenues for collaboration. This shared ethos was echoed by Jagdeep Sidhu, Syscoin Lead Developer & Syscoin Foundation President:
Education is a pillar of society. On top of it we can build lasting institutions. Without it we will crumble. As we enter a knowledge economy, it is critical to have the tools and systems in place that will help onboard the masses to distributed financial systems. I support anyone educating people in blockchain or trading since these are curriculums sorely missing from our established educational systems. Empowering people by giving them toolsets and removing barriers to enter this exciting field provides real value to the new economy we are building. I am looking forward to the possibilities we will achieve thanks to partners like NewsCrypto.
NewsCrypto’s mission is to provide the perfect starting point for beginner traders as well as a comprehensive ecosystem for crypto experts, offering everything that any crypto user needs in one place. Recently, the project has expanded to copy trading, providing novel solutions for DeFi in partnership with different protocols and development-focused projects, as well as the NewsCryptoVerse, an immersive digital space for crypto traders and educators, which is NewsCrypto’s most ambitious development yet.
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM combines the best of Bitcoin and Ethereum in a single coordinated platform.
Bitcoin's proven security and Ethereum's Turing-complete programmability elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin, is ushering in the next step in the evolution of blockchain technology.