Syscoin, a blockchain platform and developer platform, announced that Layer 1 for Ethereum Virtual Machine smart contracts (EVM), has been uploaded to the mainnet at block 1,317,000. It has now completed Phase One of the launch of the NEVM.
Syscoin Combines Bitcoin And Ethereum
According to CryptoPotato’s press release, the upgrade will give users more benefits such as increased security and flexibility for smart contracts on a modular chains. This advancement, according to the Syscoin team, laid the foundation for the support of the next EVM Layer 2.
This was achieved when the platform had reached 1,317,500 blocks. The Syscoin team shared the news via Twitter, notifying the public that the entire process would be completed within a few hours. The update also advised users not to send SYS (the native token for the protocol) during the update.
. @syscoin block 1 317,500 has been reached.
All miners will be shut down now and upgraded to 4.3. This process will take several hours.
We will notify everyone when the #smartcontract chain has been deployed successfully.
During the update, please do not send $SYS
— December 6, 2021, Syscoin (@syscoin).
Team members explained that the team’s POW security is green due to the merg-mining technology of Bitcoin and Ethereum. Syscoin, through its Solidity and EVM compatibility has been able to set the scene for all EVM-based projects including Ethereum.
Projects running on Ethereum will be able to migrate to Syscoin and save nearly all transaction fees. These savings can be passed on to their users. Jagdeep Sidhu, Syscoin’s Lead Core Architect, provided further details.
Syscoin will use the best features from the top two cryptocurrencies, Ethereum and Bitcoin. Syscoin will offer the security of Bitcoin and the programmability that Ethereum offers. ZKPs will allow for the mounting of scalable applications on this system. This will enable us to introduce our decentralized cost model on Ethereum gas prices.
Syscoin then explained that Phase Two will include ZK-Rollups. This could increase the speed to 210KTPS in Q1 2022. The implementation of Vanadium technology in Phase Three will follow in Q3. This could increase the number to 4,000,000 TPS.
Syscoin Provided Stablecoin Cross
The TrustToken stablecoin platform was partnered by the project at the end of the last year. This collaboration had two goals: to accelerate payments and to provide other solutions for Ethereum’s blockchain. The five TrustToken stablecoins (TUSD, TGBP THKD TCAD and TAUD), were also launched on Syscoin’s network. Jagdeep Sidhu spoke on the subject once more.
“Digital assets are growing in need of better usability, strong decentralized security and a scalable method to ensure that every transaction is compliant with regulations. Syscoin is unique in meeting all these requirements. TrustToken’s stablecoins will be future-proofed and Syscoin will have a significant advantage.
Developers were also able to simultaneously mine SYS and BTC through the partnership.
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