The upgrade combining security of Bitcoin and Ethereum based smart contracts goes live on Syscoin
Blockchain platform Syscoin (SYS) announced the launch of its Network-Enhanced Virtual Machine (NEVM) upgrade that brings Ethereum Virtual Machine (EVM) smart contracts to the network’s ecosystem.
According to the announcement, the pivotal upgrade will combine the best of Bitcoin (BTC) and Ethereum (ETH) in one platform, while enabling smart contracts to scale up for global mass adoption.
Bitcoin-secured Layer 1 for EVM smart contracts
With NEVM, Syscoin is set to combine Bitcoin’s security model and merge-mined hashrate potential with Solidity and full EVM compatibility into a single decentralized platform.
Merge-mining, a process that utilizes the same computational power to mine blocks on various blockchains, enables the platform’s Proof of Work (PoW) security to ‘recycle’ resources already being spent on Bitcoin.
”Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum,” explained Jagdeep Sidhu, Syscoin’s Lead Core Developer.
During the initial stage, NEVM will run at speeds comparable to other EVMs, but with longer blocktimes–due to Syscoin’s PoW commitment.
Next step– introduce Layer 2 with zk-rollups
Following this initial NEVM mainnet deployment that introduces Layer 1 support for EVM and smart contracts, scaling solutions will be released in the two subsequent steps.
In Q1 2022, zero-knowledge proofs (ZKPs) will be implemented–leveraging true Layer 2 scalability and trustless interoperability.
“Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees,” added Sidhu.
Following the introduction of Layer 2 with zk-rollups, smart contracts will be able to scale up to 210,000 transactions per second (TPS), while the fees will remain minimal.
However, with the implementation of Syscoin’s Validium technology, which is planned for Q3 2022, the platform is projected to achieve four million TPS– ready to meet the Web3 needs.
According to the announcement, numerous partners have already started onboarding, including NFT marketplace Luxy, DeFi flash loans platform Equalizer, and Gold Standard DAO, a decentralized reserve currency backed by gold, to name a few.
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