Eindhoven, Netherlands (January 28, 2020): The Syscoin development team is delighted to announce the launch of the Syscoin Bridge protocol. Starting from block 348,000, ERC-20 tokens will be able to cross over to the Syscoin ecosystem. In doing so they can benefit from Syscoin’s high transaction throughput, low fees, and near-instant secure transactions, while retaining Ethereum’s smart contract functionality and overall supply across both chains. Syscoin bridge represents a significant leap forward in enabling decentralized, trustless, blockchain interoperability.
There have been many attempts to bring interoperability to the blockchain landscape, generally resulting in discrete platforms that struggle to provide cross-chain transactions and other communications. Indeed, many of these efforts have introduced further challenges such as centralization, custodianship, and using a third token or chain as an intermediary.
The Syscoin Bridge solution solves these challenges to the betterment of the entire blockchain ecosystem. Platforms that integrate with Syscoin Bridge will have access to Syscoin’s Z-DAG (Zero-Confirmation Directed Acyclic Graph) network, which offers the flexibility of balancing speed against security depending on the value of the transaction. Additionally, bridged tokens will retain all of their existing capabilities and features (such as smart contracts and toolkits) bringing these technologies to Syscoin Platform users.
In a test conducted by Whiteblock, a reputable blockchain research company, the Z-DAG network was able to produce up to 60,000 transactions per second under realistic network latency conditions. This is faster than existing credit card networks such as Visa.
In comparison to Ethereum, Syscoin can handle a far higher throughput and offers faster transaction confirmation with lower fees. Therefore this development will help to address Ethereum’s well-documented scalability challenge, by enabling users and developers to offload simple value transfers to the Syscoin network.
Speaking of the Syscoin Bridge Launch, Jagdeep Sidhu, Syscoin Co-founder and Lead Core Developer stated:
“You have seen us working on Syscoin Bridge for a long time. We are excited Ethereum developers can finally scale their dApps and smart contracts via the Syscoin protocol. This interoperability solution can play a crucial role in the adoption of cryptocurrencies and DeFi.”
Syscoin foresees many use cases for the Bridge protocol. One example is point-of-sale transactions, such as the fast food outlet, Burger King, which recently announced it would accept cryptocurrencies as payment in Venezuela. Using the Syscoin Bridge, merchants and users can benefit from: almost instant transaction confirmation; determine the speed/security trade-off; and protect themselves against the risk of double-spends. Utilizing stablecoins such as Tether’s Ethereum-based assets via the Syscoin Bridge could open up new avenues of payment for merchants and users alike.
The Syscoin Bridge protocol is now live and can be accessed via the Syscoin website.
For a comprehensive explanation of how the Syscoin Bridge works, interested parties can read the project documentation.
Established in 2014, Syscoin was one of the earliest initial coin offerings (ICOs) in the blockchain sector. It successfully launched the main net in the same year. Since then, it has achieved several notable milestones, including developing the first truly decentralized DAG network and becoming a founding member of the Microsoft Decentralized Identity Foundation. Syscoin is now represented by the Syscoin Foundation, led by Lead CoreDeveloper Jag Sidhu.