Syscoin and ZKCross Collaboration
Syscoin and ZKCross collaboration was announced. With rollups on the horizon, Syscoin is inching towards a breakthrough in blockchain scalability. It will usher in an unprecedented period of adoption.
Syscoin has made great strides to ensure they will be at the forefront of this revolutionary step forward with Rollux, its own in-house rollup suite. Rollux is designed to offer all the best that rollup technology has to offer. Including Optimistic and Zero-Knowledge, all tied into Bitcoin’s gold standard security. And now they are proud to introduce Syscoin’s integration of cross-chain ZK-Rollups made possible through an ongoing collaboration with its latest partner, ZKCross.
ZKCross is utilizing leading-edge cryptography to create a secure and decentralized cross-chain infrastructure for the evolving crypto world. By establishing connections to multiple blockchains in order to create a decentralized platform, they are enabling the DeFi ecosystem to develop cross-chain applications with high levels of security, efficiency, and scalability.
PARTNERSHIP IMPORTANCE
Essentially, ZKCross’ cross-chain ZK-Rollups combine Layer 2 and multichain rollup methods to create a network that enables users to effectively trade while maintaining control of their assets, with speed, low cost, and ease of use on par with centralized exchanges.
Syscoin’s own Lead Developer and Foundation President, Jag Sidhu, has been working closely as an advisor to the ZKCross team in order to build the world’s first cross-chain ZK-Rollup.
Initially, it will act as a Universal AMM / DEX. Manage liquidity and trading across multiple chains via its own custom ZK-Rollup deployment. As an AMM, it will serve as a safer, more secure alternative to the current bridge models that are commonplace in the industry. Those models require users to trust external consensus mechanisms like multi-party computation (MPC), or multisig, as well as minting processes that can succumb to failures.
Furthermore, funds are completely isolated to only the parties actively swapping or liquidity mining from the broader ecosystem. External consensus is avoids through the use of Zero-Knowledge proofs (zkSNARKS in this case). In contrast to directly minting, this system incentivizes liquidity mining, thereby creating a viable bridge secured by validity proofs.
Industry firsts are always exciting, especially when building things as relevant as a cross-chain Zero-Knowledge Bridge or a more efficient solution for Layer 1 data availability. This ZK bridge will be integral to advancing the Syscoin Platform as the complete blockchain solution, and will offer the industry as a whole a better bridging solution that eliminates common risks. It’s atypical to see direct partnerships between ZK projects and Layer 1s like ZKCross and Syscoin, but we are coming together to offer a truly special product that will raise the bar for rollups and DeFi.—Foundation Board Member and Syscoin Marketing Head, Bradley Stephenson
ABOUT ZKCross
ZKCross is utilizing cutting-edge technologies to create a secure and decentralized cross-chain infrastructure for the evolving crypto world. By establishing connections to multiple blockchains in order to create a decentralized platform. They are enabling the DeFi ecosystem to develop cross-chain applications that require high levels of security, efficiency, and scalability. Essentially, ZKCross’ cross-chain ZK-Rollups combine Layer 2 and multichain rollup methods. Create a network that allows users to effectively trade while maintaining control of their assets. An experience on par with centralized exchanges.
ABOUT Syscoin
Syscoin is a decentralized and open-source project. Founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Syscoin is ushering in the next step in the evolution of blockchain technology. Providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability. Elevated to true scalability via Optimistic & ZK-Rollups and other Layer 2 technologies.
