Syscoin is Witnet’s 21st chain integration, the most of any oracle. Witnet has gone live on the incredibly interesting and secure Syscoin mainnet. In addition,Syscoin is a really interesting rollup solution built using the security of Bitcoin and the compatibility of the Ethereum Virtual Machine. Syscoin has a UTXO model akin to both Bitcoin and Witnet, making the blockchain secure and accurate at all times.

Through the use of “merge mining” Syscoin is able to utilize the hash power of miners on the Bitcoin network. At this moment, 20% of the hash power on the Bitcoin network is also use to mine Syscoin at no extra cost. This is because Syscoin blocks grow parallel to the Bitcoin network, so if a miner wins a block on Bitcoin they win it on Syscoin too.

Furthermore, Syscoin is an optimistic rollup network that utilizes the Syscoin NEVM as its execution layer. Transactions that happen on the execution layer are posted to the ultra-secure and decentralized settlement layer periodically. In order to reorder the Syscoin network, one would need to control the Bitcoin network, as the transaction proofs would coincide.

Why this integration matters

Witnet is going to be one of the first, if not the first oracle on Syscoin to be providing reliable and decentralized price feeds and randomness, among other services. Witnet is the only decentralize oracle solution on the market because of its native crypto-economic incentives.

Syscoin is a blossoming ecosystem that utilizes the strengths of Bitcoin’s security and the efficiency of the EVM. With their own incredibly unique approach the decentralization of these networks together is akin to nothing else, aside from Bitcoin.

At this moment in time, Syscoin has a TVL of $1,000,000. With much development incoming, we’re excited to be the official oracle of the Syscoin ecosystem.

Syscoin is excited to be working with Witnet on our layer 1. The next steps for us are the launching of our layer 2 which will also see Witnet acting as an oracle too. In the future, you can expect to see Syscoin become the largest, most active chain in the Witnet community.— Nathan from Syscoin 

Connect with Witnet

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Connect with Syscoin

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The project has a long history of utilizing cutting-edge technology, including its own NEVM computational mechanism, EVM compatibility, and scaling solutions.

Syscoin’s features supported by GetBlock

Syscoin offers a wide range of novel solutions, therefore many Web3 developers are looking for ways to integrate the platform’s ecosystem into their decentralized products. GetBlock is a Blockchain-as-a-Service provider with top-notch infrastructure for building dApps and various options for different requirements and budgets.

GetBlock clients can leverage Syscoin’s groundbreaking technology via SYS dedicated and shared nodes.

Ways to benefit from SYS nodes hosted by GetBlock

GetBlock’s Syscoin dedicated nodes are geographically allocated and privately designed node infrastructures offering reliable and resource-efficient access to Syscoin API. What’s more, SYS dedicated nodes help customers boost the performance of their dApps with no need to spend time and money on additional maintenance. GetBlock offers an unlimited number of requests and a variety of server locations and API interfaces to choose from.

Syscoin shared nodes hosted by GetBlock are the perfect entry-level solution for beginners in blockchain and Web3 technology. Shared nodes provide access to peer-shared node infrastructure, therefore making it a fitting option for early dApp development.

GetBlock does not only deliver near-instant access to SYS blockchain nodes but is also supporting Syscoin’s upcoming Rollux Layer 2 solution. The much-anticipated launch of Syscoin Rollux will employ both Optimistic and ZK-rollups to provide the best scalability experience for users.

ABOUT Syscoin

Syscoin positions itself as the only first-layer platform with EVM scaling functionality support, therefore the project seeks to supply users with top-notch security, decentralization, and high throughput.

Website | Twitter

ABOUT GetBlock

GetBlock is a Blockchain-as-a-Service (BaaS) platform that provides instant API access to full nodes from multiple blockchains.

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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.

 Website | Twitter 

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.

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Syscoin Update

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