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

Website | GitHub | Twitter 

Connect with Syscoin

Website | Github | Twitter 

RESOURCES

Medium

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The L2 race is heating up with multiple projects currently working on the next scalability stage. DystoWorld Expands To Syscoin, They couldn’t be left behind in the race and have partnered with Syscoin to use their Rollup technology called Rollux. It is designing to offer all the best that Roll-up technology has to offer. Including Optimistic and Zero-Knowledge, all tied into Bitcoin’s gold standard security.

This partnership with Syscoin allows both companies to work together to integrate Launchpad and Marketplace to expand both companies’ ecosystem offerings and explore areas of cooperation. DystoWorld Expands To Syscoin, It’s including the integration of DystoWorld products (Launchpad, Marketplace, Metaverse) with the Syscoin network and the launching of NFT collections on the Syscoin ecosystem.

The partnership will have favorable conditions for the DystoWorld launchpad and will make DystoWorld one of the leading NFT launchpads on Syscoin, and possibly the first on Syscoin’s Layer 2.

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.

Website | Twitter 

About DystoWorld

DystoWorld is a multi-faceted ecosystem for bringing digital goods into The Metaverse. The team handles smart contract development and deployment in the form of a launchpad. Immediate utility in the form of virtual land, and security with a user-friendly experience for non-crypto natives.

Website | Twitter

SOURCE:

https://medium.com/@Dystoworld/dystoworld-expands-to-the-syscoin-ecosystem-7f42914595d4

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