Upon reaching its 1,317,500 block, Syscoin has announced that Phase 1 has officially completed, making the launch of their smart-contract chain.
”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,” stated lead core developer Jagdeep Sidhu.
While crypto users are looking for alternative solutions to the problems such as the ecological destruction of proof-of-work (PoW) on Bitcoin and Ethereum’s high gas fees, Syscoin is here to save the day.
What Makes Syscoin’s Smart Contracts Special?
What started out as a blockchain that offered the benefits from the Bitcoin and Ethereum networks turned into a viable plan with a clear-cut future of innovative technology.
Syscoin, from the start in 2014, has been looking to change the game in terms of blockchain scalability, innovation and security. Since the platform offers a myriad of benefits such as Metaverse access, virtual spaces and even smart cities, it’s no question that the use of smart contracts has found its place on the platform. These smart contracts on Syscoin are affordable, scalable and, most importantly, decentralized.
The smart-contract chain further allows users to fully onboard their projects onto Syscoin, as it is completely Ethereum Virtual Machine (EVM) accessible. No more worrying about gas fees draining the amount of the smart contract.
Moreover, users will no longer have to worry about the lack of security that comes with proof-of-stake (PoS) protocols, because via merged-mining, users can feel secure knowing that Bitcoin-backed technology will be implemented — all without the ecological footprint that could follow.
What are the Future Plans of Syscoin?
With this first successful Phase 1, Syscoin is looking into the future, giving users the opportunity to see what is ahead of the already innovative smart-contract chain.
After a successful Phase-1 onboarding, Syscoin hopes to implement Phase 2, which is planning to bring zk-Rollups onto the network by Q1 2022, increasing the speeds by 210k TPS.
Furthermore, Phase 3 looks to increase its long-term viability by using Validium technology in order to obtain a TPS speed of 4 million.
With all this planned, it’s no wonder that Syscoin looks to be the answer that frustrated Ethereum users have. Plus all, giving those curious the chance to effortlessly change over to a platform that offers it all.