Syscoin has a dual-layer architecture made of its main blockchain and an Ethereum Virtual Machine (EVM) layer. The EVM layer is called Network-Enhanced Virtual Machine (NEVM) and provides smart contract functionality.
Syscoin was created through a Bitcoin hard fork. Same as Bitcoin, Syscoin is a Proof of Work (PoW) blockchain that performs merged mining with Bitcoin. This means that miners can mine both BTC and Syscoin simultaneously at no extra cost.
Syscoin is a smart contract platform that supports a cutting-edge Web 3.0 ecosystem with ultra-low fees, decentralized Layer-1 security and Layer-2 scalability that provides for economies of scale via Rollups.
Syscoin has broad use cases including metaverse, smart cities, and can serve millions or billions of users with affordable smart contracts, simple value transfer, and secure decentralized settlement.
Syscoin was founded in 2014 by Sebastian Schepis and built to support innovative blockchain applications in a single network. Syscoin (SYS) is the native token of the Syscoin platform.
It has its own UTXO Token Platform. It’s a highly scalable payment channel powered by the Z-DAG Protocol, which enables users to send and receive tokens with low fees instantly.
There is also a masternode network on Syscoin, which provides a scalable service layer and increased security through ChainLocks.
Blockchain Foundry Inc., in conjunction with the Syscoin Foundation, has successfully deployed the highly anticipated Syscoin NEVM upgrade (version 4.3.0)
Syscoin 4 builds on Syscoin 3 with the additional implementation of an Ethereum Bridge, Offers/Escrow, Lightning Network, and Decentralized Identity.
The tokenomics of SYS are based on EIP-1559 for an ideal utility-based economy that can operate indefinitely. In line with EIP-1559, same as ETH, SYS does not have a capped max supply.
The Syscoin community participates in decentralized governance to propose and determine which initiatives to fund. Each Syscoin masternode can cast one vote per proposal.
Syscoin Network-Enhanced Virtual Machine (NEVM) Phase 1 is complete. Their Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500. Now users can leverage the benefits of Bitcoin's POW security and the flexibility of Ethereum to remain indefinitely decentralized, scalable, and affordable.
Hosting a Syscoin Masternode requires pledging 100,000 SYS to the network.
Syscoin is uniquely designed as the ideal secure settlement layer for ZK-Rollups, and is the way forward for projects looking to achieve the trifecta of speed, scalability and proven decentralized security for economies of scale.
Syscoin is an ideal Layer 1 for Rollups of the Optimistic kind, as well as ZK. Both types of solutions will exist into the future and each has certain advantages. In the near future you can expect to see Optimistic Rollups working on top of Syscoin, perhaps very shortly, even before ZK-Rollups!
Proof of Data Availability is another very important element for Syscoin's future. This is a new concept for a more scalable approach to Data Availability that involves a fast and efficient way of anchoring off-chain storage to Layer 1 security.
The Syscoin Foundation has embarked on a project representing the next step of evolution for Treasury Management, Decentralized Autonomous Organizations (DAO), and for Syscoin and our ecosystem.