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Syscoin’s Smart Contract Chain Is Live

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The best of Bitcoin & Ethereum is now together in one place.

Eindhoven, Netherlands–(Newsfile Corp. – December 6, 2021) – Phase One of the NEVM launch is complete! The Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500, December 6th, 2021. With this upgrade to the Syscoin network, users can simultaneously enjoy all the benefits of Bitcoin’s POW security and the flexibility of smart contracts on a modular chain built to remain indefinitely decentralized, scalable, and affordable. Phase One has effectively laid the world’s most secure foundation for supporting all the best EVM Layer 2 advancements.

Syscoin

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Syscoin’s unique approach to infrastructure has addressed the greatest criticisms aimed at Bitcoin and Ethereum alike. Thanks to merge-mining, POW security is effectively a green energy solution, which recycles resources already being spent on Bitcoin’s gold standard security. Thanks to the company’s Solidity and full EVM-compatibility, they have set the stage for all EVM-based projects, including Ethereum itself, to be able to take advantage of Syscoin NEVM’s scalability and low fees. In this manner, they have effectively leapfrogged the promises being offered by Ethereum 2.0 and solved the trilemma facing blockchains.

This is significant because it means projects running on Ethereum can migrate to the Syscoin Platform and immediately save nearly 100% of their transaction fees, and in turn those savings can be passed on to their user bases.

“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. Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees,” said Jagdeep Sidhu, Syscoin’s Lead Core Developer.

As mentioned, the Syscoin NEVM going operational is only Phase One of their grand strategy to offer the world’s first mature blockchain capable of running the metaverse, smart cities, and hosting both the needs of public and private institutions. Phase Two brings ZK-Rollups and their incredible boost to speeds of up to 210k TPS in Q1 of 2022, followed by Phase Three in Q3 and the implementation our proprietary Validium technology, which is projected to achieve 4 million TPS, guaranteeing the long term viability of the Syscoin Platform.

Since 2014, Syscoin has been continuously evolving in scope to anticipate and address the greatest challenges facing blockchain technology. The company’s NEVM is the culmination of these years of effort and a novel solution they are incredibly proud to make a reality. Many new partners have already started onboarding, with the majority looking towards leveraging ZK-Rollups on Syscoin NEVM.

Thus far, these NEVM partners include Luxy: a powerful and user-friendly NFT marketplace, Gold Standard DAO: a decentralized reserve currency backed by gold, Pegasys: the first DEX & AMM built on Syscoin’s NEVM, Mute: a DeFi suite dedicated to ZK-Rollup scalability, Equalizer: the world’s first dedicated DeFi flash loans platform, Orai: the world’s first AI Oracle blockchain, and many more will join the Syscoin ecosystem. More information is available at Syscoin.org.

About Syscoin:

Syscoin is a decentralized and open-source project founded in 2014 whose NEVM upgrade combines the best of Bitcoin and Ethereum in a single coordinated platform.

Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin will usher in the next step in the evolution of blockchain technology.

Website | Discord | News | Twitter | Github

Media Contact

Michiel
Email: [email protected]

PR: Cryptoshib.com
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106813

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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