It’s 2020, and ten years after its inception it is clear that blockchain is a powerful, emergent technology. Thousands of start-ups have spawned and flourished by leveraging blockchain to bring new, formerly unthinkable, features to existing business sectors. There are multiple challenger currencies that facilitate cryptographically secured transfers of value worldwide, and the rate of adoption is growing fast. Many think Bitcoin is the future of money.
Since blockchain and cryptocurrency is a nascent industry relative to other technological niches, innovation is ripe. Left, right and center new solutions are popping up to solve a problem or improve on a feature. It’s the natural progression of technology or any product in general. Things are always improving and progressing. If you don’t keep up with your competitors, you will fall behind.
The innovation and progression is great for the space, but the competition has also created significant fragmentation and siloing in the space; there are many individual projects that provide similar services with different unique selling points. For existing businesses that want to leverage a blockchain service provider, it’s hard to choose the right solution because each has something useful to offer.
This is a problem that Syscoin identified several years ago and immediately set out to solve, aiming to create a powerful blockchain platform with interoperability features that can be used by businesses to get everything they need out of the range of blockchain technologies on offer.
Introducing Syscoin Platform
Syscoin is a protocol that provides blockchain interoperability, fast transactions with low costs, high scalability and strong security. Syscoin is merge-mined with Bitcoin, so Syscoin Platform can offer a wide range of services and still provide the security and strength of Bitcoin to its users. Consequently, Bitcoin miners can simultaneously mine Syscoin without incurring any additional cost.
The Syscoin team has developed proprietary technology, known as the Z-DAG protocol, which is extremely fast and scalable. It’s designed to meet the performance needs of technology today and in the future while maintaining utmost security. Z-DAG has been independently verified to achieve 60158 Syscoin Platform Token transactions per second while remaining decentralised and secure.
On top of the impressive scalability that gives, Z-DAG also enables zero confirmation transactions, meaning transactions are executed in near real time.
Syscoin Bridge is a piece of interoperability technology that allows developers to cherry pick features from different blockchains to meet their specific needs. It’s clear that one blockchain doesn’t have all the answers, so developers are often forced to compromise. With Syscoin Platform, a developer can use the Bridge to leverage the scalability of Syscoin, while using Ethereum’s smart contracts, to give one example.
This is achieved by creating a trustless two-way transaction between Syscoin and other blockchains, enabling the transfer of tokens across different blockchain without incurring third-party risk. This feature is completely decentralized, trustless and permissionless. By using the Bridge, developers are not relying on third party intervention like other interoperability platforms; just innovative code..
As of now Syscoin Bridge is a two-way bridge to Ethereum, but additional blockchains can be added to extend the interoperability.
A Platform to Rule them All?
Syscoin offers a blockchain platform that empowers developers to bring everything they need from blockchain technology to one place, without having to worry about being locked into a single solution.
Much like other blockchain platforms, anyone can use Syscoin Platform Tokens (SPT) to create their own cryptocurrency on the Syscoin blockchain.
However, the capabilities of Syscoin reach far beyond the crypto realm. For example, the Syscoin protocol can be used to run point-of-sale applications for online or physical stores. Businesses can use this to boost their operations with the speed and security of blockchain.
Syscoin is a blockchain protocol designed for business, with a suite of powerful features capable of hooking into other blockchains, and fueling fast and secure applications. By using the Syscoin<->Ethereum Bridge, developers are able to benefit from the speed, scalability and security of Syscoin while leveraging the innovative smart contract features available on Ethereum.