Did you know that Syscoin’s (SYS) biggest selling point is that it claims to combine the best parts of Bitcoin and Ethereum?
With a vision to create a truly decentralised environment to build and house dApps in the most secure way possible, Syscoin is starting to garner attention.
Syscoin combines the best of Bitcoin and Ethereum via its Network Enhanced Virtual Machine (NEVM).
These of course being the security of the Bitcoin network and the programmability of Ethereum.
This section of our Syscoin (SYS) guide will discuss the best parts of both Bitcoin and Ethereum, with a look at how this exciting network adopts aspects of both.
The best part of Bitcoin - Security
Bitcoin (BTC) has ultimately been accepted as the most secure computer network in the world.
Exactly what you want behind a self governing monetary system.
Syscoin has adopted Bitcoin’s blockchain technology stack, running Bitcoin’s SHA-256 Proof of Work (PoW) model.
What this ultimately means, is that Syscoin mines tokens by using the same energy used in mining Bitcoin and ultimately securing their network.
This concept is called merge-mining and means the PoW network is not only secure, but effectively a low waste, green solution to mining.
This is because Syscoin essentially recycles the energy that is already being spent on mining Bitcoin.
Add in the fact that Syscoin is fully compatible with the Lightning Network and you have a ready made, secure layer-2 solution available.
The best part of Ethereum - Programmability
But while Bitcoin is extremely secure, it lacks the smart contract capability of Ethereum (ETH).
The ability to build decentralised applications (dApps) on the network at scale, is crucial for any project looking to go to the next level.
Syscoin’s NEVM is an intriguing solution, offering improved scalability for smart contracts and remaining fully compatible with current Ethereum-based dApps.
On Syscoin, users are allowed to do things that cannot be done on Ethereum.
All at scale.
In addition to the best parts of Ethereum, Syscoin’s NEVM features are opt-in and can even allow existing dApps the ability to scale, without the involvement of any third parties.
This means that dApps such as DeFi platforms and exchanges can operate on Syscoin, flawlessly.
Does Syscoin actually combine Bitcoin and Ethereum?
Yes, Syscoin combines both Bitcoin and Ethereum, potentially even trumping the proposed capabilities of Ethereum 2.0.
By incorporating Bitcoin merge-mined PoW and Bitcoin-compliant consensus, Syscoin's network has built up a robust track record in terms of security.
NEVM increases smart contract scalability and serves as an ecosystem for any Ethereum smart contract.
In comparison to other smart chains that are monolithic, the Syscoin network uses zero-knowledge proofs within a rollup-centric roadmap to help scale infinitely in a decentralised manner.
All while retaining the security of Bitcoin.
A very cool little project indeed!
Best of probabilities to you.
Direct from the desk of Dane Williams.
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