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SYScoin: The Future of Web3
The year is 2014 and a fork of Dash coin is created and merge-mined of Bitcoin, called SYScoin. With a plan to be as secure as Bitcoin SYScoins early adaption was in e-commerce developing a e-bay/Amazon style trading platform on their block chain. Releasing BlockMarket an online marketplace built on SYS where traders could sell items in exchange for cryptocurrencies.
After reviewing Blockmarket and identifying that it wasn't feasible to continue on layer 1 due to architectural contrainsts and realising the greater potential for SYScoin the team moved to develop a master node with the ability for Smart contract development called SYScoin platform Tokens (SPTs).
In 2014 SYScoin enlisted Mintpal to host the ICO for SYScoin and hold funds in escrow until the sale was complete. However, after the sale concluded SYScoin never received payment and the CEO Ryan Kennedy of Moolah who oversaw Mintpal had not provided the 750 Bitcoin raised in the ICO. The matter went before the courts and Ryan was ordered to return the funds. Despite court orders the funds have not been returned to SYScoin and Ryan was arrested in 2018 source
Undeterred by the occurrence the SYScoin team continued to develop their project and work towards their goal developing NEVM, zkRollups, Vallidium, Governance, masternodes and launching SYScoin 4.0 that saw the roll out of SPT's.
Since their early days which also included establishing BLOCKCHAIN FOUNDARY the project team has continued to fine tune their product to close current barriers in Web3.
I want to be completely honest in this next part as I don't want to do a disservice to SYScoin however, this block chain project is significant and to understand what they are doing you need to understand the current limitations and barriers experienced within web3. For many SYScoin will sound like another block chain project but after reading many of their documents which are of a high standard. You won't find one pager white papers but entire business plans and development updates. I would urge everyone to head over to SYScoin and read up on their project development. It's beyond impressive.
I sat down with Michiel and Kintsugy from the SYScoin team to discuss some of the current project achievements and where they are heading to.
Ethereum developed the Enhanced Virtual Machine technology which is how smart contracts operate and are written in solidity code. In effect everytime you send an ERC20 token, receive it, make a transaction it is the EVM that is making it happen. However, one thing we have all come to learn is that EVM's are not that great as networks grow fees increase as they are not able to handle increased traffic and transactions slow leaving many waiting long periods for transactions to finalise.
Ethereum is attempting to resolve this issue by moving to a Proof of Stake system which is yet to be seen if the shift will resolve the issues. Or if the Ethereum Network will be able to handle increased capacity and provide fast transaction speeds.
SYScoin have further advanced the EVMs and created NEVMs which will enable:
Smart contracts to scale to an arbitrary number of transactions using a blockchain that provides concise proofs of one-time executions which can be validated in parallel, instead of re-executing them.
A decentralized cost model that leads to a significantly more efficient market for gas fees
Sublinear, reliable, fault-tolerant blockchain with interactive data availability
Trustless cross-chain interoperability is generalized for easy integration with various blockchains, in a way that provides far less cost and technical overhead compared to SysEthereum v1.
A coordinated platform with optimal features for easy value transfer, store-of-value, and generalized computing, while retaining concern separation and scalability
The security of merged-mining the most reliable PoW network, tapping into most significant hashrate resource available: Bitcoin
Finality guarantee through chainlocks, which is based on the security of validators holding some amount of coins mined via PoW and participating in a supermajority of consensus on the current chain tip. This is free from the shortcomings of Proof-Of-Stake and especially the “nothing-at-stake”, which involves validators that are providing consensus without the backing of real sunk costs (energy, infrastructure). In the event a supermajority is not established, the chainlock mechanism resolves back down to a regular bitcoin-type policy.
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Q1 2022 brings further advancements with the roll out of the zkRollups which will enable SYSCoin to achieve 210,000 transactions per second making it the fasted block chain in the industry.
Similarly to Solana which is a proof of history block chain SYScoin further advances in this space by having a smart contract confirm bulk transactions and once confirmed add them into the next block for validation. Where Solana uses time which saw its network begin to fork when the time became unsynched, the process on SYScoin is automated through a smart contract which can not be interfered with source.
Syscoin will than further advance their TPS by implementing Validium which will store data off-chain which will enable 4,000,000 transactions per second source.
There are a plethora of use cases I can write about SYScoin and the barriers the project over comes. But the first thing that comes to mind is the recent emergence of Block Chain Gaming which is tipped to grow in 2022 with more and more game developers now turning to include block chain in their games. SYSCoin if successful will enable a new era of game play and possibly even FPS games and real time strategy. Perhaps even live streaming if it is able to reach 4,000,000TPS.
From a project with an idea that was met with adversity to an advanced project team moving forward to resolve current sector barriers SYSCoin is a block chain that should be on your radar.
There is so much more to this project than I can explain in one article and I would highly recommend joining their discord to discuss with the team as they are helpful and welcoming and will be able to provide you more details on what is being built.
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