Binance, the world’s largest cryptocurrency infrastructure provider, has partnered with Blockchain Foundry Inc. to benefit from the use of the Syscoin Ethereum Bridge.
The agreement will call for BUSD, the USD-backed stablecoin issued by Binance and Paxos to utilize the Syscoin network for fast settlement time, low-cost transactions, and unmatched transactional throughput.
The third-party blockchain auditing firm, Whiteblock Inc., tested the scalability of Syscoin’s Z-DAG scaling technology last year and the audit report had documented that Syscoin’s network can provide a burst capacity of 60k TPS (transactions per second) and a peak of 140k TPS.
The recently launched Syscoin Ethereum bridge enables ERC-20 tokens to move back and forth between the Syscoin and Ethereum blockchains. Powered by a series of Ethereum smart contracts and Simple Payment Verification (“SPV”), the bridge is trust-minimized and in contrast to other interoperability bridges does not require the use of counterparties, nor that it have any liquidity limitations that come with intermediaries.
The Syscoin Ethereum bridge was designed specifically to help provide Syscoin’s benefits of fast, scalable, and low-cost transactions to tokens on other blockchain platforms. Stablecoins have become a growing source of network congestion on the Ethereum network which have led to high transaction fees ("gas") and slow confirmations.
By leveraging the Syscoin- Ethereum interoperability bridge, ERC-20 stablecoin projects can substantially reduce transaction costs while improving speed. Syscoin features Blockchain Foundry's patent-pending technology Z-DAG (Zero Confirmation Directed Acyclic Graph), that provides for confirmation in less than 10 seconds with low fees as documented in this cool video clip.
The benefits of adopting the Syscoin-Ethereum bridge become obvious when looking at the (rough) cost comparison of transaction fees:
Not surprisingly, press and social media coverage has been extensive and according to https://twitter.com/@LunarCrush
Syscoin social volume has hit an all-time high and the primary SYSCOIN DISCORD CHAT has been very busy!
To join the discussion please follow this invitation link and visit https://syscoin.org to learn more about the project!
List of selected press coverage:
Binance
Bloomberg
Cointelegraph
Yahoo
Cryptopotato
ihodl
This initial major adoption of the Syscoin-Ethereum bridge is obviously just a beginning. Having the largest crypto exchange choose Syscoin Platform for its BUSD token is likely a sign that the floodgates will soon open and more tokenized projects will seek to benefit from the bridge. In fact, team members in the discord chat have already revealed that several other projects have taken notice and are said to be in the pipeline!
PS. Don't forget to bookmark https://syscoin.network/syslinks for the complete and up-to-date Syscoin Platform Link Collection and/or Follow https://twitter.com/@Sysnetsite to be notified whenever new links are added!
