The Syscoin development team just announced that the Syscoin Bridge testnet is open for public testing and you are invited to participate and explore this milestone in emerging blockchain technology!
An industry-first, zero counterparty bridge for moving tokens back and forth between the Syscoin and Ethereum blockchains!
The bridge facilitates trustless interoperability between the Syscoin and Ethereum blockchains and is devoid of the common limitations
and risks when moving from one platform to another. Neither counter-parties nor incentivized custodial holders are required to use the bridge.
Token portability is backed by cryptographic proof as tokens are moved back and forth between the blockchains!
A two-way mint/burn process using zero-knowledge proofs provides token fungibility in both directions, while the sum token supply is properly maintained across all involved platforms.
Technical details and access to the dApp and the faucet to test the bridge by using TestnetSYS can be found at:
https://bridge-testnet.syscoin.org/
Technically minded may want to study what is under the hood by following this link: https://github.com/syscoin/sysethereum-docs
Visit the channel #testnet in Discord chat https://discord.gg/RkK2AXD to participate in testing the bridge and for seeking help.
Syscoin Bridge stands apart by providing other distributed ledgers the benefits of Syscoin Platform, including access to the decentralized high-throughput transaction layer, ZDAG; tested by Whiteblock and shown to surpass the transaction throughput of the largest credit card networks.
Bridge users benefit from Syscoin's underlying security, which is inherent in being merged-mined with Bitcoin and Bitcoin Cash; Syscoin’s base layer remains fully compliant with Bitcoin Core, staying up-to-date with the latest bitcoin technology.
Ethereum is the first protocol subject of integration for the bridge. it provides new and existing Syscoin Platform Tokens (SPT) with access to Ethereum's time-tested smart contract capabilities and toolkits. It also addresses Ethereum's growing need for a viable scaling solution - just remember how CrytpoKitties slowed down Ethereum - by giving ERC20s access to fast, secure, low-cost transactions on a scalable layer that is also decentralized. As Syscoin is merge-mined, rewards for miners are very small, but so are transaction fees - thousands of transactions barely cost a single Syscoin!
This is still in testnet which functions to detect any shortcoming! Undoubtedly there will be more bridges to cross before this bridge goes live - and more bridges will ultimately follow!
Blockchain interoperability is a major conversation topic these days - Syscoin makes it happen!
PS. Btw, all links for the growing Syscoin Platform, including wallets, downloads, upgrade and migration instructions, news, masternode hosting providers, exchanges, social media accounts can be found on one convenient page that is updated almost daily at https://syscoin.network/syslinks
