Syscoin successfully launched its bridge to Ethereum at block 348'00 on January 20th. What distinguishes the Syscoin Bridge from others interoperability solution is that it established a completely trustless two-way bridge without incurring third-party risk, nor market limitations, while circulating supply is maintained globally.
The bridge allows for Syscoin Platform Tokens (SPT) to be transferred to other chains and vice-versa. This enables a Syscoin asset owner to leverage features of other blockchains such as smart contracts. Owners of tokens on other blockchains can now take advantage of the speed, throughput and Bitcoin-compliant security of Syscoin, particularly as the Z-Dag protocol that facilitates transactions that were established to be in excess of 60 TPS! More on the SYSX token can be found at https://etherscan.io/token/0x197a2f58c94eff4b2c6ae0922fbc840080f839c2
This video explains it a bit more about the inner workings of the bridge and shows how the SYSX token facilitates the interoperability:
The bridge to Ethereum is only the first one - particularly chosen because of the dire need for high speed tx on the Ethereum side. Also, Syscoin developers using Platform Tokens (SPT) can now finally utilize the powerful, time-tested smart contract capabilities of the Ethereum network, as well as all the toolkits present in the Ethereum ecosystem, hence it is a win-win for both blockchains! But Syscoin aims for more bridges to be build, hence this just the beginning. Not surprisingly, quite a few articles have highlighted this innovation and the market has been responding positively
to the news:
https://www.coinspeaker.com/syscoin-bridge-ethereum-scalability-problem/
https://cryptodaily.co.uk/2020/01/syscoin-bridge-token-ethereum
https://u.today/syscoin-sys-launches-fully-decentralized-bridge-with-ethereum-eth
For those interested in technical aspects, please visit:
https://syscoin.readme.io/docs/syscoin-41-syscoin-ethereum-bridge
This post will be edited and expanded in the coming days, so please visit it again!!
For those not familiar with Syscoin, it is one of the oldest blockchain project and as such has gone through numerous and continuous innovation and transformation. To understand the evolution, it is best to follow this link: https://en.bitcoinwiki.org/wiki/Syscoin
To join the official Syscoin Discord chat, please follow this link: https://discord.gg/Yd7Z4XP
Btw, don't forget to visit https://syscoin.network/syslinks to find a complete and updated link collection for the project all on one single page!
