Syscoin Bridge - to and from Ethereum, will go live at block number 348,000, expected approximately January 28th, 2020, giving miners, exchanges and masternode operators and QT wallet owners ample time to update. The roughly 1800 masternode operators will need to upgrade in order to continue receiving rewards.
Syscoin Bridge is set to offer trustless and permissionless interoperability between the Syscoin and Ethereum blockchains, free from the common limitations and risks when moving assets and tokens from one platform to another. Neither counter-parties nor incentivized custodial holders are required to use the bridge.
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.
The 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 independent blockchain testing folks of 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.
Syscoin 4.1, a softfork, released on Friday, December 20th is in preparation of the SysEthereum bridge. Follow this link for more details: https://syscoin.org/news/syscoin-platform-41-is-live
Also just in: Syscoin QT 4.1 wallet can now be downloaded at https://github.com/syscoin/syscoin/releases/tag/v4.1.0
This is a mandatory update for all Syscoin QT wallet owners, not just for masternode operators! For detailed Instructions follow this link!
Blockchain Foundry, the primary development team of the Syscoin protocol selected Ethereum as the first subject of integration for this bridge for two fundamental reasons:
- to provide new and existing Syscoin Platform Tokens with access to Ethereum's time-tested smart contract capabilities and toolkits,
- to address Ethereum's growing need for a viable scaling solution by giving ERC20s access to fast, secure, low-cost transactions on a scalable layer that is also decentralized.
As Syscoin is merge-mined with BTC, transaction fees are just a tiny fraction of the gas fees of Ethereum and other coins, plus given the documented TPS, it will not be long before projects seeking high throughput, while continue to use smart contract features and other tools of the Ethereum blockchain will
utilize the bridge!
SysEthereum is the first major bridge of its kind and puts Syscoin again in the top league when it comes to blockchain innovation!
Btw, pls visit https://syscoin.network/syslinks - all links for the SYSCOIN PLATFORM on one single page!
