Syscoin to “forgo encorcing a token model” in launch of Layer 2 rollup suite

Rick Steves

“There has recently been renewed interest in the security and scalability aspects of Optimistic rollups that have forced us to take another look at this technology even though we strongly believe in ZK-Rollups.”

Syscoin has announced the upcoming launch of Rollux, an in-house Layer 2 rollup suite that offers projects running on the Syscoin Platform, either natively or across a bridge, with the scaling solutions they need to offer Web3 services.

The Rollux Suite will be launched as a not-for-profit product of the Syscoin Foundation, which will se Syscoin “forgo enforcing a token model so often seen in competitors, which only forces unnecessary fees and adds extra costs for users and friction to adoption”, said the blockchain project co-founded and led by Dan Wasyluk.

Syscoin was founded in 2014 to launch a NEVM blockchain that combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Prior to the Rollux Suite, Syscoin launched its NEVM Layer 1 back in December 2021.

Security and scalability of Optimistic rollups

Jagdeep Sidhu, Lead Developer of Syscoin, commented: “There has recently been renewed interest in the security and scalability aspects of Optimistic rollups that have forced us to take another look at this technology even though we strongly believe in ZK-Rollups. One of these reasons is code-base maturity: Optimistic rollups are already more mature than ZK because a Zk-EVM is yet to be released and tested in the wild. We also believe that with direct EVM equivalence such as Nitro and Cannon technologies, we can unlock performance and scale that will advance the space and likely give a window of a few years before ZK-Rollups will be as efficient.”

Syscoin promises to provide the speeds akin to Web2, but with the decentralization and economic feasibility made possible through the fusion of the best of Bitcoin and Ethereum.

Sysocin Rollux, a white glove service whose Optimistic rollups will offer Layer 2 capabilities upon its release, will initially employ Optimistic rollups followed by ZK rollups once they realize maturity.

The project says it will be one of the first teams to launch with Bedrock/Cannon technology and once coupled with Syscoin’s PoDA, it will be the most efficient, cost-effective, scalable and secure Layer 2 in existence. Syscoin’s NEVM also intends to be the first to utilize Proof-of-Data Availability (PoDA), designed by lead developer Jag Sidhu.

Network fees will be payable in SYS tokens and the network is run as a non-profit to create an efficient path towards mass adoption. To keep fees cheap, Syscoin uses DAOSYS and its treasury to cover costs.

Syscoin Rollux pledges to be the edge of scaling tech for Solidity-based smart contracts and, since its NEVM chain is EVM-compatible, it intends to be a tool “to onboard projects from Ethereum who can all benefit from being secured by Bitcoin’s security at scale with the miniscule fees inherent to the Syscoin Platform”.

Read this next

Retail FX

The Funded Trader is back? Traders report account closures

Prop trading firm The Funded Trader has updated its website with a few banners, nearly three weeks after it ceased all operations, with claims for a relaunch in the near future. However, there was no official statement on the relaunch on its website, Discord channel, or social media accounts yet.

Executive Moves

NAGA lures former Tickmill compliance exec Loukia Matsia

NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, appointed Loukia Matsia as their new Head of Compliance and Anti-Money Laundering (AML).

blockdag

Explore 2024’s Top Cryptocurrencies: BlockDAG Leads With 30,000x ROI Potential, Among Surge Predictions For Bitcoin And Ethereum

Navigating the vast ocean of cryptocurrencies might feel overwhelming for many investors, whether seasoned or newbies.

Tech and Fundamental, Technical Analysis

EURUSD Technical Analysis Report 18 April, 2024

EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).

Digital Assets

Binance ordered to remove Changpeng Zhao to get Dubai license

Binance, the world’s largest cryptocurrency exchange, has obtained a Virtual Asset Service Provider (VASP) license in Dubai.

Crypto Insider

Evolution and current state of global crypto adoption

Every four years, the crypto world gets hyped for the Bitcoin halving. Past halvings, like the one of May 2020, saw a massive increase in BTC transactions, which was driven by growing adoption and community involvement.

Digital Assets

Binance set to re-enter India with $2 million fine settlement

Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine, according to a report by the Economic Times.

Chainwire

Over 1,000 Builders, Partners, Investors and Enthusiasts Gather at Inaugural Global Event to Celebrate Sui

Last week in Paris, over 1,000 blockchain enthusiasts from 65 countries gathered at the inaugural Sui Basecamp during Paris Blockchain Week. This milestone event showcased major announcements and drew a global community, highlighting Sui’s impactful strides in blockchain technology.

Chainwire

Powered by Qualcomm, Aethir Unveils Game-Changing Aethir Edge Device to Unlock the Decentralized Edge Computing Future

Aethir, in collaboration with Qualcomm, unveils Aethir Edge, the pioneering authorized mining device. Integrated with a distributed cloud network, it offers advanced edge computing, decentralized access, and exclusive rewards. Dive into the decentralized future with Aethir Edge and unlock new dimensions in computing.

<