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