Syscoin, a multi-purpose blockchain for business platform, has announced today a release date of June 4th, 2019, for the launch of Syscoin 4.0. Targeting block number 548662, the evolution of the Syscoin protocol makes its final move towards true blockchain scalability.
The protocol will be upgraded around 12 PM PST (due to variations in block times, the block number will be updated 2 weeks prior to June 4th). The Syscoin Development Team, the Syscoin Foundation, the Syscoin Community Marketing Team, and Blockchain Foundry are working closely together for the release
Syscoin 4.0 Evolution: Migration and Implementation
Syscoin and Syscoin Assets will have a 1:1 mapping and footprint through an ERC-20 equivalent contract running on the Ethereum network. It is a two-way peg (2WP) and has been a focal point for the entire industry since Satoshi spoke about SPV in the Bitcoin whitepaper.
This breakthrough by Syscoin developer Blockchain Foundry will be the first of its kind, moving from a non-turing complete (Bitcoin-based coin) to Ethereum without any middleman or counterparties or even custodians holding funds. The breakthrough provides the business world a new choice — to now allow for efficient micro-transactions to happen, while still leveraging the regulated smart contract governance models developed on Ethereum.
In addition to the security of being backed by the Proof-Of-Work network of Bitcoin, Syscoin 4.0 provides benefits to both ecosystems. Providing Syscoin users with the enhanced functionality, but also gives Ethereum users the speed and scale benefits of Syscoin. The new bridge technology is unique in that it allows for Syscoin tokens to exist across other blockchains, which in sum represent the total circulating supply of Syscoin.
While this bridging technology can be used to leverage any blockchain’s turing-complete capabilities, the first direct bridge will be built to the Ethereum chain for smart contract execution.
By providing a bridge to Ethereum, the Syscoin ecosystem can also benefit from all the tooling present in the ETH ecosystem. Platforms such as Metamask, ERC-20 DEXs, MyEtherWallet, Ledger and others can all be used with Syscoin 4.0 via the SYSX ERC-20 token.
Those interested to learn more on the Syscoin 4 release can check out The Evolution of Syscoin Protocol: Syscoin 4.0 post for details about changes to the network, governance funding adjustments, building a bridge to leverage the help of thousands of Ethereum developers, and how Syscoin is tackling the blockchain scalability problem by harnessing Blockchain Foundry’s Z-DAG (Zero Confirmation Directed Acyclic Graph) technology.