Syscoin-Ethereum Bridge protocol DApp now live

Block 348,000 was reached at 4:02 AM UTC on January 28th, 2020, activating Syscoin Bridge...

Syscoin-Ethereum Bridge protocol DApp now live

Syscoin, one of the earliest crowdfunded blockchain projects, has announced the successful mainnet launch of the Syscoin Bridge protocol. For Syscoin, this represents a significant technological milestone in blockchain interoperability. The Syscoin Bridge is a zero counterparty bridge for moving tokens back and forth between the Syscoin and Ethereum blockchains.

“In the past, many interoperability efforts introduced challenges such as centralization, custodianship, mutating coin supply, the need for market liquidity providers, and involvement of a third token or chain as an intermediary. Syscoin Bridge, with its elegant design, is the answer to these challenges. We have also introduced and implemented an all-new concept, cross-chain fractional supply, which retains tokens’ designed supply characteristics across multiple chains – a product of the underlying burn/mint mechanism utilizing SPV Proofs.”
– The Syscoin Team

Syscoin Ethereum Bridge

Currently, ERC-20 tokens can utilize the Syscoin Bridge and receive various benefits and capabilities from Syscoin Platform’s ecosystem including:

In turn, Syscoin Platform tokens gain the utility of Ethereum, such as turing complete smart contracts, and its wide array of tools such as MetaMask, hardware wallets, DEX and DeFi platforms.

The SYSX ERC-20 is an active, working instance of a Syscoin Bridge integration. It can serve as a reference implementation for developers. Check out the Ethereum smart contract on GitHub.

Potential Use Cases

The uses made possible by the Syscoin Bridge protocol are vast. The technology opens a world of options and viability to tokens, apps, and others. Some examples are listed below:

Interchain integration through Syscoin Bridge is not limited to Ethereum alone. The Syscoin team said ecosystem participants will continue to weigh the benefits of potential future integrations.

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