Syscoin’s new in-house rollup suite features the only rollups backed by Bitcoin’s PoW security
EINDHOVEN, Netherlands, September 28, 2022--(BUSINESS WIRE)--Syscoin, a state-of-the-art base layer protocol that uniquely combines the Ethereum Virtual Machine (EVM)-based smart contracts with Bitcoin’s security, today at Token 2049 in Singapore announced the public testnet of Rollux OPv1, its first in-house rollup suite featuring the only scaling solution backed by Bitcoin’s gold standard Proof-of-Work (PoW) security on a completely decentralized network. Rollux’s ultimate security, throughput, and low cost make it the premier Layer 2 solution for Web3 projects.
Rollux is Syscoin’s first rollup solution. As an optimistic rollup, it is designed to provide end-users with near-instant low-cost transfers, executions and contract deployments, and give projects the scalability they need to deliver Web3 services at massive scale without compromising their underlying security. The Rollux suite will also feature Syscoin’s on-chain Proof-of-Data Availability solution (PoDA), ZK Rollups, and a first-ever cross-chain ZK bridge, in collaboration with Syscoin’s partner, cross-chain De-Fi network ZKCross.
"As rollups emerge it is important to remember that the best scalability isn’t just about meeting needs with speed and low fees. Security and decentralization are also key to properly supporting high value use cases," said Jag Sidhu, Syscoin Lead Developer and Foundation President. "Rollups are the holy grail of blockchain scalability for smart contracts. Although we are hardly the only ones who will implement them, the whole is greater than the sum of our parts. This is what makes Syscoin blockchain’s dark horse. We have constructed the proper modular architecture needed to offer rollups everything they need without making compromises to security and decentralization. We’re excited to be offering the most value to developers, which will implore them to build the future with us once they realize what we’re offering."
As the public testnet opens, many of the partners who will be operating on its Layer 2 and kickstarting the expansion of the Syscoin ecosystem have already begun utilizing OPv1. Their support is enabling Syscoin’s partners’ protocols and applications to become public as soon as possible. These essential partners include: Pegasys, SYSPad, BuilditMerchants, MudAI, DystoWorld, Luxy, ZKCross, QiDAO, KOLnet, SYSstables, DeNet and ApeSwap. Moreover, they are joined on testnet by our partners providing infrastructure support: Ankr, Getblock and Band Protocol.
"We believe in Bitcoin. Nakamoto ideals are our guiding principles. More tangibly, Bitcoin’s network is the foundation on which our protocol and network is built," said Bradley Stephenson, Syscoin Advisor and SYSLabs Chief Marketing Officer. "The Syscoin protocol is essentially an extension of Bitcoin. So Syscoin’s utility, in turn, broadens Bitcoin’s utility. For any developer looking for a powerful proof-of-work network with smart contract functionality and rollups, or hopeful for ‘Web5,’ there is no need to look any further: Bitcoin, available on Syscoin Rollux."
Importantly, Syscoin’s Rollux builds upon Syscoin's Proof of Data Availability (PoDA) innovation, which addresses significant bottleneck issues around providing censorship resistant data security for Layer 2 rollups. Being positioned on Layer 1, it has a compounding effect on speed for every additional layer. Ethereum is the only other well-known project working on a solution for Layer 1 data availability. Despite the two team’s independence from one another, Ethereum reached a similar solution to PoDA they are calling proto-danksharding. There are some key differences between the two solutions, but their similarities identify a congruent thought process and serve as mutual affirmation of their viability. Although proto-danksharding is estimated to be about a year away, PoDA is currently operational and available for evaluation on Syscoin’s public testnet.
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin's proven security and Ethereum's Turing-complete programmability elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.
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