Syscoin Introduces NEVM Upgrade That Combines The Best Of Bitcoin And ETH, SYS Price Up 20%

The blockchain platform Syscoin (SYS) has announced the introduction of an upgrade to the Network Enhanced Virtual Machine (NEVM), which will bring intelligent contracts of the Ethereum Virtual Machine (EVM) into the network’s ecosystem. The major upgrade will bring the best of Bitcoin and Ethereum together on one platform, while also enabling smart contracts to be scaled for mass adoption worldwide.

According to the new announcement, Syscoin’s Layer 1 EVM smart contracts have reached the mainnet on block 1,317,500. With this development, phase 1 of the NEVM start was completed.

Syscoin combines Bitcoin and Ethereum

This upgrade will allow platform users to enjoy more benefits such as: B. improved security and flexibility of smart contracts in a modular chain. The Syscoin team added that this advancement laid the foundation for the next EVM Layer 2 support.

The upgrade came when the platform hit block 1,317,500. The whole process will be completed in a few hours. The group too warning User does not send SYS (protocol own token) during update.

The developers point out that their POW security has a green focus thanks to the unified mining technology of Bitcoin and Ethereum. With the help of Solidity and EVM compatibility, Syscoin has set the stage for all EVM-based projects, including Ethereum itself.

This allows projects running on Ethereum to migrate to the Syscoin platform and save almost all transaction fees. These savings can in turn be passed on to their user base. Jagdeep Sidhu, Senior Developer at Syscoin added:

“Syscoin will use the best features of the two most important cryptocurrencies Bitcoin and Ethereum. Syscoin thus offers the security of Bitcoin while maintaining the programmability of Ethereum. Scalable applications will be installed on this system via ZKP and the proposed decentralized cost model of Ethereum gas fees will be introduced at the same time. ”

The upcoming phase 2 of the platform will bring ZK rollups, which can be accelerated to 210,000 TPS by Q1 2022.

Since the time of the announcement, SYS price has risen more than 20% and is currently trading at $ 0.6 after experiencing a massive market-wide drop that dropped Bitcoin to $ 42,000.

Source: TradingView

Stablecoin bridge

Late last year, Syscoin partnered with the stablecoin platform TrustToken to accelerate payments and provide other solutions for the Ethereum blockchain. In addition, 5 TrustToken stablecoins (TUSD, TGBP, THKD, TCAD and TAUD) run in the Syscoin network and are available to users. Sidhu shared:

“The demand for better usability, robust decentralized security, and scalability to ensure that every transaction complies with digital asset regulations is growing. Syscoin is the only suitable option for all of these needs. We look forward to the fact that the Stablecoins TrustToken family is future-proof and that Syscoin will give it a significant edge. ”

The partnership also allows developers to mine two cryptocurrencies at the same time – SYS and BTC.

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