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Coinmuhendisi-Syscoin AMA Summary
On July 1, 2022, the Syscoin project officer, with whom we held an AMA as Coinmuhendisi, answered our questions and gave information about the project.
You can find the AMA content and details here.
First of all, Syscoin board member Bradley Stephenson, whom we want to introduce himself, conveyed the following:
I’m Bradley Stephenson, board member of the nonprofit Syscoin Foundation. I joined Syscoin in late 2016. I have been on the board of the foundation since 2019. My background includes enterprise database development for Fortune 500 companies. I quit my corporate career to focus full-time on blockchain. Syscoin has been around since 2014, when the project released its first mainnet before Ethereum. I love the Syscoin project for its vision, quality of development, and top-notch community. I first learned about Bitcoin in 2011, so I’ve been in the blockchain scene for a while.
AMA our event started with some introductory questions we asked the Syscoin official as a Coin engineer, and the questions asked and the answers given are as follows:
Q1: Syscoin is said to provide the best of Bitcoin and Ethereum. What exactly does this mean?
A1: Wouldn’t it be great if Bitcoin’s powerful network of miners provided security for everything you can do on Ethereum and your smart contracts could scale to billions of users in metadatabanks, smart cities and beyond? This is actually Syscoin
In our philosophy, we set Bitcoin as the gold standard for decentralized secure settlement on a blockchain. There is no doubt that it is the most tested and proven in the market in this regard. On the other hand, we see Ethereum’s EVM as the gold standard for flexibility and programmability for decentralized computing (smart contracts). Both of these are the most proven systems in their field, despite their limitations (trilemma tradeoffs). When it comes to finance and capital, it is extremely important to use proven systems. What Syscoin does is combine the best of both Bitcoin and Ethereum in our modular architecture in a way that solves their limitations while maintaining gold standards.
It is important to understand that scalability for blockchains is still not properly resolved by any project. Most blockchains are monolithic, compromising decentralization and security, forcing users to make unacceptably large compromises for speed and low fees. Syscoin is different here. The way Syscoin solves scalability is the combination of our modularly designed Tier 1 and our Tier 2 Rollux package, which we are currently developing and plan to have on the testnet by the end of September. Rollux is Syscoin’s own suite of Rollup solutions. This will include Aggregations of both Optimistic and ZK types that will set up transactions on Syscoin’s modular Tier 1. The difference between Syscoin and the upcoming new Ethereum goes back to Layer 1 security. We hold Bitcoin PoW through mining combined with Bitcoin, currently around 25% of Bitcoin’s own miners support our chain. Ethereum, on the other hand, is abandoning PoW and following an experimental route to PoS. We think this makes Syscoin unique and attractive to individuals and institutions that put blockchain security first, but also need real scalability.
Q2: What can Syscoin offer for gaming, NFT and metaversions currently unavailable on Ethereum using layer-1?
A2: Syscoin’s modular design will provide everything Ethereum hopes for in the future after the “merger” of Ethereum, including instant transactions, very high throughput and small fees via Rollux. Syscoin, metadata warehouse etc. It will serve as the ideal decentralized infrastructure for Also, like Ethereum, Syscoin will provide ideal data availability for aggregations. The biggest difference is that our design achieves all this by combining our Layer 1 with Bitcoin’s own network while maintaining the proven security of Bitcoin-based PoW, rather than sacrificing the gold standard for an experimental PoS model like Ethereum. . We’ve resolved the PoW limitations that caused Ethereum to choose PoS instead, so there’s no reason for Syscoin to give up on PoW. It’s also worth noting that while Syscoin’s Tier 1 currently provides certainty, Ethereum’s current Tier 1 does not. This makes DeFi in Syscoin much safer for end users. Now all we have to do is apply our Rollup package, Rollux.
Q3: We see that the Layer 1 blockchain of Syscoin has a block time of 2.5 minutes, whereas Ethereum has only 10 seconds. Is there a reason for this?
A3: In our modular design, almost all users will be at Tier 2 (Rollux) where everything is extremely fast and cost effective and can handle millions of users. They won’t be using Tier 1 directly. Rollux will aggregate users’ transactions and place them on the Layer 1 blockchain for the highest level of security, but this will happen in the background so users don’t experience any latency. In other words, you will get all the security of Tier 1 (Bitcoin type settlement) without slow waiting times. This allows us to focus our Tier 1 on the two most important things to it, security and decentralization. In a modular design there is no point in making Layer 1 super fast if it will still be abstracted from the user experience and most users will use Layer 2 directly. Instead, Tier 1 should be as secure and decentralized as possible and provide good data availability. Having a block time of 2.5 minutes is part of decentralized security as this allows us to provide a very efficient form of certainty with multi-core chainlocks making DeFi much more secure and making our PoW almost 51% immune to attacks!
Q4: How do you see Tier 2 technologies such as aggregations impacting or changing the future crypto market?
A4: Real scale really amplifies potential use cases. Once the roundups are fully launched, there will be enough new “unicorn” apps to appear that will truly surprise many people. At the same time, many currently popular monolithic projects will disappear and be replaced by those who have the foresight to come up with more future-oriented modular designs. I cannot stress enough the magnitude of the changes that aggregations can bring. Having a super fast monolithic L1 with large global swaps will no longer be cool, it will hurt. Smart contract Tier 1s should now focus heavily on security and decentralization and appropriately facilitating and scaling aggregations.
Q5: Which projects do you think are Syscoin’s closest competitors?
A5: Currently the closest competitors to Syscoin’s modular NEVM are any monolithic Tier 1 smart chains – Avalanche, Cardano, Solana, Binance Smart Chain, etc. We believe these projects will eventually be forced to change their design or value proposition, or simply become aggregations themselves. . As a footnote, I would like to mention Rootstock because it shares the features of providing an EVM and merging with Bitcoin like Syscoin. It was a mature-minded project for its time. It offers a monolithic (rather than modular) design and requires users to spend gas wrapped BTC, which no one really wants to do. The rootstock, which does not have its own tokenomics, does not offer a crypto market opportunity in the typical sense. Syscoin is a huge improvement over Rootstock on all these points.
After the questions asked by Coinmuhendisi within the scope of the project and answered by Syscoin, the questions of 10 people from Twitter users and Telegram users were selected within the scope of the event, and the questions were answered by the Syscoin official.
TWITTER WINNERS
Q1: How is NEVM different from EVM? Why does SysCoin use NEVM? Can you inform us about this? (@emremir1570)
A1: NEVM stands for “Network Enhanced Virtual Machine”. It is the same as Ethereum’s own virtual machine, but “Network Enhanced”, powered by Bitcoin miners through merged mining and inheriting the modularity of Syscoin’s overall design. The difference between Syscoin’s NEVM and Ethereum’s EVM is how they are powered by the network.
Q2: Do you see Syscoin as a web3.0 blockchain? If yes, will the soundness contracts be easily migrated to the Syscoin blockchain, if no, in what language will the smart contracts be created?(@bahadircglr)
A2: Smart contracts on Syscoin’s NEVM blockchain use the same Solidity programming language that Ethereum developers are used to. Any smart contract running on Ethereum can also run on Syscoin NEVM. They are 100% compatible without any modification. If we had chosen another language or created our own, this would have been an entry barrier for many projects as developers would have to learn another language. This is one of the biggest reasons we stick with EVM/Solidity. It makes things easier for developers.
Q3: Can you tell us about Masternodes + Chainlocks, their functionality and benefits to the COMMUNITY?(@onurazazi2)
A3: Good question. Syscoin’s network architecture includes incentivized full nodes or “master nodes”. These are full nodes for which you get paid for operation in SYS. Currently our network has around 2,500 of these actively operating by independent owners. A big benefit for owners is a seniority program that increases your SYS rewards the longer your masternode has been supporting the network. Many masternodes have been operating for more than three years for this reason. You can find more information about running a masternode at https://sysnode.info/. Requires you to have at least 100,000 SYS.
The main purpose of masternodes is to add an additional layer of security on top of consolidated mining. This helps protect the blockchain against common PoW vulnerabilities such as selfish mining, 51% attacks, and MEV attacks against DeFi. One of the biggest reasons Ethereum is migrating to PoS is to find a way to provide Certainty. Syscoin achieved Certainty while protecting PoW by using masternodes to generate multiple cores that provide BLS signatures to effectively implement a chain lock. Chain locks are highly technical so you can join the official Syscoin dispute chat and if you want more details about chain locks we can talk there.
Q4: What are your plans to showcase Syscoin technology to businesses that have not yet entered the Crypto / Blockchain space? How will you encourage or encourage them not only to take this step but to choose the Syscoin network over the competition?(@tolgay629)
A4: Regulatory compliance is the biggest entry barrier to blockchain for traditional business and finance. Syscoin has a unique and viable solution to this challenge that I haven’t seen in any other project. Syscoin provides an optional notary capability that finally enables businesses to use a public blockchain while ensuring that the transactions of their assets comply with any regulation through off-chain controls. Regulations can also change, so our notary system allows businesses to adapt off-chain rule sets as rules evolve. On top of that, it’s a custody-free solution, meaning owners of an asset don’t have to give up their ownership to another system to comply. This is huge. You can learn more about this system here: https://github.com/syscoin/sips/blob/master/sip-0002.mediawiki We will also extend this to our Rollux architecture to enable DeFi at scale for those who need it. Imagine being able to harmoniously trade or exchange Tesla stock (or any other security) on a DEX with SYS or Wrapped-BTC. This is the infrastructure that can help companies achieve this. It is important to note that Syscoin is permissionless as a public blockchain by default. Notary is an optional feature, meaning Syscoin doesn’t enforce compliance globally… it’s a feature that projects prefer if they need it, and they control the rulesets themselves. By default Syscoin is as permissionless as Bitcoin or Ethereum.
Q5: How do bitcoin miners validate syscoin transactions from the NEVM layer if they are only compatible with the fork bitcoin layer and not the NEVM layer? And how can these two layers coexist as layer 1?(@abdulkadirs46)
A5: Merged mining simply means that Bitcoin miners can take proof of their previous work on Bitcoin (parent) and present it to another chain (child) to mine a block. The subchain doesn’t need to be strictly restricted to Bitcoin for this to work. Syscoin validation takes place within Syscoin Core rules, which Bitcoin miners (or pools) run with Bitcoin Core instances. Syscoin Layer 1 has a dual-chain architecture. A Bitcoin-based UTXO chain and an EVM chain are reliably linked via a 2-way peg bridge. This allows both chains to use and supply the same local currency (SYS), and together they form our Tier 1. Both of these blockchains share Bitcoin’s PoW within Syscoin Core. If you want to learn more about this, you can join our Discord or read our Syscoin 4 White Paper at https://syscoin.org or articles by our lead core developer, Jag Sidhu, at https://jsidhu.medium.com.
And thus our AMA event2. section is over.
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