HOW DOES IT WORK?
Token portability backed by cryptographic proofs.
Move tokens back and forth between the Syscoin Native (UTXO) and Syscoin NEVM blockchains.
An industry-first, zero-counterparty bridge.
Burn tokens on the Syscoin native or NEVM blockchains
Burning tokens provably removes them from the circulating supply on one chain. The proofs that result from this will be used to mint tokens on the adjacent chain.
Mint tokens on the NEVM or Syscoin native blockchain
Using the proof of burn from one chain, new tokens can be minted into the adjacent chain. This results in a 1:1 representation of the tokens on the new chain and empowers them with all the capabilities of that chain.
What is Syscoin?
Syscoin is a decentralized modular blockchain that brings together Bitcoin's secure PoW, Ethereum's flexible EVM, & scalable computation via Rollups (ZK & Optimistic). All of these best elements are combined into a single plug-and-play network making an ultra fast, scalable, low gas smart contract platform w/ proven security. The blockchain trifecta. Succinct technical description: Syscoin is a modular coordinated dual-chain EVM platform designed to give Rollups optimal L1 data availability, & Bitcoin auxpow settlement enhanced w/ multi-quorum finality that resists MEV attacks & selfish mining.
What is an SPT?
What is SYSX?
How does the SYSX bridge work?
Does the NEVM run on Ethereum?
Will SPTs be transferable to NEVM?
Will this mean I can use Ledger, Myetherwallet, Metamask etc?
Syscoin supply will remain the same?
What counterparty or custodian related risks and/or limitations do I incur when using Syscoin Bridge?
Can I have SYSX in my Syscoin wallet?
Do I need gas to execute the smart contract, and if so how much?
Do I need SYS to execute SPT transactions, and if so how much?
Why have an SPT on Syscoin if I can have an ERC20 token?
This delivers multiple advantages. SPTs use a UTXO storage model which is more efficient for simple transfers and can also leverage the innovations from the Bitcoin script system. SPTs are also ZDAG enabled, which means they benefit from high-speed and high-throughput token transfers with low fees. ZDAG’s probabilistic security (offering global consensus in ten seconds or less) enables you to determine the security/speed trade-off most ideal for your particular use case. Further, each SPT transaction settles onchain with Bitcoin compliant proof of work. SPTs can also tap into Syscoin Core's option to call external APIs for the implementation of Notary and offchain business rules. All of this is especially attractive for point of sale applications, stablecoins issuers, and CBDCs. You can learn more about Syscoin ZDAG here:https://syscoin.org/z-dag. The overall vision is to offer both UTXO and account based (ERC) representations of tokens which leverage future innovations from the Bitcoin and Ethereum ecosystems respectively. Users can choose which model they wish to hold their tokens in trustlessly.
Can other ERC20 tokens be migrated to the Syscoin chain?
Yes, by burning and minting via the bridge, resulting in an SPT. This is currently active for SYSX. A reference implementation of the smart contracts necessary to enable your particular ERC20 with Syscoin Bridge is available here: https://github.com/syscoin/sysethereum-contracts
How is this initiative different from others?
Syscoin Bridge is the first two-way interoperability solution without counterparties, a permissionless and trustless solution that leverages the security of each respective blockchain. This allows us to consider the SPT supply mechanism as a fractional supply across multiple blockchains. Users on Syscoin by extension will be able to leverage the vast toolset of Ethereum whilst NEVM users can leverage Syscoin’s cost effective and efficient asset specific transactionality. You can read more about the technicals here:https://github.com/syscoin/sysethereum-docs