A MEGA Thread on #Syscoin
A solution to the "blockchain trilemma" using novel methods.
We will be exploring the underlying technology, tokenomics and roadmap to help you understand $SYS better,
/THREAD π§΅
A solution to the "blockchain trilemma" using novel methods.
We will be exploring the underlying technology, tokenomics and roadmap to help you understand $SYS better,
/THREAD π§΅
1. What is #Syscoin?
Put simply, it is a decentralized blockchain network that solves the blockchain trilemma via a four-layer stack.
We will explore this later, but firstly lets look understand what problems $Sys aims to solve.
Put simply, it is a decentralized blockchain network that solves the blockchain trilemma via a four-layer stack.
We will explore this later, but firstly lets look understand what problems $Sys aims to solve.
2. Syscoin' Network Enhanced Virtual Machine (NEVM)
NEVM allows developers to deploy complex products and utilise the ecosystem without any financial constraints.
All while being scalable, secure and interoperable.
NEVM allows developers to deploy complex products and utilise the ecosystem without any financial constraints.
All while being scalable, secure and interoperable.
3. Tech...but in brief
A tech stack is the collection of technologies an organization utilizes to build an application.
In Syscoin's 4 layers, it is the host layer.
Bitcoin is used as the consensus method providing a secure foundation.
A tech stack is the collection of technologies an organization utilizes to build an application.
In Syscoin's 4 layers, it is the host layer.
Bitcoin is used as the consensus method providing a secure foundation.
4. More on Tech...
An EVM layer is being used as the operating layer as Ethereum is widely adopted and stands the test of time.
The third layer is a software development kit layer allowing Zero Knowledge Proofs.
The last layer consists of an application layer (ZKP in buisness)
An EVM layer is being used as the operating layer as Ethereum is widely adopted and stands the test of time.
The third layer is a software development kit layer allowing Zero Knowledge Proofs.
The last layer consists of an application layer (ZKP in buisness)
5. #BTC as a consensus method
Via a merged mining mechanism. Miners can mine two cryptos in parallel without sacrificing performance.
Computational power mines blocks on multiple chains with the same algorithm.
Security by Proof of Work.
The hash rate is over 30 EH/s which...
Via a merged mining mechanism. Miners can mine two cryptos in parallel without sacrificing performance.
Computational power mines blocks on multiple chains with the same algorithm.
Security by Proof of Work.
The hash rate is over 30 EH/s which...
6. #BTC as a consensus method (part 2)
Is approximately 20% of the total Bitcoin hash rate.
A higher hash rate, indicates how healthy the network is at any given time, and is driven primarily by difficulty mining and the number of miners.
A good thing, to say the least.
Is approximately 20% of the total Bitcoin hash rate.
A higher hash rate, indicates how healthy the network is at any given time, and is driven primarily by difficulty mining and the number of miners.
A good thing, to say the least.
7. UTXO Model
For all my tech entrepeneurs out there,
The Syscoin asset model is built on top of the Bitcoin UTXO model.
If there are significant innovative breakthroughs of the UTXO model, "Syscoin will benefit and capitalize on these innovations".
For all my tech entrepeneurs out there,
The Syscoin asset model is built on top of the Bitcoin UTXO model.
If there are significant innovative breakthroughs of the UTXO model, "Syscoin will benefit and capitalize on these innovations".
8. Proof of Work
There are clear negatives to PoW: selfish mining, energy consumption to name a few..
Due to the complex nature of DeFi applications and the required level of certainty, selfish mining essentially makes it impossible for DeFi applications to trust the network.
There are clear negatives to PoW: selfish mining, energy consumption to name a few..
Due to the complex nature of DeFi applications and the required level of certainty, selfish mining essentially makes it impossible for DeFi applications to trust the network.
9. PoW in Context
According to Eyal (2018), selfish mining has the
potential to outperform honest mining if the selfish miner has approximately 33% of the global hash
rate.
The largest BTC pool accounts for 17.1% of the total BTC hash rate.
According to Eyal (2018), selfish mining has the
potential to outperform honest mining if the selfish miner has approximately 33% of the global hash
rate.
The largest BTC pool accounts for 17.1% of the total BTC hash rate.
10. #Syscoin Solution
Chain locks.
Yes, by allowing near instant consensus through LLMQs.
An LLMQ is a number of entities with voting power in a majority consensus governance. Useable for a fixed period.
A finality guarantee, through chainlock includes financial incentives.
Chain locks.
Yes, by allowing near instant consensus through LLMQs.
An LLMQ is a number of entities with voting power in a majority consensus governance. Useable for a fixed period.
A finality guarantee, through chainlock includes financial incentives.
11. Zero Knowledge Rollups- $ZKR (Part 1)
Finality also reduces the time of ZKR.
ZKR will be utilised in the system development kit layer of $SYS.
ZK Rollups is a layer 2 solution that bundles dozens of transactions off-chain and generates a ZK proof.
Finality also reduces the time of ZKR.
ZKR will be utilised in the system development kit layer of $SYS.
ZK Rollups is a layer 2 solution that bundles dozens of transactions off-chain and generates a ZK proof.
12. Zero Knowledge Rollups- $ZKR (Part 2)
The ZK proof is used to prove the validity of transactions.
The ZK-proofs can be handled off chain too.
A significant concern is that transactions could get stuck in the case of off-chain ZK-proofs.
Built in mechanisms prevent this.
The ZK proof is used to prove the validity of transactions.
The ZK-proofs can be handled off chain too.
A significant concern is that transactions could get stuck in the case of off-chain ZK-proofs.
Built in mechanisms prevent this.
13. Zero Knowledge Rollups- $ZKR (Part 3)
ZK-rollups will drastically increase the scalability
of the #Syscoin ecosystem and decrease transaction fees.
Due to the gas fee market being based on a
supply and demand mechanism, the overall cost model will be lowered.
ZK-rollups will drastically increase the scalability
of the #Syscoin ecosystem and decrease transaction fees.
Due to the gas fee market being based on a
supply and demand mechanism, the overall cost model will be lowered.
14. What is NEVM? Its' importance? (Part 1)
It will be the spearhead for plans of the #Syscoin foundation.
Understanding how it works is important for potential- and established investors.
NEVM brings EVM and scalable smart contracts to the Syscoin ecosystem.
It will be the spearhead for plans of the #Syscoin foundation.
Understanding how it works is important for potential- and established investors.
NEVM brings EVM and scalable smart contracts to the Syscoin ecosystem.
14. What is NEVM? Its' importance? (Part 2)
#Syscoin NEVM is designed to provide smart contracts and interoperability that can scale while remaining low-cost and performant.
Whilst providing robust decentralized settlements that are secured by Bitcoinβs PoW security.
#Syscoin NEVM is designed to provide smart contracts and interoperability that can scale while remaining low-cost and performant.
Whilst providing robust decentralized settlements that are secured by Bitcoinβs PoW security.
15. Advantages of NEVM
Smart contracts can scale to a number of transactions using a blockchain that provides concise proofs of one-time executions which can be validated in parallel.
A decentralized cost model that leads to a significantly more efficient market for gas fees.
Smart contracts can scale to a number of transactions using a blockchain that provides concise proofs of one-time executions which can be validated in parallel.
A decentralized cost model that leads to a significantly more efficient market for gas fees.
16. Advantages of NEVM (Part 2)
-A decentralized cost model that leads to a more efficient gas fee market
-An interactive data availability
-Trustless cross-chain interoperability is for easy integration with various blockchains
-Merged mining security with PoW network
-A decentralized cost model that leads to a more efficient gas fee market
-An interactive data availability
-Trustless cross-chain interoperability is for easy integration with various blockchains
-Merged mining security with PoW network
17. Roadmap
Q1 2022- zK Rollups, 210K on-chain TPS
Q3 2022- Validium: 4 Million Off-Chain TPS
Here is a useful paper to understand the roadmap.
jsidhu.medium.com
Q1 2022- zK Rollups, 210K on-chain TPS
Q3 2022- Validium: 4 Million Off-Chain TPS
Here is a useful paper to understand the roadmap.
jsidhu.medium.com
18. Tokenomics (Part 1)
The tokenomics of SYS are based on EIP-1559 for an economy that can operate indefinitely. In line with EIP-1559, SYS does not have a capped max supply.
The supply of SYS is managed programmatically through protocol emission and deflationary burning.
The tokenomics of SYS are based on EIP-1559 for an economy that can operate indefinitely. In line with EIP-1559, SYS does not have a capped max supply.
The supply of SYS is managed programmatically through protocol emission and deflationary burning.
19. Tokenomics (Part 2)
Market Cap: $746,115,582
Fully Diluted Market Cap: $1,035,770,870
Market Rank: #112
Circulating Supply: 631,233,595.48 SYS
Max Supply: 888,000,000
Market Cap: $746,115,582
Fully Diluted Market Cap: $1,035,770,870
Market Rank: #112
Circulating Supply: 631,233,595.48 SYS
Max Supply: 888,000,000
20. My Thesis
If you follow me, you know I like to give you my perspective of where the market is heading.
The issue of privacy not offsetting the blockchain "trilemma" is becoming an increasingly pushed narrative.
All/most zK incorporated technologies will see a rise in...
If you follow me, you know I like to give you my perspective of where the market is heading.
The issue of privacy not offsetting the blockchain "trilemma" is becoming an increasingly pushed narrative.
All/most zK incorporated technologies will see a rise in...
21. My Thesis continued...
Adoption, as 2022 plays out.
Technology has and will continue to improve.
Hence why I believe $SYS will be a strong innovator, already possessing the ability to innovate (e.g UTXO model).
I look forward to see #Syscoin grow its ecosystem and dApps.
Adoption, as 2022 plays out.
Technology has and will continue to improve.
Hence why I believe $SYS will be a strong innovator, already possessing the ability to innovate (e.g UTXO model).
I look forward to see #Syscoin grow its ecosystem and dApps.
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And for more tweet threads like this follow me: @Crypto8Fi
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