Syscoin announces first phase of NEVM launch

Syscoin, a multi-purpose platform that claims it can put any business on the blockchain, has announced phase one of its network-enhanced virtual machine (NEVM) launch is complete.

The company said its Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500.

“With this upgrade to the Syscoin network, you can simultaneously enjoy all the benefits of Bitcoin’s POW security and the flexibility of smart contracts on a modular chain built to remain indefinitely decentralised, scalable, and affordable.”

Phase one has, Syscoin claims, effectively laid down “the world’s most secure foundation for supporting all the best EVM Layer 2 advancements”.

The company said its unique approach to infrastructure has addressed the greatest criticisms aimed at Bitcoin and Ethereum alike.

“Thanks to merge-mining, our POW security is effectively a green energy solution, which recycles resources already being spent on Bitcoin’s gold standard security,” a statement said.

“Thanks to our Solidity and full EVM-compatibility, we have set the stage for all EVM-based projects, including Ethereum itself, to be able to take advantage of Syscoin NEVM’s scalability and low fees.

“In this manner, we have effectively leapfrogged the promises being offered by Ethereum 2.0 and solved the trilemma facing blockchains.”

Phase two of the project is expected to deliver ZK-Rollups and boost to speeds of up to 210k TPS in Q1 of 2022, followed by phase three in Q3 and the implementation of its proprietary Validium technology, which is projected to achieve four million TPS.