On March 1st 2022, our community had a chance to welcome Mr. Bradley Stephenson, Syscoin Foundation member to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
🔎 By combining the security of BTC & the smart contracts of ETH, you get a scalable, fast, low gas platform to build your next idea!
At this AMA, Mr. Bradley Stephenson directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 20:00 PM (UTC+7) | Tuesday, March 1, 2022
Venue: https://t.me/CryptoFamilyVN
Reward Pool: 200$ for members with the best questions
Below are some main points of this AMA session:
PART I: OVERVIEW QUESTIONS
- To kickstart today’s AMA, please introduce briefly about your team and some key features of Syscoin.
Mr. Bradley Stephenson:
Hi everyone, I’m Bradley Stephenson, a Syscoin Foundation board member. I’ve been helping Syscoin since late 2016 and joined the nonprofit Syscoin Foundation in 2019. The entire Foundation board consists of people with deep backgrounds in some aspect of blockchain technology. Our lead core developer and Foundation president is Jagdeep Sidhu, an expert in A.I., game theory, economics, and communication protocols. He has been involved in blockchain I believe since 2012. You can read his Medium blog here, it has a lot of very valuable information: https://jsidhu.medium.com/
SYSCOIN is a well-established project that first launched to mainnet in 2014. It has evolved significantly over the years, and has contributed many important “firsts” in technical innovation to the world of blockchain, and continues to. Syscoin today combines the best aspects of Bitcoin and Ethereum into a single platform. It is exactly the kind of infrastructure needed for decentralized Metaverse, IoT, smart cities, and any other massive implementation of blockchain tech that needs to be done without sacrificing decentralization and security. NEVM is Syscoin’s EVM L1 that is 100% compatible with any smart contract on Ethereum. Syscoin provides all the modularity and scalability that Ethereum hopes to provide in the future, but unlike Ethereum, Syscoin accomplishes all of this, including Finality and support for ZK-Rollups, without sacrificing proven security… In fact, Syscoin provides your smart contracts with the security of Bitcoin’s own network through merged-mining, which is also the only “green” form of PoW. We currently have around 20% of Bitcoin’s own miners supporting the Syscoin network.
Technically speaking, Syscoin today is a coordinated dual-chain EVM platform specifically designed to give ZK-Rollups a Bitcoin auxpow settlement L1 enhanced with multi-quorum finality that resists MEV attacks & selfish mining. Syscoin is the only project that solved for finality within the PoW paradigm.
- Next, please share with us the roadmap of Syscoin in the coming time.
Mr. Bradley Stephenson:
We released NEVM (Network-Enhanced Virtual Machine) to Mainnet on December 6, 2021. The next step is implementation of ZK-Rollups in the for of zkSync 2.0 once that sourcecode becomes public. We are also completing our novel Data Availability solution, and then will be introducing Validium for even more scalability.
- Could you please update some latest news or big events of Syscoin in the coming time?
Mr. Bradley Stephenson:
You can catch-up with all the latest updates by checking Syscoin’s news blog at https://syscoin.org/news/
– Yesterday we announced a partnership with TribeOne, the First AI-Powered NFT and DeFi funding platform.
– Last week our native DEX launched on mainnet. It is https://app.pegasys.finance/
– Syscoin entered an R&D partnership with StakeCube, and they are now providing service for “fractional” masternode ownership for SYS owners.
– On Feb 11, Wrapped Syscoin (WSYS) was introduced onto the ApeSwap DEX on Binance Smart Chain
– On Feb 8, Charlie Hu, former head of Polygon China joined the Syscoin team as an advisor
Many more recent announcements are in the blog, and we have a lot more news coming. Through outreach and business development we are constantly talking with new projects. We talked with six projects yesterday alone.
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
1.From @RuinsOliver
Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships, and what everybody stands to gain from these partnerships?
Mr. Bradley Stephenson:
There are some big partnerships in the pipeline that have not yet been announced, so make sure to keep your eyes open. Syscoin has entered into many partnerships over the years, especially recently. Rather than list all of those here, it would be better to visit https://syscoin.org and https://syscoin.org/news/ to find out about those. Our partnerships cover a lot of territory. Many are focused on research & development, while others might be with agencies that help drive marketing.
- From @Samanth8a
The blockchain industry is plagued with several challenges, some of it includes privacy issues, security challenges, scalability challenges, cost and speed challenges among others. What technology has Syscoin built to help it tackle these challenges ones and for all?
Mr. Bradley Stephenson:
Syscoin is methodically designed to address all of those issues in ways that bring balance to the trilemma. Early on, before most projects, the Syscoin team recognized the challenges of scalability, especially for computation (what Ethereum does). Syscoin is designed as a modular platform that solves the scalability challenge by properly facilitating Layer 2 technologies like Rollups, especially ZK-Rollups. That is where people will be able to use dapps that are just as fast as typical Web 2.0 services, yet are backed by Syscoin’s rock-solid and proven security of our Layer 1, at very low fees, or in some cases no fees at all. In contrast, we see Ethereum going the way of Proof of Stake, which is more experimental, in order to provide scalability, finality and data availability. Syscoin has solved all of those while staying in the proven Proof of Work paradigm.
- From @Lindango489
I read on your website that Syscoin has “The best of Bitcoin and Ethereum in one place”. So how did you combine the advantages of Bitcoin and Ethereum to create Syscoin with more advanced features? Especially, Ethereum has very high transaction fees, how did you make Syscoin has an acceptable fee?
Mr. Bradley Stephenson:
We have a very unique design. What we have accomplished is to take both of the “gold standard” models – Bitcoin’s (for security), and Ethereum EVM (for flexibility). We keep those models intact (we do not change them), but we unify them within the larger sphere of the Syscoin protocol, where we have created inter-plays between them to provide synergies where they are appropriate. This is how we are able to secure smart contracts with Bitcoin security, while also providing the theoretically infinite scalability of ZK-Rollups on the EVM side, as well as solve for Finality through Syscoin’s network of incentivized fullnodes providing chainlocks in the form of BLS Signatures.
Fees will remain low because:
Layer 2 handles computation separately, unlike on Ethereum today. This enables economies of scale where the more transactions that take place on Layer 2, ultimately the cheaper it becomes to settle on the Layer 1.
- From @Jaki73364096
To ensure the secure computation, there are many technologies like ZKP, MPC. They seem to be good candidates but Syscoin choose ZK-Rollups to Scale Smart Contracts . Can you let us know the reasons for choosing it as your project core technology? What exactly are ‘rollups’?
Mr. Bradley Stephenson: Good question! In very basic terms, ZK-Rollups allow smart contracts to function on a separate layer from the L1. Let’s say 10,000 computations occur. The rollup creates a very small validity proof of the “state” of those executions, and stores them on the L1 instead of all those individual transactions going on the L1. It’s kind of similar to Bitcoin’s Lightning Networks except rollups are focused on computation instead of simple value in/out like LN.. They also solve much more complex problems than LN. So, with ZK-Rollups for the first time we have a TRUE scaling solution that can create economies of scale. Economies of Scale means that the more transactions that take place on L2, the less expensive it becomes. ZK-Rollups are also based on Validity proofs which are mathematics, whereas Optimistic Rollups are based on fraud proofs and making “safe” assumptions. Multi-Party Computation (MPC) also has some security risks that ZK-Rollups do not.
- From @duetdaily
How does Syscoin increase SYS’s value, liquidity and utility ? So that it can lead to an increase in token prices ? What is your plan to make Syscoin stable and provide the highest return for investors in the long term ?
Mr. Bradley Stephenson:
Our philosophy is that by solving real problems and providing maximum utility, the adoption of Syscoin will inevitably grow. As an effect, demand for SYS (our native coin) will grow as well. Syscoin is completely decentralized and the coin and supply are controlled by the protocol, just like Bitcoin or Ethereum. So our focus is on Syscoin being the best platform for very secure smart contracts. It’s worth noting that Syscoin does offer SYS owners the ability to setup a masternode and earn SYS rewards. This is different from simple staking. In this case you are paid to provide a service to the network in the form of running a server that contributes hardware resources for some unique validation functionalities on our network. You can learn more about that at https://sysnode.info/
PART III: BEST LIVE QUESTIONS IN SYSCOIN GROUP
- Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join it?
Mr. Bradley Stephenson:
All our whitepapers are available here: https://syscoin.org/whitepaper
Syscoin does not have a presale as that occurred years ago in 2014.
- According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?
Mr. Bradley Stephenson:
Our next biggest priorities are implementing ZK-Rollups in the form of zkSync 2.0 once that is released publicly, and we are also working on our unique solution for Data Availability called Proof of Data Availability. Resources-wise we are doing very well. The nonprofit Syscoin Foundation treasury is currently supporting TVL incentives for new DeFi projects coming onboard, similar to how Polygon incentivizes projects. We are also driving a lot of marketing and awareness campaigns. There are multiple marketing agencies involved with Syscoin. For example, we currently have live digital billboards showing Syscoin in Dubai.
- Where can I buy your tokens right now what is your current contract and how can I buy them??
Mr. Bradley Stephenson:
Syscoin is on several DEXes and many centralized exchanges. You can see some of those here: https://syscoin.org/get-sys By the way, Syscoin is not a smart contract, it is a Layer 1 that supports smart contracts, just like Ethereum.
- Ambassadors play a very important role in every project,Do you have an ambassador program? If yes, how can I be one ?
Mr. Bradley Stephenson:
Absolutely. We have a lot of global outreach and a lot of regional communities, this Vietnam focused channel being one example! You can get involved by talking with our teams in our official channels such as https://discord.gg/syscoin and https://t.me/syscoin_official
- There are many rug pulled and exit scam happening now days. How can investors trust you to not to do the same?
Mr. Bradley Stephenson:
Syscoin has been mainnet since 2014, and constantly working on leading-edge innovations and introducing them into the blockchain industry, even during the many bear markets since our project’s inception. Syscoin is probably the last project anyone should be concerned about doing a “rugpull”
CF: Seems like there’re many things to learn more, but I’m afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below
✅Website: http://syscoin.org/
✅Discord: http://discord.gg/syscoin
✅Telegram: http://t.me/systraders
✅Twitter: http://twitter.com/syscoin
✅Medium: http://syscoin.medium.com/
✅Reddit: http://reddit.com/r/SysCoin/
