Syscoin is a decentralized and open-source blockchain platform that combines the security of Bitcoin’s Proof of Work (PoW) with the functionality of Ethereum-based smart contracts through EVM (Ethereum Virtual Machine) capabilities. It is designed to offer a scalable decentralized network that supports a variety of blockchain applications, providing enterprises with a secure and interoperable platform.
Syscoin operates with a dual-chain architecture, which includes a UTXO chain for Bitcoin-like transactions and an NEVM chain for EVM-compatible smart contracts. It uses Bitcoin's PoW mining method, merging with Bitcoin to leverage its security and hashrate. Syscoin employs technologies like Z-DAG for instant transactions, and features Sentry nodes and the ChainLocks mechanism to ensure security and network finality. It supports a tokenization layer for custom tokens and has introduced Rollux, an L2 solution for transaction efficiency.
Syscoin's versatile platform allows for a variety of use cases, such as:
Syscoin was founded in 2014 by Sebastian Schepis, with its initial release based on Litecoin. Major developments include Syscoin 2.0 in 2016, which introduced the graphical user interface and merged mining with Bitcoin, and Syscoin 3.0 in 2018, which introduced masternodes and the Z-DAG protocol. In 2023, Syscoin launched Rollux, a complete EVM Layer 2 rollup solution. The platform has continuously evolved, forming partnerships with notable organizations and expanding its ecosystem through SYS Labs and other initiatives, demonstrating a commitment to innovation and security in the blockchain space.