Syscoin SYS has launched its Network-Enhanced Virtual Machine NEVM upgrade that brings smart contracts to the network's ecosystem.
The upgrade will combine the best of Bitcoin BTC andEthereum ETH in one platform, while enabling smart contracts to scale up for global adoption.
With NEVM, Syscoin is going to combine Bitcoins security model and merge-mined hashrate potential with Solidity and full EVM compatibility into a single platform.
A process called merge-mining that uses the same computational power to mine blocks on different blockchains allows the Proof of Work PoW platform to recycle resources already spent onBitcoin.
NEVM will run at speeds similar to other EVMs, but with longer blockstimes due to Syscoin's PoW commitment.
Following the initial NEVM mainnet deployment that introduces Layer 1 support for EVM and smart contracts, scaling solutions will be released in the two subsequent steps.
The implementation of ZKPs in Q 1 2022 will be based on true Layer 2 scalability and trustless interoperability.
The fees will be minimal after the introduction of Layer 2 with zk rollups, smart contracts will be able to scale up to 210,000 transactions per second TPS.
With the implementation of Syscoin's Validium technology, planned for Q 3 2022, the platform is projected to reach four million TPS ready to meet Web 3 needs.
There are dozens of partners that have already started onboarding, including NFT marketplace Luxy, DeFi flash loans platform Equalizer, and Gold Standard DAO, a decentralized reserve currency backed by gold, to name a few.