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Submission: On December 13 via api (December 13th 2024, 8:37:50 am UTC) from JP — Scanned from JP

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Text Content

SYSCOIN BRIDGE

TRANSFER SYS BACK AND FORTH BETWEEN THE SYSCOIN AND NEVM BLOCKCHAIN

Connect Wallet:

Pali Wallet

Install

Metamask

Install


HOW DOES IT WORK?

TOKEN PORTABILITY BACKED BY CRYPTOGRAPHIC PROOFS.
MOVE TOKENS BACK AND FORTH BETWEEN THE SYSCOIN NATIVE (UTXO) AND SYSCOIN NEVM
BLOCKCHAINS.

An industry-first, zero-counterparty bridge.

Burn tokens on the Syscoin native or NEVM blockchains

Burning tokens provably removes them from the circulating supply on one chain.
The proofs that result from this will be used to mint tokens on the adjacent
chain.

Mint tokens on the NEVM or Syscoin native blockchain

Using the proof of burn from one chain, new tokens can be minted into the
adjacent chain. This results in a 1:1 representation of the tokens on the new
chain and empowers them with all the capabilities of that chain.


FAQ

What is Syscoin?



Syscoin is a decentralized modular blockchain that brings together Bitcoin's
secure PoW, Ethereum's flexible EVM, & scalable computation via Rollups (ZK &
Optimistic). All of these best elements are combined into a single plug-and-play
network making an ultra fast, scalable, low gas smart contract platform w/
proven security. The blockchain trifecta. Succinct technical description:
Syscoin is a modular coordinated dual-chain EVM platform designed to give
Rollups optimal L1 data availability, & Bitcoin auxpow settlement enhanced w/
multi-quorum finality that resists MEV attacks & selfish mining.

What is an SPT?


Syscoin Platform Tokens (SPT) are cryptocurrency tokens that can be created
quickly and easily on Syscoin Platform by anyone. This can be done using Sysmint
or Syscoin QT using command-line.

What is SYSX?


SYSX is both an SPT and NEVM ERC20 token, backed by SYS at 1:1 ratio. You can
burn your SYS and mint SYSX on the Syscoin chain, allowing you to utilize high
throughput ZDAG transactions. You can then burn your SYSX (SPT) and mint a SYSX
(ERC20) token, allowing you to utilize all the functionalities of the NEVM
Chain, such as Smart Contracts. This mint/burn process can also be done in
reverse order; it works in both directions.

How does the SYSX bridge work?


The basic structure of how SYS bridge works is SYS <-> SYSX (SPT) <-> SYS
(ERC20). The automated process will 1) burn your SYS for SYSX (SPT), 2) move
your SYSX (SPT) across the bridge and lock it, then 3) mint the SYS ERC20 to
your NEVM address. The same process occurs in reverse if moving SYS from NEVM to
the Syscoin native UTXO blockchain. The total supply of SYS remains the same.

Does the NEVM run on Ethereum?


NEVM is a separate and distinct standard Ethereum Virtual Machine that is
integrated into Syscoin in order to leverage the PoW security of Bitcoin and the
benefits of holistically modular blockchain architecture. NEVM stands for
Network-Enhanced Virtual Machine.

Will SPTs be transferable to NEVM?


Any Syscoin SPT can be transferred to the NEVM layer, and back, as needed. This
is a trustless and decentralized process.

Will this mean I can use Ledger, Myetherwallet, Metamask etc?


Your SPT will become compatible with all major service providers that serve EVM
once it is moved across the bridge to NEVM.

Syscoin supply will remain the same?


Yes. SYS + SYSX (SPT) + SYS (NEVM) = Total Circulating Supply. This supply is
maintained via mint/burn as tokens move across the bridge in either direction.

What counterparty or custodian related risks and/or limitations do I incur when
using Syscoin Bridge?


None. You maintain full possession and control of your funds at all times.
Furthermore, market demand (such as with atomic swap) is not required to take
advantage of Syscoin Bridge. These benefits are made possible by first-class
integration with the NEVM layer through a custom opcode (sysblockhash and
utilizing dual smart contracts and SPV proofs on both sides.

Can I have SYSX in my Syscoin wallet?


SYSX is an SPT. You can use Pali which is integrated into this site. Syscoin QT
can also be used if you are competent with command line interface.

Do I need gas to execute the smart contract, and if so how much?


You will need SYS gas on the NEVM to cover the costs of executing NEVM smart
contracts. These costs will vary depending on the NEVM network. You can utilize
the Syscoin Authenticated Faucet to get a small amount of SYS for gas:
https://faucet.syscoin.org

Do I need SYS to execute SPT transactions, and if so how much?


SYS is required to execute any transaction within the Syscoin network, including
SPT transfers. Exact transaction costs depend on network conditions. Syscoin
transaction fees are relatively inexpensive, especially in the case of SPTs
which utilize Syscoin’s ZDAG protocol. Typically, thousands of SPT transfers can
be funded with a single SYS, due to the unique fee market of the ZDAG network
within which users usually do not require having PoW confirmation within an
immediate block.

Why have an SPT on Syscoin if I can have an ERC20 token?



This delivers multiple advantages. SPTs use a UTXO storage model which is more
efficient for simple transfers and can also leverage the innovations from the
Bitcoin script system. SPTs are also ZDAG enabled, which means they benefit from
high-speed and high-throughput token transfers with low fees. ZDAG’s
probabilistic security (offering global consensus in ten seconds or less)
enables you to determine the security/speed trade-off most ideal for your
particular use case. Further, each SPT transaction settles onchain with Bitcoin
compliant proof of work. SPTs can also tap into Syscoin Core's option to call
external APIs for the implementation of Notary and offchain business rules. All
of this is especially attractive for point of sale applications, stablecoins
issuers, and CBDCs. You can learn more about Syscoin ZDAG
here:https://syscoin.org/z-dag. The overall vision is to offer both UTXO and
account based (ERC) representations of tokens which leverage future innovations
from the Bitcoin and Ethereum ecosystems respectively. Users can choose which
model they wish to hold their tokens in trustlessly.

Can other ERC20 tokens be migrated to the Syscoin chain?



Yes, by burning and minting via the bridge, resulting in an SPT. This is
currently active for SYSX. A reference implementation of the smart contracts
necessary to enable your particular ERC20 with Syscoin Bridge is available here:
https://github.com/syscoin/sysethereum-contracts

How is this initiative different from others?



Syscoin Bridge is the first two-way interoperability solution without
counterparties, a permissionless and trustless solution that leverages the
security of each respective blockchain. This allows us to consider the SPT
supply mechanism as a fractional supply across multiple blockchains. Users on
Syscoin by extension will be able to leverage the vast toolset of Ethereum
whilst NEVM users can leverage Syscoin’s cost effective and efficient asset
specific transactionality. You can read more about the technicals
here:https://github.com/syscoin/sysethereum-docs


CONTACT US

Email Address *

Your Name *

Message *

Send
Syscoin.orgSyscoin faucetSyscoin linksDeveloper PortalSyscoin UTXO
ExplorerSyscoin NEVM ExplorerSyscoin Github

© 2024 Syscoin. All rights reserved



WELCOME TO THE SYSCOIN BRIDGE

 * We will NEVER ask you for your private keys or seed phrase.

 * This software is subject to change.

 * Technical support is available only via the ticket system in Syscoin's
   official Discord server at https://discord.gg/syscoin

 * Technical support for an incomplete bridge session must be sought within 75
   days from when the session began.

By clicking the button below, you agree to our Terms and Conditions.

Agree to terms

bridge.syscoin.org Open in urlscan Pro 2606:4700:20::ac43:4ad8 Public Scan

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