Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Syscoin Announces Integration of Cross-Chain ZK Rollups

Syscoin is positioned to be the first platform to offer Layer 1 data availability in combination with a cross-chain, EVM-compatible ZK rollup.


Syscoin, a state-of-the-art base layer protocol that uniquely combines the composability of Ethereum-style smart contracts with the Bitcoin Network’s industry leading security, today announced the integration of cross chain ZK rollups, in partnership with cross-chain network ZKCross.

ZKCross’ cross-chain ZK rollups combine Layer 2 and multichain rollup methods to create a network that allows users to effectively trade while maintaining control of their assets in an experience on par with centralized exchanges. By creating a bridge to multiple blockchains, Syscoin and ZKCross are developing a DeFi community with unprecedented levels of security, efficiency and scalability.

Syscoin Lead Developer and Foundation President Jag Sidhu has been working closely as an advisor to the ZKCross team in order to build the world’s first cross-chain ZK-rollup.

“With rollups on the horizon, we are inching towards a breakthrough in blockchain scalability that will usher in an unprecedented period of adoption,” said Sidhu. “Syscoin has made great strides to ensure we will be at the forefront of this revolutionary step forward with Rollux, our own in-house rollup suite, designed to offer the best rollups have to offer, including Optimistic and Zero-Knowledge, all tied into Bitcoin’s gold standard security. This partnership with ZKCross is the iteration of bringing our vision to life.”

Initially, the cross-chain ZK rollups will act as a Universal Automated Market Maker (AMM) to manage liquidity and trading across multiple chains via its own custom ZK-Rollup deployment. It will later be adapted as a Zero-Knowledge Virtual Machine akin to ZKSync2 of Matter Labs or Polygon Hermez. Syscoin will pair its own solution with its Proof of Data Availability (PoDA) innovation in order to anchor off-chain data to Layer 1 security via validity proofs with an open source zkEVM. With this, Syscoin is positioned to be the first platform to offer Layer 1 data availability in combination with a zkEVM.

As an AMM however, it will serve as a safer, more secure alternative to currently popular bridging techniques, which require users to trust external consensus mechanisms.

Foundation Board Member and Syscoin Marketing Head Bradley Stephenson added, “Industry firsts are always exciting, especially when building something like a cross-chain Zero-Knowledge Bridge that will be integral in not only advancing the Syscoin Platform as the complete blockchain solution, but also offer the industry at large a better bridging solution that removes the risks associated with the prevailing models. It’s atypical to see a direct partnership between ZK projects and Layer 1s like ZKCross and Syscoin, but we are coming together to offer a truly special product that will raise the bar for rollups and DeFi.”

Syscoin and ZKCross plan to unveil its solution at Token2049 in Singapore this September. Once implemented on mainnet, it will open the Defi floodgates of user growth who will choose to use the option that keeps their assets in their hands, fully secure, and is designed from the ground up to work within the larger, holistic platform Syscoin has constructed.

About ZKCross
ZKCross is utilizing cutting-edge technologies to create a secure and decentralized cross-chain infrastructure for the evolving crypto world. By establishing connections to multiple blockchains in order to create a decentralized platform, they are enabling the DeFi ecosystem to develop cross-chain applications that require high levels of security, efficiency, and scalability. Essentially, ZKCross’ cross-chain ZK-Rollups combine Layer 2 and multichain rollup methods to create a network that allows users to effectively trade while maintaining control of their assets in an experience on par to centralized exchanges.

About Syscoin
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.
Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin's proven security and Ethereum's Turing-complete programmability elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.

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Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.
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Vendredi 22 Juillet 2022




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