Syscoin releases Platform 4.1 and Ethereum bridge interoperability
By Inkarias - 2019-12-22
After a year of hard research and development, the Syscoin team has finally a game-breaking moment towards a trustless and permissionless blockchain-interoperability platform. Months of internal testing and help from the mighty Art-of-Bug team bring today a new future with the release of the platform 4.1 which includes the long awaited and prepared Syscoin-Ethereum Bridge enabling two-way interoperability between Ethereum and Syscoin. The Syscoin Bridge will go live at block number 348,000 which is expected to occur at approximately January 28th, 2020. Releasing 4.1 at this time gives miners, exchanges and masternode operators ample time to upgrade before the bridge becomes active. Several fixes and upgrades have been done in the ecosystem through this release, but the main focus is oriented to the SYS/ETH bridge.
Details about the bridge
This new solution is a trust-less permission-less decentralized bridge from Syscoin <-> Ethereum blockchains. Two-way bridges allow for fractional value ownership across multiple chains. Investors can transfer native ERC20 tokens to Syscoin SPTs or transfer their Syscoin SPT to a new ERC20 established token on the Ethereum network. Over 2 years of research and development went into this feature and a lot of work have been put into this groundbreaking feature (security researchers, developers, testers and community volunteers). The Syscoin team is confident that the technology will enable value transfer across chains in a reliable, secure way and is the basis for future research on general trust-less bridge designs. The goal is to enable users’ benefit from utility of Syscoin but in the future will also allow not only Ethereum users from benefiting from Syscoins PoW security and ZDAG/Assets Payment channel functionality but more chains to come once the solution will have been generalized.More information about this release and especially the bridge can be found at https://syscoin.org/