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Syscoin Developer Launches Ethereum-Compatible Layer 2 Network Secured by Bitcoin Miners
Sys Labs, the company behind the project, claims the new network "Rollux" will provide for speedy and affordable transactions while relying on the Syscoin blockchain's "merged mining" security method.
Sys Labs, the developer behind the Syscoin blockchain, which aims to combine Ethereum-style programmability with Bitcoin’s security, has launched a “layer 2” network called Rollux for cheaper and faster transactions.
Like the main Syscoin blockchain, the Rollux network is compatible with the Ethereum Virtual Machine or EVM, the software that executes smart contracts on Ethereum. The project gets its security from Bitcoin miners via a process known as merged mining that originally was presented by Bitcoin inventor Satoshi Nakamoto in 2010.
STORY CONTINUES BELOW
Just as layer 2 networks or “rollups” atop the Ethereum blockchain allow for faster transactions, the Rollux network can process 700 transactions per second assuming basic transfer, versus three to five per second on the base Syscoin layer, according to Sys Labs CEO Jagdeep Sidhu.
“Merged mining is a way to provide another system to open the doors to scale into a rollup,” Sidhu said in an interview. He said the project has been in the works for eight years.
Rollups like Optimism, Arbitrum and zkSync have profilerated atop Ethereum, notorious for its sometimes exorbitant fees, as a means of avoiding congestion. Bitcoin (BTC) is the original and largest blockchain and is considered the most secure, but lacks Ethereum’s programmability via smart contracts.
Sidhu said a deal has been struck to store data on Filecoin via Lighthouse Storage.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
