Syscoin Bridge establishes a trusted bidirectional transaction channel between Syscoin and other blockchains, introducing the concept of cross-chain fractional supply. It allows individual users to transfer tokens across blockchains without third-party risks and market liquidity limitations. This can be achieved using SPV proof.
Syscoin Platform provides a near-instant, low-cost, and scalable token trading layer. The transactions on this layer inherit the security of SyscoinCore compatible with Bitcoin Core + merged mining. For independent third-party research on the performance of this token layer and its outcomes, please refer to the Whiteblock report. You can also check the real-time fee comparison between Ethereum and Syscoin.
When your token crosses the bridge, is its circulating supply unchanged? The tokens leaving the network are frozen, recorded, and minted into the Syscoin platform with the same quantity as the unique Syscoin platform token (with the stock code of your choice). When returning to Ethereum, the tokens are completely burned on Syscoin and released to the specified address on Ethereum.
For example, if you bridge BAT to the Syscoin platform, the process freezes and burns 100 BAT and mints 100 BAT as SPT (Syscoin Platform Token) on Syscoin. You retain a significant amount of tokens on both platforms to utilize the unique features of each platform as needed. Later, you move the tokens back to the BAT network on Ethereum. The bridging technology completely burns the 100 BAT on Syscoin and releases 100 BAT on Ethereum.
We are very excited about the first step we have taken towards interoperability! Achieving this has been a focus of the blockchain industry since Satoshi mentioned Simplified Payment Verification (SPV) in the original Bitcoin whitepaper.
Demo of using a basic attention token on the Syscoin bridge in SyscoinBridge.
Bounty Since March 22, 2020, the bridge has been open, allowing ERC-20 standard tokens to move back and forth between Ethereum and Syscoin platforms.
We are offering this bounty to anyone who uses and promotes the bridge, subject to the following conditions and terms, to help Ethereum developers discover the opportunities offered by this new interoperability solution.
Categories We offer two reward levels to accommodate all levels of participation and experience:
Method 1: ERC-20 Projects Bounty reward: 25000 SYS
You are the official representative of a valid ERC-20 project and capable of executing or overseeing each of the reward criteria.
Before starting, approve your application using this form. You will receive a response within 5 business days.
General criteria (refer to the standard application form): 1. Understand the scalability and speed of the Syscoin Platform, then read the overview and working principles of Syscoin Bridge. 2. Send four Ethereum transactions with your ERC-20 token using your chosen wallet and default fee settings. Note the transaction fees.
- $4 worth from Wallet A to Wallet B - $2 worth from Wallet B to Wallet A - $1 worth from Wallet B to Wallet A - $3 worth from Wallet A to Wallet B
3. Set up the mainnet Syscoin bridge for your ERC-20. Refer to the Bridge provisioning exercise for instructions. Create a Syscoin Platform Token (SPT) with a symbol and description to reflect the ERC-20 token you want to move. The exercise includes the creation of SPT (If your application is approved, the Syscoin Foundation will cover the SPT creation fee and other Syscoin network fees associated with meeting this bounty requirement).
4. Move the ERC-20 token worth around $10 to the SPT version using the Bridge at https://bridge.syscoin.org/.
5. Submit four transactions on the Syscoin platform using SPT with the same values as in step 2. Note the transaction fees. Speed is not necessary, but these transactions will be much faster than Ethereum, especially if you check the Z-DAG status of the transactions in the mempool, which provides probabilistic security before the chain confirmation. Learn more about interacting with
