Syscoin Announces Integration of Cross-Chain ZK Rollups
EINDHOVEN, Netherlands–(BUSINESS WIRE)–Syscoin, a state-of-the-art base layer protocol that uniquely combines the composability of Ethereum-style smart contracts with the state-of-the-art security of the Bitcoin network, today announced the integration of ZK rollups inter-channels, in partnership with cross-channel network ZKCross.
ZKCross Cross-Chain ZK Rollups combine Layer 2 and Multi-Chain Rollup methods to create a network that allows users to trade efficiently while maintaining control of their assets in an experience comparable to centralized exchanges. By bridging multiple blockchains, Syscoin and ZKCross are building a DeFi community with unprecedented levels of security, efficiency, and scalability.
Jag Sidhu, lead developer of Syscoin and Chairman of the Foundation, worked closely as an advisor to the ZKCross team to create the world’s first cross-chain ZK rollup.
“With rollups on the horizon, we are heading towards a breakthrough in blockchain scalability that will usher in an unprecedented period of adoption,” Sidhu said. “Syscoin has made great strides to ensure that we will be at the forefront of this game-changing advancement with Rollux, our own in-house rollup suite, designed to deliver the best rollups to offer, including Optimistic and Zero-Knowledge. , all related to Bitcoin’s Benchmark Security. This partnership with ZKCross is the iteration of bringing our vision to life.
Initially, 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 then be adapted as a Zero-Knowledge virtual machine similar to ZKSync2 from Matter Labs or Polygon Hermez. Syscoin will combine its own solution with its Proof of Data Availability (PoDA) innovation to anchor off-chain data to Layer 1 security via proofs of validity with an open-source zkEVM. With this, Syscoin is positioning itself to be the first platform to offer Layer 1 data availability in combination with a zkEVM.
However, as an AMM, it will serve as a safer and more secure alternative to currently popular bridging techniques, which require users to trust external consensus mechanisms.
Bradley Stephenson, Foundation Board Member and Head of Syscoin Marketing, added, “Industry firsts are always exciting, especially when building a Zero-Knowledge Cross-Chain Bridge that will make integral to not only advancing the Syscoin platform as a complete blockchain solution, but also providing the industry as a whole with a better transition solution that removes the risks associated with prevailing models. It’s atypical to see a direct partnership between ZK projects and Layer 1s like ZKCross and Syscoin, but we’re coming together to deliver a truly special product that will raise the bar for rollups and DeFi.
Syscoin and ZKCross plan to unveil its solution to Token2049 in Singapore in September. Once implemented on the mainnet, it will open the Defi floodgates of growth for users who choose to use the option that keeps their assets in their hands, completely secure, and is designed from the ground up to work within the platform. -larger holistic form that Syscoin has built. .
About ZK Cross
ZKCross uses state-of-the-art technologies to create a secure and decentralized cross-chain infrastructure for the evolving crypto world. By establishing connections to multiple blockchains to create a decentralized platform, they enable 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 Multi-Chain Rollup methods to create a network that allows users to trade efficiently while maintaining control of their assets in an experience comparable to centralized exchanges.
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Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum into a single coordinated modular platform.
Syscoin ushers in the next step in the evolution of blockchain technology, delivering the proven security of Bitcoin and the Turing-complete programmability of Ethereum elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.
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