Syscoin is a dual-layer blockchain that combines the strongest features of Bitcoin (BTC) and Ethereum (ETH). It is secured by Bitcoin’s Proof of Work (PoW) consensus mechanism. At the same time, it offers high scalability and smart contract capabilities through a modified version of the Ethereum Virtual Machine (EVM).
During this interview, we spoke with Joao Fernandes, currently employed as a Business Developer at Syscoin. Having been fascinated with technology since an early age, from games to basic smart devices to space tech, Joao is confident in the future of technology and the way blockchain and crypto will impact everything.
With a Bachelor’s degree in Computer Science and a vision to pursue blockchain full-time, oão has received the opportunity to work with this cutting-edge technology after a big interest in the community behind Syscoin.
Q1: Could you tell us more about Syscoin and the team behind it?
Joao: Sure, we are around 15 to 20 core members, distributed through marketing, business development, and also 5 members from the Foundation. Although, we have access to a large number of developers since we partnered up with Pollum.
Q2: If you could tell me a bit more about Syscoin, like what it is or how it works, that would be great.
Joao: Syscoin was established in 2014 and In essence, we are a Proof-of-Work blockchain, merged-mined with Bitcoin. We have a dual-chain at our base layer (Layer1) which features a UTXO and NEVM chain with ETH Compatibility. Without using intermediaries or custodians, you can also trustlessly transfer your assets between Syscoin native chain and the NEVM chain.
But because we are modular we are also launching our own Layer2 Solution, which is called Rollux, which is essentially a Rollups Suite, where we are having ZKRollups as well as Optimistic Rollups.
Q3: How was Syscoin born to be the best of Ethereum & Bitcoin?
Joao: So Syscoin is Merged-mined with Bitcoin, which means that around 30% of the Bitcoin Hashrate goes on to mine Syscoin.
It’s a pretty cool protocol that is super underrated. Miners still get Bitcoin rewards, but they can also get Syscoin and help secure the network without wasting any more energy or resources. So, basically, we like to say that this is a green alternative for proof of work because it is.
This is incredible because Bitcoin is the Gold Standard Security, which means that we also leverage that. So, that’s the best thing about BTC, and the smart contract is the best thing about Ethereum, right? So, we’re 100% compatible with Ethereum, which is where the best of Ethereum comes from.
Q4: How will the recent Ethereum merge change things for Syscoin?
Joao: In my opinion, this is a good thing for Syscoin because Ethereum’s changing to a proof of stake model makes it easy for us to set ourselves apart from it. I’ll say there are pros and cons for PoW and PoS models, and it’s in your power to understand and make an opinion on which one is better. But, of course, in my view, PoW will always leverage better security.
Everything that you can do with Ethereum, you can do in Syscoin, but leveraging the security of Bitcoin.
Q5: Could you explain something about the Syscoin wallet?
Joao: Our wallet, which is called Pali Wallet, is developed by Pollum, a big partnership between us. Right now, it only features the UTXO side but they are working on Poly 2.0, which means NEVM will soon be supported by it, which is exciting.
In the future, we might even make our own wallets, but right now, we are focusing on Sycoin’s Rollux and optimistic rollups, with ZK following.
Q6: What makes you excited to work on this project?
Joao: Obviously the amazing stuff we are doing, makes us unique in this space but one of the things I like about Syscoin is that our team joined through the community, as a result, we were amazed by Syscoin even before joining the team.
That’s actually where I came from. I joined the community a couple of years back and I thought they were amazing. They’re building amazing things and the design was excellent, It really piqued my interest. As a result, I began researching Syscoin more thoroughly plus being active and helping the community. One day they saw the need for a new member and they thought I would fit, and everything just came from there.
Q7: Is something new coming in the near future for Syscoin?
Joao: Yes, we have many plans for the next few months and years. We will be launching our L2, Rollux, which is currently an Optimistic Fork in Public Testnet with ZKRollups in the near future. We also have Data Availability on a chain, which is essential for the future of data, and also DAOSys, which is being developed. In short, syscoin’s future looks bright.
We appreciate you taking the time to explain how Syscoin is changing the blockchain landscape.
Learn more about Syscoin on their official website: https://syscoin.org/