What I’ve Learned About Syscoin: Build Your House Upon The Rock
Introduction: The Fall Of FTX Is The Largest Exchange Collapse In Cryptocurrency History. What Can It Teach Us?
From an empirical perspective, I have been in the blockchain sphere since 2017; back before government regulations were less restrictive, the libertarian ethos of cryptocurrencies “old days” was more readily apparent, and with it radical notions such as self-custody, self-sovereignty, and banking the unbanked were inevitable in every serious conversation about the potential of blockchain technology like some beautiful, inverse Godwin’s Law that traded an Austrian artist for economics. The past week provided another painful testament to the fact that the blockchain industry has lost its way. Public trust in institutions and centralized exchanges has become contentious, paranoid at best, and completely absent at its worst. The viability of VC backed cryptocurrencies has come into question. Reminiscent of Terra Luna, SBF and FTX are sowing doubt in Solana and many other so called invincible blockchain platforms. All of this is just the latest in the cyclical history of crypto where many projects have meteroic rises and just as spectacular falls. The truth is most projects will rise and then fail. Very few will stand the test of time, and cannot weather one bear market, let alone several. However, I would like to draw your attention to one that has, Syscoin. Syscoin is one of these projects that has not only survived, but thrived by continuing to make industry leading innovations and is paving the way forward by playing the long game but never losing sight of the foundational security inherited from Bitcoin itself.
Cryptocurrencies: The Rise And Fall Of Top Projects: A Comparison
The majority of cryptocurrencies have very short shelf-life, these projects come and go just as empires rise and fall. Todays flavor of the week becomes next week’s fertilizer. Blockchains and cryptocurrencies die obly to be replaced by others with superior technology (or marketing campaigns). This is a process of techno- economic-natural-selection. There are very few projects that have stood against the tyranny of time, and one of these projects that I have noticed that still embodies the ideals of what blockchain once stood for is Syscoin for a variety of reasons.
Syscoin: Proving Longevity Since 2014: Slow And Steady Winning The Race
The simple truth is most blockchains lose relevance in a few years time; as hype can only carry you so far; now this isn’t a ubiquity but it nearly a regular occurrence. Syscoin however, defies this notion. Launched in 2014, Syscoin has consistently been building since its inception and is now building and integrating the changes needed to take blockchain technology to the masses by solving scalability without sacrificng security or decentralization. Syscoin is bringing EVM-compatible rollups, both optimistic and ZK, to the Bitcoin ecosystem. Having adopted a dual-chain architecture, Syscoin simultaneously runs a UTXO-based, Bitcoin compliant chain and their EVM-based, NEVM chain in unison, keeping the best of both and making the necessary upgrades to offer what is basically Ethereum running on Bitcoin’s network. Syscoin is amalgamating the best of Bitcoin and Ethereum while solving the blockchain trilemma: an assortment of solutions.
How Syscoin Has Evolved Since 2014: The Blockchain Trilemma.
One of the most difficult technological issues that cryptocurrency and blockchain have yet to solve is the blockchain trilemma. Solving all three of these key issues, security, scalability and decentralization. Syscoin is aiming to solve all three, beginning with security. Syscoin is merge-mined with Bitcoin and has integrated multi-quorum chain locks which prevents numerous issues that plague blockchains such as selfish mining incidents and has their own NEVM. Syscoin’s NEVM chain inherits Bitcoin merge-mined security and full byte-for-byte Ethereum Virtual Machine compatibility. Developers can easily bridge their projects for enhanced security. Syscoin’s modular architecture provides scalability, efficient throughput and low carbon output. Lastly, Syscoin offers tools that embody both blockchain paradigms; Rollux and Proof-Of-Data Availability for EVM-based assets or contracts, and Z-DAG for UTXO-based assets. These are just a few reasons why I think Syscoin has been able to prove its own sense of personal longevity in an ecosystem where blockchains rise and fall.
Conclusion: Longevity In Blockchain: Syscoin
Throughout my own personal journey in cryptocurrency, there are very few cryptocurrencies and blockchain platforms that have actually stood the test of time. I have watched blockchains come and go just as trends rise and fall every year. Syscoin is an anomaly from my perspective, it has been around for nearly a decade in an extremely juvenile sphere of technology and yet, it continues to rise and thrive. This is why I believe Syscoin is here to stay.
Disclaimer: Cryptocurrency investing involves substantial risk, do not invest more than you can afford to lose! I am not responsible for your trades. I work as a Syscoin Ambassador, opinions are my own.
