AMA with SysCoin

On the 25th of April, 2022 at 04:00 PM UTC, Decentralized Club had the honor of hosting Bradley from Syscoin for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by Ella.

The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.

If you missed this event and would like to know what a Syscoin is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 — Introduction

[Ella]

Hello !😌

Hi Everyone! Hope you guys doing well😉

Today i am hosting another AMA session with the Decentralized Club.

My name is Ella and I will be hosting Syscoin in this session.

Excited to know about this project🤩

Let’s welcome our guest Bradley

You’re welcome to Decentralized Club ! It’s our pleasure to have you today with us for this amazing session!

[Bradley]

Hi everyone! Great to be here

[Ella]

Hi Bradley! How are you?

How’s was your day so far?

[Bradley]

Very good! Very busy!!!! lol and that means good

[Ella]

Nicce! Good to hear that!😊

Can you introduce yourself to the Community ?

[Bradley]

Sure! I’m Bradley Stephenson. I first heard of Bitcoin back in late 2011 and got more involved in the blockchain space around 2014. My background involves over 20 years’ professional experience as a database developer including for some Fortune 500 companies. I joined Syscoin back in late 2016 when I realized the long-range vision and quality of development of the project and have been helping ever since. I join the Syscoin Foundation as a board member in early 2019.

[Ella]

Great! It’s nice to meet you Bradley!😌

Let’s dive into the session without wasting any minute!

[Bradley]

Let’s goooo!

[Ella]

Starting with our very first segment!

Q1. Can you give a brief description about Syscoin?

[Bradley]

Happy to!

Syscoin combines the proven security of Bitcoin with the flexibility of Ethereum in a single coordinated platform, and elevates Web3 to economies of scale with ZK-Rollups and other Layer 2 technologies.

Roughly 20% of Bitcoin’s miners also mine Syscoin by applying merged-mining, the only truly green form of Proof of Work. By doing this they recycle the energy they already spent mining Bitcoin. Merged-mining was an idea put forth by Satoshi Nakamoto himself back in the very early days of BitcoinTalk…. Syscoin implements it!

Syscoin is a coordinated dual-chain EVM platform that is 100% compatible with Ethereum smart contracts. Syscoin features a rollup-centric design that gives Rollups (both ZK and Optimistic) a Bitcoin merge-mined Proof of Work settlement Layer 1 that is enhanced with Finality and is resistant to MEV attacks & selfish mining, and provides a highly efficient form of data availability. The project provides TVL incentives to Defi projects that launch on the platform, and has a young yet rapidly growing ecosystem of Web3 applications.

[Ella]

Kindly type”✅” after you are done answering!

[Ella]

Great!🙌🏻

Q2. What are the major products / features that benefits the user in your platform?

[Bradley]

There’s a lot to talk about there, but I can narrow it down!

[Ella]

yaa, sure! go ahead please

[Bradley]

1. A young and rapidly growing DeFi ecosystem. There is a long list of new and existing DeFi projects that are preparing to launch on Syscoin. Here is a list of projects that have partnered with Syscoin just in the past few months: https://syscoin.org/news/growth-in-review-and-a-glance-at-the-future-of-syscoin. In addition, some have already launched on our Layer 1. Syscoin’s native DEX, Pegasys, is live. You can use it here: https://pegasys.finance/ with your Metamask wallet on the Syscoin Mainnet. Pegasys will also be launching their DEX token PSYS, as well as staking and farming in just two days on the 27th! A lot of people are very excited abt that and we are too.

2. Proven Security. Syscoin retains the Lindy-effects (proven reliability) of Bitcoin. That is hugely important not only to developers but to large capital funds on the blockchain. While many platforms have opted for the simpler and faster path of monolithic designs and the experimental PoS model (sacrificing proven security and decentralization for the hope of speed and low fees), Syscoin remains and will remain PoW while also solving the industry-wide challenges associated with supporting Defi w/ PoW. Syscoin provides 51% attack resistance and Finality for resistance to attacks like long-range MEV which Ethereum is still vulnerable to, while being eco-friendly through merged-mining.

3. Economies of scale for Web3. True scalability is about a lot more than just low fees and fast transactions. It’s about providing settlement that becomes even more cost-effective with the more transactions/computations that occur. Syscoin’s design is modular and rollup-centric without sacrificing security, and with ZK-Rollups it will offer economies of scale capable of supporting smart cities, IoT, metaverses, and even interplanetary economies backed by Bitcoin’s own miners. Eventually humans will explore and settle other planets. It’s inevitable in our view. Syscoin’s design is ideal for supporting that.

4. Dual-chain architecture that enables developers to leverage both Bitcoin-based UTXO and Ethereum-based EVM technologies. SYS is the native coin of both chains and you can move SYS from one chain to the other in a trustless manner by using the Syscoin Bridge which is based on a two-way peg mechanism: https://bridge.syscoin.org/

[Ella]

ohh! it’s an amazing project

Q3. What makes syscoin different from other platforms in the market?

[Bradley]

Syscoin is uncompromising when it comes to decentralized security, while at the same time being ideal for true scalability. Syscoin achieves a trifecta through a system-of-systems approach where we preserve proven technologies and build additive improvements on top instead of tampering with what’s reliable.

Also, it’s important to think about what will happen to the plethora of Ethereum alternatives like Solana and others which are all PoS when Ethereum finally shifts to PoS and solves its scaling issues by sharding, rollups, etc. Ethereum will have everything they provide and more, with a more robust ecosystem and network. Capital will shift back to Ethereum. Syscoin provides everything Ethereum will in the future, but with the big difference of retaining PoW, and Bitcoin’s no less. That’s a very big deal to security-minded developers and users, and because of that Syscoin will remain relevant while most other smart contract platforms will not.

[Ella]

👌🏻

[Bradley]

Rootstock is a good example for comparison because their project has two similarities to Syscoin: Rootstock is merge-mined with Bitcoin and it offers EVM. However Syscoin greatly differs from Rootstock because our ecosystem has its own native coin SYS (which is EIP-1559 like ETH) instead of requiring people to spend the hardest asset in the world (BTC) on gas like Rootstock does (people don’t want to do that). Syscoin is also rollup-centric for economies of scale, and Rootstock is not. Those are some very big differences and Syscoin comes out on top as much more ideal for utility.

[Ella]

it’s great!

Q4. How a user use a syscoin wallet in a secure way?

[Bradley]

There are a lot of secure, non-custodial wallets for SYS. Our native Web3 wallet is Pali Wallet. It supports Trezor and is available here: https://paliwallet.com/. Our EVM chain called NEVM enables you to use Metamask which supports both Trezor and Ledger, among others. There are also a lot of other wallets available, and you can get more info on them by scrolling down this page: https://syscoin.org/get-sys/

[Ella]

🙌🏻

Moving on to the last question from segment 1

Q5.Can you tell us what are next major priorities in 2022 for both the projects?

[Bradley]

1. Implementing Rollups on top of our Layer 1 (both Optimistic and ZK)

2. Finish our data availability solution which we call Proof of Data Availability.

3. We recently announced that we are in process of developing DAOSYS, a totally new type of DAO that is governance-free and is based on a new treasury management mechanism we have designed called Autonomous Service Engine. The new DAO will enable the nonprofit Syscoin Foundation and others to fund and grow Syscoin’s ecosystem with very little capital risk if any. You can learn more about the DAO by reading this article: https://syscoin.org/news/daosys-changing-the-dao-landscape-for-good-forever

[Bradley]

Here is our 2022 roadmap:

[Ella]

Looking forward to the DAOSYS!🙌🏻

[Ella]

Ohkayyy! great🔥

Moving on to the next segment

Let’s now take some questions from our Twitter community!

Q1. Are there any investors interested to make a Ecosystem Fund in Syscoin ?

@Antonio60232596

[Bradley]

Yes! BNBswap and BNBswap Ventures recently announced they are investors in Syscoin and are helping to fund and market the best projects that plan to launch on Syscoin. They independently assessed Syscoin and invested prior to even reaching out to us, and determined that Syscoin is viable as a Web3 platform and an investment for them. You can read more about this here: https://www.digitaljournal.com/pr/bnbswap-partners-with-syscoin-ecosystem

This is of course in addition to the ecosystem fund that the nonprofit Syscoin Foundation provides, TVL incentives, etc.

[Ella]

Nice😍

It’s great!

Q2.Mass adoption of a blockchain project will be coming from the DApps built on it, could you pls elaborate on how Syscoin NEVM takes part in that mission? And how do you attract developers to build their project on Syscoin? @Hime_Pham1

[Bradley]

Good question.

Syscoin has a dedicated business development team that is in constant communication with various projects reaching out to Syscoin and want to launch on NEVM, and we also reach out to projects on a daily basis. We are staying very busy. Sometimes we might talk with six or more projects in a single day.

Similar to Polygon and other higher mcap projects, we now offer TVL incentives to projects that join our ecosystem. You can learn about Syscoin’s TVL incentive program here: https://syscoin.org/news/syscoin-20-million-nevm-incentive-program

In very special cases we sometimes provide grants to truly innovative projects that aim to launch on Syscoin, at the discretion of the nonprofit Syscoin Foundation. We recently provided a grant to https://mute.io/

[Ella]

That’s really a good number to talk to project on a single day

Q3.Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set.

What is your strategy to attract new users and Investor to your platform and keep them long term. @CryptoTiger163

[Bradley]

Marketing is a big deal. That’s why we recently began working with the two largest marketing and advisory firms in the blockchain industry, in addition to onboarding individual advisors that are among the most experienced and connected, one of which lives in Dubai. There have been some significant marketing pushes recently, such as the large number of digital billboards in Dubai that featured Syscoin leading up to the World Blockchain Summit and Binance Blockchain Week 2022 in the beautiful Emirate of Dubai, which our team attended and spoke at. We are also attending a lot of other events including Consensus 2022 in Austin Texas and many others spread across the world like in Monaco and Singapore. Possibly even Davos Switzerland if we can fit that in!

Now that our Layer 1 technology is in place (which is the best) and we are about to roll-out our Layer 2, the time for major marketing of Syscoin has finally arrived.

[Ella]

🔥

moving on to the next question

Q4.I noticed that Syscoin plans to have both ZK-Rollups technology, like Validio’s, I’ve read that they are similar, but really, why does Syscoin prefer to use both instead of just one? @Gutike95s

[Bradley]

I really love questions to probe into our technical decisions :)

[Ella]

nicce! go ahead please

[Bradley]

ZK-Rollups and Optimistic Rollups are both useful technologies. Each has their strengths. For example, ZK is particularly suited for economies of scale, while Optimistic usually involves less computational overhead and is currently a more established type of rollup solution where ZK-Rollups are still very new. Syscoin is the ideal Layer 1 for supporting both. Perhaps one of them will eventually dominate the other, but in any case we expect them to exist side-by-side for a long time on Syscoin and within the industry as a whole.

[Ella]

last ques from segment 2

Q5.What kind of programming language is needed to run dapps on syscoin? @luiza012

[Bradley]

Anything Ethereum supports, including Solidity and Ewasm. Syscoin NEVM is 100% compatible with Ethereum. This is very important so that developers are inclined to use Syscoin. There are a lot of spin-off smart contract platforms out there that do not support Solidity or eWASM and therefore fewer developers willing to use them. We consider Ethereum the “gold standard” of decentralized Turing-complete computation, and Bitcoin the “gold standard” of decentralized secure settlement, and Syscoin provides both of those models in one coordinated platform.

[Ella]

Bradley you gave a quite remarkable answer to all our questions

answers were quite brief! Got to know a lot about SYSCOIN

Here we comes with the ending of segment 2

Time to take up some questions for segment 3 from our live audience! Guyss be readyyy to shoot your questions😉

Dear guest,

Please pick five original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

[Bradley]

ready when you are!

[Ella]

AMA Rules for the community

🚨DC AMA Rules🚨

1️) Post your best questions first. Community members are allowed a maximum of three(3) questions per session but do not repeat questions from the same account. People who break this rule will be disqualified even if the excess questions are deleted. WE ARE WATCHING 🙄

2️) Post only original questions. Members with stolen questions from DC or other AMAs will be disqualified and banned.

3️) There will be slow mode to prevent spamming.

4️) Join the guest and host (DC) Telegram and Twitter pages to be eligible for rewards. Check pinned post during AMA for details.

5️) Don’t tag the guest in your question or your question will be deleted.

6️) Follow all the special instructions the host gives before the live session. Pay attention.

7️) You can only win once in one segment no matter how many times your questions were picked.

8️) Telegram username should be present in your Telegram Account, otherwise you will be considered as DISQUALIFIED.

Please join our courtroom for disputes and to report copied questions and cheaters with relevant proof.

https://t.me/DC_Court

🔔 THERE ARE NO REWARDS FOR DISQUALIFIED QUESTIONS. DON’T CHEAT AT ALL 🙂

🔔 KEEP TO THE RULES AND COLLECT REWARDS. NO REWARDS ESPECIALLY FOR COPY PASTE QUESTIONS.

THIS RULE APPLIES TO ALL AMA SEGMENTS, NOT ONLY LIVE SEGMENT, WHETHER IT WAS POSTED BEFORE THE LIVE SEGMENT DOESN’T COUNT AS AN EXCUSE.

TRY OTHER GROUPS IF YOU CAN’T COMPLY.

THANK YOU.

Dear community, as a measure to deter bots and reward hunters, please include the guest’s full name in your questions so the guest can tell original questions apart!

DO NOT TAG THE GUEST

[Ella]

The group will be unmuted shortly 😊

[Bradley]

good rules!

[Ella]

unmutting the group! Guest be ready to answer more questions your find interesting

Q1. SYS is now listed in top exchanges.

a. Where $SYS is currently listed?

b. Is there anyway I can still buy $SYS from sales event?

@itzabhi69

[Bradley]

You can find a list of exchanges by checking Syscoin’s CMC profile. Also, https://syscoin.org/get-sys/ We are always talking with new exchanges and getting listed on more of them

[Ella]

It’s Great

Q2. What are SysCoin PlatForm Tokens( SPTs)?

In what Way,They are used and when?Please Tell about them?

@Moeen

[Bradley]

SPT’s are Syscoin Platform Tokens that exist on our Bitcoin-based UTXO chain. Those tokens are able to utilize our Z-DAG network which is a very fast payments processing system based on the Bitcoin mempool. It solves a longstanding problem for lightning networks which is resilience fallback in the event that payment channels aren’t available. No similar system exists in the industry for a LN fallback that I am aware of, and it is a necessity.

[Ella]

3️ more to go Dear Guest

🤩

Q3. What its like to build the Code like Bitcoin?

As Bitcoin is Known for its Security,How will You improve the Scalability issue without Making Changes in Security?

@Munish

[Bradley]

We do this by retaining Bitcoin’s model as the secure settlement layer, and building additive security solutions on top so that the base layer is not compromised. In this way we are able to implement scaling solutions in a way that abstracts away the base layer from the end user experience while they are still inheriting all that security… we do this instead of tampering with the proven model.

[Ella]

Waiting..

Q4. The only thing that will differentiate this Layer 1 of NEVM, from the other EVM networks, is that Syscoin will have the security that only Bitcoin offers? Or in addition to this, will it also have other differences and improvements from conventional EVMs?

@Salto Angel

[Bradley]

That is a *huge* thing, to preserve decentralization while also scaling, and you should not minimize the significance of that. No other project does it because it’s a massive technical and design challenge, and we do. In addition to the security aspect, Syscoin also gives developers the ability to leverage both main evolutionary tracks of blockchain tech — the world of Bitcoin (LN), and the world of EVM (rollups)… both of which are valuable. So we provide the best of both and some incredible flexibility and capabilities that are otherwise impossible in other designs.

[Ella]

Getting new informations in every questions!😍

I must say! It’s an amazing project✨

Q5. NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?

@Sarbon

[Bradley]

There are several NFT marketplaces planning to launch on Syscoin. Two are longtime partners: https://luxy.io/ (which went live last week), and LastKnown. There are a variety of NFT collections already launching on Syscoin right now.

[Ella]

Last one to go!💪🏻

Q6. Syscoin ensures that your official Syscoin Web 3.0 wallet meets the highest standards, evolves optimally, and is a great way to transact on the Syscoin network. What are the characteristics of the Syscoin wallet? Benefits? utilities? @Lestmarisv13

[Bradley]

This statement is talking about Pali Wallet: https://paliwallet.com/ which is the native Web3 wallet of the Syscoin project. Pali is very interesting because its roadmap includes Web3 functionality for both the UTXO (Bitcoin-based applications) chain, and Ethereum style Syscoin NEVM, all in one wallet… Keep you eye on the next release of Pali as it will support both chains whereas right now it mainly supports our UTXO mainchain…

Until then, we point NEVM users to use Metamask which is 100% compatible with Syscoin NEVM

ok, all done!

[Ella]

it’s great!

🤩

And it’s a wrap 🎉🥳

Thank you dear guest for your time 😊

Your answers were brilliant!

Cheers 🥂 to you and your team for their time and effort in making this project a success!

Your Project is Amazing! More power to you! Looking forward to more of knowing Syscoin in future!

[Bradley]

Always happy to talk about this project! Our community is growing very fast. We welcome everyone! We also have a big community of Syscoin ambassadors for those of you who would like to get more involved!

[Ella]

Thankyou for choosing Decentralized club❤️

[Bradley]

Thanks a ton for hosting!

[Ella]

Pleasure is all mine❤️

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