Syscoin developer launches Ethereum-compatible layer 2 network secured by Bitcoin miners.
Sys Labs, the developer behind the Syscoin blockchain, has launched a “layer 2” network called Rollux. The network aims to provide cheaper and faster transactions by combining Ethereum-style programmability with Bitcoin’s security.
Similar to the main Syscoin blockchain, the Rollux network is compatible with the Ethereum Virtual Machine (EVM) which executes smart contracts on Ethereum. The network derives its security from Bitcoin miners through a process called merged mining, first introduced by Bitcoin inventor Satoshi Nakamoto in 2010.
Rollux network, like other layer 2 networks or “rollups” on Ethereum, allows for faster transactions. According to Sys Labs CEO Jagdeep Sidhu, the Rollux network can process 700 transactions per second for basic transfers, compared to three to five transactions per second on the base Syscoin layer.
Sidhu stated in an interview that merged mining is a way to scale into a rollup and the project has been in development for eight years.
Rollups such as Optimism, Arbitrum, and zkSync have become popular on the Ethereum blockchain due to its high fees and congestion. Bitcoin, being the original and largest blockchain, is considered the most secure but lacks Ethereum’s programmability through smart contracts.
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Sidhu also mentioned that a deal has been made to store data on Filecoin using Lighthouse Storage.