Syscoin launches a ZKCross-chain bridge to stop bridge scams
Syscoin is set to launch a zero-knowledge cross-chain bridge that will allow different blockchains to interact with each other in September. The bridge is designed to prevent bridge exploits while also allowing for cross-chain decentralized exchanges, as well as lowering costs.
This will enable Ethereum-based assets to be moved over to the Syscoin network while preserving their Ethereum properties. And also allow for two-way swapping of assets between Ethereum and Syscoin.
The move is a response to recent scams that have taken advantage of the Ethereum network’s Decentralized Exchange (DEX) infrastructure.
This year, hackers have stolen over $1 billion. This has generated apprehension among investors. Cross-chain bridges have been utilizing multi-party computation (MPC) or multi-signature to verify transactions. This is what has allowed the hackers to steal so much money.
With Syscoin’s ZKCross-chain bridge, the need for third-party authentication is done away with. The Ethereum network will be able to connect to the Syscoin network without any issues. And the same goes for other blockchains too.
The project is still in its early stages. But the team is confident that they will be able to launch the mainnet by the end of this year. So far, the results have been encouraging. And the project has been able to garner support from some of the big names in the industry.
Controlling liquidity and transactions across multiple chains
By utilizing an automated market maker (AMM) approach, the ZKCross port of Syscoin will provide investors with comfort. This will prevent the misuse of consensus algorithms and the administration of trade and liquidity across multiple chains.
Syscoin will use a fast and private data authentication, called zero-knowledge proof. To make sure that transactions are accurate before they are compressed and rolled up on the Syscoin base layer.
The Syscoin Foundation says this bridging technology will help firms save money. But if the AMM goes down, users will have to go back to the base layer.
The ZKCross-chain bridge is a game-changer as it will enable Ethereum users to transact with Syscoin in a trustless manner.
The technology is also Ethereum compatible as it uses ERC20 tokens. Ethereum’s decentralized finance (DeFi) applications can, therefore, be used on the Syscoin network.
Syscoin lead developer, Jagdeep Sidhu says:
“This bridge is just one among many that will be built. If it’s not this bridge, someone else will release a zero-knowledge bridge, and it’ll be the solution everyone uses. I truly believe this is where things are heading.’”
Zero-knowledge prospects and constraints
Users will be able to use Zero-Knowledge bridging without having to pay any fees. The only cost users would incur is for their CPU, which zero-knowledge technology has restrictions on.
Sidhu states:
“Right now, all the rollups are centralized; we’ll start with a central sequencer, but our long-term objective is to build a decentralized sequencer.”
Meanwhile, Syscoin is working on a zero-knowledge Ethereum virtual machine (EVM). The perfect proof system for Ethereum smart contracts such as Polygon’s zkEVM protocol.
Sidhu says that while Bitcoin’s digital asset is based on Ethereum. No one in the crypto sector has yet produced a “correct EVM.” He however states that virtually all protocols will eventually join the market.
Syscoin has been working on Ethereum for a while now. In February, the team launched an Ethereum-based bridge to connect Ethereum and Bitcoin (BTC) blockchains. The product is still in its early stages but is already operational.
The ZKCross-chain bridge will be available for public testing in the coming weeks. The product is still in its early stages but is already operational. The team is currently working on adding more features and improvements.
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