As December began, Syscoin started gaining bullish pressures and skirted close to its all-time high of $0.98. The 52-week high was established at a price level of $0.89. Subsequently, the market began to correct itself as the cryptocurrency became highly volatile. At the time of writing, SYS token stands at a price level of $0.71. The price has increased by more than 6% during the past twenty-four hours while the daily trading volume has fallen by nearly 40% while the weekly performance shows a phenomenal growth of 30%. Syscoin currently stands at a market rank of #151 with a capitalization of around $439 million.
Syscoin’s solution – the NEVM
While a lot of projects are in competition with the king and queen of the market, Syscoin presents a unique proposition in the increasingly-crowded market. Instead of competing with the useful yet unique technologies of Bitcoin and Ethereum, the project is focused on combining the synergies of the king and queen of the market. It is a full-fledged layer-1 as well as layer-2 solution which combines the best of both BTC and ETH.
Syscoin’s aim is “the best of Bitcoin and Ethereum at one place”. Major developments have been taking place in roadmap of the cryptocurrency as it vies for achieving its aim of providing the best of both worlds. During the past week, the project the successful completion of the first phase of its NEVM. The NEVM is the project’s BTC-secured Layer-1 for Ethereum virtual machine-based smart contracts. It is now deployed on the network’s mainnet, enabling users to enjoy the security offered by Bitcoins’ Proof-of-Work consensus along with the flexibility of Ethereum-style highly efficient smart contracts.
Through the NEVM, Syscoin is addressing the shortcomings of both Ethereum and Bitcoin. The merge-mining of the platform enables it to offer the security of BTC’s PoW but at the same time promoting environmental sustainability by being less energy intensive. The NEVM has also set up the stage for technological advancements in Ethereum’s virtual machine. It offers lower fees and higher scalability – proving to be advantageous for EVM-based projects. Moreover, this unique proposition is also solving the blockchain trilemma of security, decentralization and interoperability.
The project ranked #1 at LunarCrush in terms of social volume during the past twenty-four hours – suggesting that the cryptocurrencies may regain its bullish momentum as the community is highly active. According to the estimates of Wallet Investor, Syscoin is expected to be operating at a price level of $0.87 in a year’s time while the five-year projection places it at $1.69.