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Bitcoin is the worst form of money, except for all the others.
The value of Bitcoin lies not in its fungibility but in its expansive decentralized network, making it the ideal settlement layer for all that can be built atop it. The tokens themselves may be arduous to transfer and not well-suited to replace cash, but they excel as a long-term store of value, moved as often as one moves a safe in their home or visits their safe deposit box.
With Bitcoin's PoW serving as the court with the simple prerogative of determining truth or falsehood, it becomes the robust foundation upon which we build complementary networks, mortared together via merged mining. Here, we gain the ability to wield crypto with the speed and negligible fees that truly deserve the moniker of currency. Z-DAG (Zero-Directed Acyclic Graph) technology makes this feasible.
Here too, we can build in the ability to form smart contracts and every ability inherent to decentralized applications, even programmed in Solidity, appealing to projects currently stuck within Ethereum's increasingly centralized PoS ecosystem.
With scaling improvements like rollups—initially Optimistic and eventually ZK, once hardware acceleration and the nascent mining industry mature—fees become negligible (doubly so, considering they are no longer subject to Ethereum's inherent inefficiencies) and eventually nonexistent once ZK catches up. Promising breakthroughs like PoDA demonstrate that a suitable data availability layer is already here.
This is what we've achieved with Syscoin, a merged-mined network home to dual UTXO (for Bitcoin augmentation) and [N]EVM (for smart contracts) chains. Our industry-first Proof-of-Data Availability solution has been in operation since March. Atop the NEVM chain, we have our own Layer 2, named Rollux, running an Optimistic rollup (with eventual plans to add ZK once the previously stated conditions are met) since June 28th.
On that date, Rollux became the only EVM-compatible rollup with a real DA solution, offering the magic trifecta of unparalleled speed, affordability, and security. By virtue of inheriting Bitcoin's PoW in combination with Syscoin's greater efficiencies, it lays the groundwork for the emergence of economies of scale that decentralize as they grow, rather than centralize.
For the uninitiated, I know this is a lot to take in, but it's essential to recognize that we didn't simply arrive here overnight. Few similarities remain between our initial version and vision from 2014, and the path we've taken to reach this point is the result of nearly a decade of learning from both our own and others' misplaced conclusions. We have evolved far beyond our original premise because, when we identified something as unsustainable, we went back to the drawing board. We applied the accumulated knowledge from the vast body of great work occurring within the industry and without, such as decades-old mathematical ideas from the likes of von Neumann, and when no solution was available, we created our own. We're all standing on the shoulders of giants, but some giants still remain, and they are awakening.
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