Interoperability between different blockchain ecosystems is still in the early stages of development. Syscoin is one project that has built an actual bridge to the Ethereum network. To gain more liquidity on the Syscoin Bridge, a bounty program and associated prize has been launched.
What is the Syscoin Bridge?
For those unfamiliar with this concept, the Syscoin Bridge is designed to enable two-way transactions between Syscoin and other blockchains. In this particular case, it provides interoperability with Ethereum. All of this is done in a 100% trustless manner, allowing users to benefit from cross-chain Fractional Supply.
Having the ability to transfer tokens from one blockchain to the next is not new. Being able to do so without third-party risks or liquidity limitations was not entirely possible until now. Under the hood, the Syscoin Bridge provides all of this functionality through SPV Proofs.
By leveraging a token-transaction layer with near-instant settlement at low fees, interesting use cases can be unlocked. The Syscoin Bridge is also extremely scalable, giving it even more appeal to developers and users alike. Any token transferred over this layer inherits the merge mined security of Syscoin Core, which is “provided” by Bitcoin.
Through the Syscoin Bridge, there will be no active change in the circulating supply of a transferred token. All tokens leaving their initial blockchain are freeze-burned. An equal supply is created on the other chain, with a customizable ticker symbol. Once everything is said and done, the newly minted tokens are destroyed and the original ones unlocked.
Unlocking Use Cases With a Bounty
To promote the usability of Syscoin Bridge, a special bounty has been issued. It consists of two reward tiers. The bounty is introduced to help Ethereum developers discover this interoperable solution. It is also in their best interest to make the most of the Ethereum ecosystem.
The first bounty tear caters to representatives of an active ERC-20 project. Specific criteria has been outlined, and a dedicated form needs to be filled in. If the conditions are made, the user is eligible for a reward of 25,000 SYS., or roughly $735.
Bounty number two appeals to blockchain professionals. Anyone with demonstrable experience in the field can partake in this 10,000 SYS bounty. Similar conditions apply, as it is pertinent to ensure that everything is above board.
Bringing more positive attention to a powerful solution is crucial. With the Syscoin Bridge, there are many potential business opportunities to explore. Offering a more than generous bounty to explore this functionality is a good way of attracting some attention. It is now up to developers to see the magic happen.