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4 years ago Issue Status: 1. Open 2. Started 3. Submitted 4. Done
This issue now has a funding of 25000.0 SYSX attached to it as part of the Syscoin-Marketing-Team fund.
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Syscoin-Ethereum Bridge Bounty
Syscoin Platform 4.1 introduced Syscoin Bridge, a unique interoperability solution that unites and strengthens the crypto space by connecting blockchains together to enhance user-experiences.
Syscoin Bridge establishes a trustless two-way transaction channel between Syscoin and other blockchains, introducing the concept of cross-chain Fractional Supply. It enables a single user to transfer tokens across blockchains without incurring third-party risks and market liquidity limitations. This is made possible by use of SPV Proofs.
Syscoin Platform provides a token-transactionality layer that is near-instant, low-cost, and scalable. Transactions on this layer also inherit the bitcoin-core-compliant + merge mined security of Syscoin Core. For an independent third-party study on the performance of this token layer, and the results, please read the Whiteblock report. Also check out a live fee comparison between Ethereum and Syscoin.
There is no change to the circulating supply of your token when it crosses the bridge; tokens that leave your network are freeze-burned during the process, and the same number of tokens are minted on the Syscoin side as a Syscoin Platform Token (with a ticker symbol chosen by you) that is unique to your project. Going the other direction back to Ethereum, the tokens are fully burned on Syscoin and released on Ethereum to the designated address.
For example: You move BAT to Syscoin Platform through a bridging procedure that freeze-burns 100 BAT and mints 100 BAT on Syscoin as an SPT (Syscoin Platform Token). You keep a quantity of tokens on both platforms to leverage the unique features of each platform on-demand. Later, you move the tokens back to the BAT network on Ethereum. The bridging technology fully burns the 100 BAT on Syscoin and releases 100 BAT on Ethereum.
We’re very excited about this step forward for interoperability! Reaching this point has been a focus for the blockchain industry since Satoshi spoke about Simplified Payment Verification (SPV) in the original Bitcoin whitepaper.
Mainnet demonstration of using Basic Attention Token with Syscoin Bridge
The Bounty
Tier 1: The ERC-20 project
Bounty reward: 25000 SYS
You are an official representative of an active* ERC-20 project and you are capable of executing or overseeing each of the bounty criteria below.
Before starting, you must have your application approved using this form. You will receive a response within 5 business days.
General criteria (see application for criteria to qualify):
Learn about what makes Syscoin Platform scalable and fast, then read this overview of Syscoin Bridge and how it works.
Send four Ethereum transactions with your ERC-20 token using wallets of your choice with fee settings on default. Note the transaction fees.
~$4 worth From wallet A to wallet B ~$2 worth From wallet B to wallet A ~$1 worth From wallet B to wallet A ~$3 worth From wallet A to wallet B
Provision the mainnet Syscoin Bridge for your ERC-20. Download the QT or Spark wallet here. For instructions refer to the Bridge Provisioning walk-through. Create the Syscoin Platform Token (SPT) with a symbol and description that reflects the ERC-20 token you are moving. The walk-through includes creation of the SPT (Syscoin Foundation will fund your SPT creation fee and other Syscoin network fees associated with fulfilling the requirements of this bounty if your application is approved).
Move ~$10 worth of your ERC-20 token to your SPT using the Bridge https://bridge.syscoin.org/.
Submit four transactions with identical values as those in Step 2 using the SPT within Syscoin Platform. Make a note of the transaction fees. Noting the speed is not required, but these transactions will be noticeably faster than Ethereum - especially if you check the Z-DAG status of your transactions in the mempool which provides probabilistic security prior to on-chain finality. Learn more about interacting with Z-DAG Protocol.
Move a portion of the tokens back to the Ethereum blockchain.
Fill out our short questionnaire that will be emailed to you, about your experience using the bridge and provide your Syscoin address for the bounty to be sent to.
Give us permission to share a recap of your experience in a blog post or social media post. We will let you read and approve the content first before distributing via our social media channels.
After fulfilling the above requirements, two additional one-time bonuses can be paid:
*Active: average 1 btc trading volume per day over past 7 days. More than 5000 addresses and 10 000 transactions total. If this criteria can't be met we may still decide to approve your application based on other criteria.