Ethereum, as the leading platform for smart contracts and decentralized applications, currently faces several challenges, including scalability issues, high fees, and environmental impact.
However, to tackle these obstacles head-on, Sys Labs has recently introduced Rollux—an innovative layer 2 network—leveraging their expertise in developing the Syscoin blockchain.
Rollux is a layer 2 network that expands Ethereum, effectively inheriting its security guarantees. In simpler terms, it functions as a separate blockchain layered atop base blockchains like Ethereum or Bitcoin.
The advantage of this approach lies in its ability to process transactions faster and at lower costs compared to the underlying layer. Furthermore, Rollux is fully compatible with the Ethereum Virtual Machine (EVM), which serves as the executing software for smart contracts on the Ethereum platform.
Rollux can process a remarkable 700 transactions per second when considering basic transfers. In comparison, the base Syscoin layer can only handle three to five transactions per second, as confirmed by Jagdeep Sidhu, CEO of Sys Labs.
Sidhu said in an interview
Merged mining is a way to provide another system to open the doors to scale into a rollup.
Sidhu also mentioned that the project has been in the works for eight years and that a deal has been struck to store data on Filecoin via Lighthouse Storage.
Importance Of Rollux For Ethereum
Rollux is among the several scaling solutions aimed at enhancing the performance and user experience of Ethereum. The necessity for these scaling solutions arises from Ethereum’s present constraints in network capacity and its high demand, which consequently lead to congestion issues and increased fees.
Layer 2 networks, also known as “rollups,” have gained significant popularity as a scaling solution. They aggregate multiple off-chain transactions into a single layer 1 transaction, thereby reducing transaction fees and increasing overall throughput.
Optimism, Arbitrum, and zkSync are prominent rollup implementations on the Ethereum blockchain. However, it is worth mentioning that these solutions still depend on Ethereum’s proof-of-work consensus mechanism—an energy-intensive process that remains vulnerable to potential attacks.
Rollux stands apart from other rollups due to its utilization of Syscoin’s proof-of-work consensus mechanism, safeguarded by Bitcoin miners. This distinct feature renders Rollux independent of Ethereum’s transitioning consensus layer – a shift from proof-of-work to proof-of-stake that is currently underway.
Proof-of-stake represents a more efficient and secure method for validating transactions, but it does require users to stake their ETH as collateral. The projected completion date for this transition is late 2023, aligning with “The Merge.”
This innovative solution enables them to enjoy expedited and cost-effective transactions while upholding the critical pillars of decentralization and security.
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