EOS development team, shEOS has announced the launch of their new protocol called EOS21, which enables the migration of ERC-20 tokens and dApps from the Ethereum to EOS blockchain.
The Ethereum Killer?
It is true that Ethereum is facing many issues before its Casper protocol launch. And most of them are connected to its speed and limited scalability.
In the meantime, others have been catching up.
EOS was proclaimed to be the Ethereum killer more than a while ago. However, since the launch of the platform, it hasn’t been able to even inflict a severe wound to the number one smart contract platform.
Now, something is stirring at last…
The all-ladies development team, cleverly named shEOS, presented their new EOS21 product.
The EOS21 protocol is an off-chain solution, which enables developers and users to migrate Ethereum-based tokens onto the EOS network. Without complicated programming, and in a user-friendly way.
The EOS21 Protocol transfers tokens through three dimensions:
A Blackhole contract is signed on the Ethereum blockchain to perform the absorption of ERC20 tokens and, at the same time, provide information for the EOS chain. This dimension renders ERC-20 tokens non-fungible.
The off-chain Oracle program keeps track of the Ethereum transactions and authorizes the distribution of EOS tokens.
This dimension happens on the EOS chain. Token contract distributes tokens to EOS accounts according to the information provided in Dimension 1.
The Ethereum Killer!
Due to the mentioned issues, there are a lot of projects looking to migrate from Ethereum. This was a hard thing to do, as one such move would need a hard-fork, or months, if not years of coding to develop a native blockchain.
Since EOS is said to be much quicker and many times more scalable than Ethereum, shEOS’ protocol gives the unique opportunity to those project to move onto a more efficient blockchain solution.
shEOS calls this token migration Teleportation. As, contrary to forking where the number of tokens is doubled, digital assets using the EOS21 protocol leave the Ethereum blockchain (become non-fungible) to reappear on the EOS network.
shEOS Open Sourced Their Technology
“How empowering would it be for developers to have the freedom to move their tokens to any chain they felt best addresses the needs of their particular project […] We think developers should have that technical and creative freedom, so we designed a protocol to make it possible” stated shEOS in their official announcement.
In accordance with that policy, they have opened their code and invited everybody to use their product.
EOS21 could turn out to be a turning point in cryptocurrency business as it brings true cross-chain interoperability to the table.
Before we know it, tokens may start to migrate from one chain to another, connecting various technologies and turning the cryptocurrency multiverse into the interconnected and interlaced living body.