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…
EOS21 Protocol
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:
Dimension 1
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.
Dimension 2
The off-chain Oracle program keeps track of the Ethereum transactions and authorizes the distribution of EOS tokens.
Dimension 3
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.
slots online free online slots slots games free
A lot of of what you claim is supprisingly legitimate and that makes me ponder the reason why I hadn’t looked at this in this light before. Your piece truly did switch the light on for me personally as far as this particular subject goes. Nonetheless at this time there is actually one issue I am not really too comfortable with so while I make an effort to reconcile that with the core idea of the point, allow me see just what all the rest of your subscribers have to say.Well done.
I have been surfing online more than three hours lately, but I never found any fascinating article like yours. It is pretty worth enough for me. In my opinion, if all site owners and bloggers made good content as you did, the net will be a lot more helpful than ever before.
Thanks, nice content! stresser
You can definitely see your enthusiasm in the work you write. The arena hopes for more passionate writers like you who aren’t afraid to mention how they believe. All the time go after your heart.
Hello There. I found your blog using msn. This is a really well written article. I will make sure to bookmark it and come back to read more of your useful info. Thanks for the post. I will certainly comeback.
Wow! Thank you! I continually needed to write on my website something like that. Can I take a part of your post to my blog?
Thanks in support of sharing such a fastidious thinking, paragraph is good,thats why i have read it fully
Regards for all your efforts that you have put in this. very interesting information.
Chuyên viên trang Ēiểm tại các studio áo cưới