ETH Tokens Teleported by EOS dApps via New Protocol
After smart contracts, dApps closely followed, a technology that allows users to have access to financial aspects of the blockchain and interact with other parts of it as well, without requiring anyone to be too familiar with cryptocurrencies. A lot of dApps and also smart contracts were established on the ETH network which caused congestion sometimes, which in effect resulted in other platforms being developed and implemented that are also connected to the ETH network but provide a process that is more efficient via various processing methods of finalized Txs on ETH. Many of them were released within the past few years, such Raiden which was developed by a co-founder of ETH. Furthermore, many projects, such as EOS, have deserted ETH for other alternatives of scalable tech.
dApps and smart contracts that are currently operational on the ETH network will be able to see the advantage in an extensible solution like EOS, which before was a great amount of work to port these types of implementations to the EOS infrastructure.
A new protocol was created by shEOS, w company that enables the launch of EOS tokens while offering essential structures to the network, that enables an easy transition of ERC-20 tokens within EOS. The protocol is called EOS21.
Benefits for Developers
The company says that the aim was to provide developers with the technical independence needed for creativity, which has been proven possible through the new protocol. They also stated that one particular development remains very important and that is the ability to communicate and operate effectively within the system. It is very enabling for devs to work within the freedom of moving tokens around the chain as they required. They can move it to any chain in the system they feel is more suited for their projects. Each blockchain possesses specific properties that make it fitting to a developer’s needs.
Benefits for Users
ETH users may not currently be affected by this protocol, but, further down the road, it will turn the EOS network to becoming more appealing. Transactions will be handled in a much faster manner and EOS will handle more users then. While users will not see benefits right away, dev teams and companies who look forward to improving their system will benefit from the protocol. It will completely change how things are done.
Possible applications of EOS21 include two-way pegging (admittedly not the best name), which means that EOS tokens could be paired up with ETH tokens for use on some applications, which is a compelling possibility. The company will be able to foresee ETH Txs being approved by EOS and vice versa. The company urges projects of a similar nature to copy their product or improve upon it.