Ethereum has made a great contribution and it is the real world implementation and accessibility of smart contracts.
From smart contracts, next are the decentralized applications or dApps, which makes possible the interaction of common users and other blockchain purposes without having to be crypto savvy. The Ethereum network has been utilized in launching a good number of smart contracts and dApps, to the extent that it has experienced congestion on some occasions.
This has led to the creation and implementation of third party platforms which are still connected to the Ethereum platform but makes possible, an operation that is more efficient using different methods of processing finalized transactions on Ethereum. A good number has been launched over the past couple of years, which includes Raiden, developed by a co-founder of Ethereum. However, Ethereum has been abandoned by projects like EOS, in search of other scaling technologies.
DApps and smart contracts currently operating on the Ethereum network may see the need to move to a more scalable option like EOS, but up till now, this requires a whole lot of work to port such apps to the EOS architecture.
shEOS, a firm that assists companies in launching EOS tokens as well as offer important infrastructure for the network, just recently created EOS 21, a new protocol which makes possible the easy and smooth transition of ERC-20 tokens (standard smart contracts and Ethereum tokens) to the EOS ecosystem.
Talking about the development, the firm said: “We think developers should have that technical and creative freedom, so we designed a protocol to make it possible. Recently, the importance of one specific development has become clear to us, and that is inter-blockchain communication and interoperability. […] How empowering would it be for developers to have freedom to move their tokens to any chain they wanted to? To any chain they felt best addresses the needs of their particular project. It’s widely known that each blockchain offers certain qualities that make it more appealing depending on the needs of the dApp developer.”
What does this mean?
Users utilizing the Ethereum dApps on a daily basis are less likely to see any immediate change, but this project could lead to an exodus from Ethereum mainnet to the EOS environment which is, in some ways more attractive. EOS can handle more users and can settle transactions faster. There are dedicated servers operated by many firms which include shEOS. For some time, the common users may see no benefit, but developers and firms having the intention of improving their Ethereum dApp products, a sure gamechanger will be the EOS21 protocol.
The protocol’s potential apps are myriad, including “two-way pegging”. This means that for some applications, the EOS tokens could be paired with traditional EOS tokens. The firm even believes that soon the authentication of ETH transactions through EOS or vice-versa will happen. In addition, shEOS as a pro-open-source firm, is backing similar projects as well as other blockchains like Ripple and Stellar to make use of their idea and develop it.