A blockchain company, shEOS which helps with the development of EOS tokens, for companies transitioning to or launching on the EOS network, has announced the development of a new network protocol referred to as the EOS21. The new protocol is designed to enable a seamless transition of ERC-20 tokens (standard Ethereum tokens and smart contracts) to the EOS ecosystem.
The EOS21 Protocol
Even though experts have been able to draw some similarities between the EOS and Etherum network, the fact still remains that the two networks are quite different in some core areas.
As a result of the robust nature of the EOS network, several Smart contracts and dApps preexisting on the Ethereum network are likely to attain more functionality when transferred to an EOS network. However, doing this requires a huge load of work and sometimes, rebuilding from scratch is usually required.
With the development of the new EOS21 protocol by shEOS, the process of porting Smart contracts or dApps from the Ethereum network to the EOS becomes relatively easy.
shEOS has made a statement saying that:
“We think developers should have that technical and creative freedom, so we designed a protocol to make it possible,” the form says of the development.”
The company further stated that:
“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 the 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 this Means for Users
When it comes to scalability, EOS has been said to be better than Etheruem, in the sense that the EOS network is capable of settling transactions faster and handling more users.
For common network users, who are just looking to perform some transactions or use a DApp, this development might not mean much. Developers on the other hand who are looking, to improve their Ethereum dApp products, the EOS21 protocol could be of great importance.