New Protocol ‘Teleports’ Tokens Between the Ethereum and EOS Blockchains

shEOS, a block producer for the EOS (EOS) network, recently unveiled the EOS21 protocol, which will enable seamless cross-chain token movement from Ethereum (ETH) to EOS.

According to the recent announcement, EOS21 plans to develop an alternative to the classic “snapshot” method which allows blockchain platforms to properly credit investors with the equivalent tokens when transitioning from Ethereum to EOS.

With the EOS21 protocol, a token is essentially “teleported” from one chain to another, where it will exist on the destination chain, but no longer exist in a fungible form on the source chain, according to the announcement.

In order to achieve this “teleportation,” the EOS21 protocol leverages three dimensions. In the first dimension, a “blackhole” contract to absorb the ERC-20 tokens and receive account information for the destination chain (EOS). The second dimension, an oracle program is run to monitor the ETH transactions and¬†authorize the distribution of EOS tokens.

The final dimension of the EOS21 protocol is an EOS token contract which distributes the tokens to the relevant EOS account. This protocol would likely further facilitate the growth of the EOS network, which recently passed 60,000 unique active accounts.

EOS is currently trading at $5.31 with a $4.81 billion market cap, making it the 5th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: The EOS21 Protocol: Teleport Your ERC20 Tokens to EOS

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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