New Protocol ‘Teleports’ Tokens Between the Ethereum and EOS Blockchains
Announcing the #EOS21 Protocol: Teleport Your ERC20 Tokens to #EOS. A step toward #blockchain interoperability. https://t.co/DLpo1dbg4l @EOS_io @ethereum #developers #dapp #blockproducer #womeninblockchain
— shEOS (sheos21sheos) (@sheos_org) October 11, 2018
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.
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.