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shEOS Migration Likely To Further Erode Ethereum

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shEOS can migrate tokens as Ethereum struggles to host dApps.

The major unique selling proposition (USP) of the Ethereum platform is the real-world implementation of smart contracts and decentralized applications (dApps). However, a flood of smart contracts and dApps deployed on the Ethereum blockchain has led to network congestion. Predictably, one company has detected a niche market forming – shEOS.

Ethereum’s scalability issues have caused projects like EOS to move out of Ethereum to hunt for alternative scaling technologies. Furthermore, EOS is currently being aggressive and eating into the market share of Ethereum, as the latter faces tough times in implementing scalability updates.

Several smart contracts and dApps are looking towards EOS as a potential Ethereum alternative. So far, it involved a great deal of work to port applications from Ethereum to the EOS network.

shEOS Can Easily “Teleport” Ethereum Tokens to EOS

A firm called shEOS has developed a new protocol called EOS21 which facilitates a smooth transition of ERC20 tokens to the EOS network. The firm helps other companies to launch EOS tokens while providing them with the necessary infrastructure for the network.

According to the official announcement, shEOs says, “We think developers should have that technical and creative freedom, so we designed a protocol to make it possible.” The firm further talks about the importance of inter-blockchain communication:

“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.”

EOS21 Could Be A Gamechanger for Developers

The EOS protocol is already challenging Ethereum in handling more users and settling transactions faster. The arrival of this new protocol could mean a number of projects moving from Ethereum to EOS. However, the users of Ethereum dApps may not see an immediate change.

Furthermore, on the EOS network, several firms, including shEOS, are operating dedicated servers. The EOS21 protocol can be a gamechanger for developers who are eagerly willing to improve their Ethereum dApp products.

Another potential application of EOS21 is “two-way pegging.” This means that for some applications, the EOS tokens could be paired for traditional Ethereum tokens. The firm, shEOS, also helps to authenticate ETH transactions through EOS, and vice-versa.

Risk Disclosure

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