Switching to NEM from Ethereum
Many projects that kickstarted their campaigns on ERC-20 tokens have launched successful ICOs and gathered big e-stashes of ether in the process. These projects switch token platforms rarely, only when they are all about creating a completely new blockchain. Switching from one BaaS to another almost never happens. However, both top 10 ERC-20 EOS and TRON are planning to switch their generic blockchains in the summer of 2018.
What if a project that has just run an ICO is looking for a technology boost or a platform that better suits its need? This is an example of switch that took place in PikcioChain, which switched from ERC-20 to NEO EP-5 after a successful ICO last March. Seems legit, but the news about this project switching to NEO EP-5 are from January of the same year. You won’t find the PikcioChain token in any Ethereum explorer, basically because all this was just a marketing stunt. Tens of paid and copy-paste articles on top cryptocurrency websites, all with the same content, reported the switch from ERC-20 to NEO EP-5.
There are many other platforms that are guilty as well. NEM isn’t innocent in this marketing race. An article in the official NEM Medium blog compares Etherium and NEM, stating that:
“Tutellus.io recently reported that it switched from Ethereum to NEM as its main blockchain platform.”
I was curious so I looked into the Ethereum blockchain in search of this token/contract and found 15 token holders and 37 transactions total. It looks more like project in a testing phase than real world application. Could all their problems be solved simply by switching platforms?
What they did, according to another quote from NEM blog article, was:
“As Tutellus grew, having around 1 million students and generating more than 2 million transactions, the technological complexity in meeting its stakeholders’ demands have also increased. Tutellus needed a more powerful blockchain provider that they can use to provide a more efficient services.”
I can quote this article all day, but we all know where it goes. At least they tried and there is a Tutellus contract on EVM. There are few other projects with similar marketing campaigns such as DarcMatter, which is trying to market its product on being different by choosing NEM over Ethereum.
There is one project that really stands out, however, as they really created ICO on ERC-20 and are switching to NEM, which they are doing quietly, without any marketing and only with information to their investors (sent by email and backed up on telegram channel). As far as I know, this is only time when “contract” with ICO tokens is being transferred from one BaaS to another one. Thank you, Prover, for making this transition real and for doing it away from the limelight, when other projects would pump their project with this news.
Prover is an application that guarantees the originality, integrity, and authenticity of video material, and uses a blockchain technology to do so.
Text and graphics: Bartlomiej (Tony) Sanak,
Corrections: Joy Ramos, NEM Foundation