At shEOS, our primary commitments remain flawless stewardship of our node, and supporting the success of the EOS network with technical input and testing at every stage of development. We are also thinking about “what’s next”, and what developments will move the needle not only for EOS, but for the blockchain movement as a whole. 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.
We think developers should have that technical and creative freedom, so we designed a protocol to make it possible.
Introducing EOS21: Teleport Your ERC20 Tokens to EOS
The EOS21 protocol, conceptualized by shEOS co-founder Crystal Rose, and constructed by shEOS Tech Lead Ben Sigman and a team of talented developers, is an open-source protocol and the first of its kind to enable seamless cross-chain token movement from ETH to EOS.
Typically, the way this has been done is by using what we call the “snapshot” method. 📸 This method is commonly used by token “airdrops” to send to accounts on ETH or EOS chains that match certain criteria such as having an address with at least X balance of the chain’s native token. The EOS native token generation from the ERC20 was a snapshot airdrop. EOS was able to do this by expiring their ERC20 contract thereby making the ERC20 EOS tokens non-fungible.
In the EOS21 protocol, we are providing another option for ERC20 contracts that do not have a built-in pause/expiry function but who want to move their token to another chain. We are calling this action: teleportation. To teleport a token from one chain to another, it will exist on the destination chain, but no longer exist in a fungible form on the source chain.
As an open-source contribution, we encourage you to customize, fork, and use the code. We built this as an example case. Response from the EOS community so far has been overwhelmingly supportive. We’re eager to see this new tool “run wild” in the hands of the community.
A demo video will be released this week — the full technical description and developer instructions on Github are here.
Where In The World Is shEOS
Commune with shEOS team members at these upcoming global events.
- Blockchain Unbound, Tokyo, 10/14/18
- Crypto Nights EOS Event, New York, 10/14/18
- Crypto Invest Summit, Los Angeles, 10/22/18
- EOS Hackathon & EOS World Tour, San Francisco, 11/12/18
- EOS Block Producer Summit, Norway, 11/16/18
- Blockchain Venture Summit, London, 11/21/18
In Case You Missed It
shEOS was thrilled to co-sponsor the EOS UnConference Afternoon & Evening events after the EOS London Hackathon on September 23rd. Alongside co-sponsors EOS DAC, EOS 42, EOS Authority, Attic Lab, EOS Amsterdam and EOS Sw/eden, block producers and EOS community members from around the world were invited to celebrate, discuss and plan for future improvements to the ecosystem. We love Ben Sigman’s synopsis here.
With warmest wishes,The shEOS team