The Promise of Blockchain Interoperability
To remain viable, blockchain projects need networks that are performant, secure, and reliable. But many initially successful organizations encounter roadblocks if the network they build on serves up unpredictable and costly transactions, long verification times, or overall congestion.
Reasons for network congestion vary. In 2017, major congestion occurred as a result of token offering-driven fundraising. It happened again with CryptoKitties. It’s not always easy to predict when the network will be congested, and this can become a real problem for blockchain application developers.
Interoperability represents a bridge to performant blockchains for application builders to cross when network-related issues halt progress. Without an interoperability solution, blockchain projects might be forced to deploy their own protocols or even shut down due to the high cost of running their apps. Developers have greater freedom when more performant networks support interoperability protocols, making it more feasible for businesses to explore blockchain solutions and for the industry at large to take steps towards mass adoption.
The Industry Search for Solutions
Block.one is a global blockchain software company, committed to researching and developing performant interoperability solutions for blockchain developers. In that spirit, Block.one recently launched the EOSIO Challenge, calling upon developers around the world to create an EOSIO-based interoperability solution.
The vision behind the EOSIO Challenge was to support a complete Ethereum application development environment within an EOSIO virtual machine. Contestants were asked to write a smart contract on EOSIO capable of running solidity-based Ethereum smart contracts in an environment similar to that of the Ethereum Virtual Machine (EVM). At the same time, the smart contract must take advantage of the capacities of EOSIO, including high transaction throughput and performant smart contract processing.
The winning submission, EOSIO.EVM, was created by community developer Syed Jafri and goes above and beyond the challenge specifications. EOSIO.EVM reduces the steps for application builders to deploy solidity-based smart contracts on a low-cost, high performance EOSIO blockchain.
Leverage Raw Speed and Performance Across a Wider Blockchain System
According to Syed, businesses can launch their solidity-based apps and run up to “100 times faster and 1,000 times cheaper” on EOSIO.EVM. Make the switch to EOSIO without incurring substantial costs retooling your application for a new codebase.
With EOSIO.EVM, you can deploy on a new blockchain in weeks as opposed to years, removing a network barrier that once prevented some blockchain projects from reaching their full potential.
Interoperability: How does it work?
EOSIO’s speed and performance can now be leveraged across the wider blockchain ecosystem. For solidity developers, EOSIO.EVM offers the advantage of a quick transition into a solidity-based Ethereum environment wrapped in an EOSIO shell.
EOSIO.EVM deploys a one-to-one copy of the solidity smart contract on EOSIO, and it poses no security risk for previously audited functional code. This means solidity developers can continue to use tools they are familiar with to engineer their applications deployed on EOSIO.
If you’re a solidity developer and you want to get started, you don’t need to maintain a node. Instead, you can save time by setting up a mock RPC as an endpoint. Use your preferred tool, such as Remix, to deploy solidity code to an address that you will supply to the mock RPC.
Next, you must cover your application’s CPU, NET, and RAM costs. Create an account to purchase and stake resources on the EOSIO network you intend to deploy. Supply this account to the mock RPC, and it will manage your application’s resource costs.
When you’re finished, users will be able to find your network with tools like MetaMask, and they can then interact with your application just as they would if it were on Ethereum.
Block.one is invested in building solutions for the blockchain ecosystem, and EOSIO.EVM presents an opportunity for more projects to thrive.
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About Block.one
Block.one is a global software company specializing in high performance blockchain software. Its flagship product EOSIO is a free, open-source protocol designed to bring speed, scalability, and ease of use to the secure and transparent fundamentals of distributed databases. Block.one invests in companies, projects, and developers around the world leveraging EOSIO technology through its EOS VC initiative.