EOSIO.EVM could be a game changer, for the EOS main-net.
One more week has past, in the world of crypto currencies, with the typical up and downs of pricing cycles, and of course the myriad of promises, that blockchain projects are accustomed to promising their users, the typical promises that their new developments are just over the horizon. But in actual fact, few crypto projects seldomly ever follow through. Which in my opinion, EOS main-net’s ability to actually follow through with many of its promises, is one of the things that make the world of EOSIO stand out the most.
In this video we will be going over a recent article I read called, “Syed Jafri Talks About EOSIO Blockchain Interoperability” and I will be giving you my opinion on why I think that this could be a game changer for EOS main-net, links to the source article will be in the description below, OK now let's get started.
To summarize and paraphrase, this article first starts with, the EOSIO Challenge was sponsored by Block.one in order to look into interoperability-based scaling solutions for blockchain app developers throughout the ecosystem. We recognize that developing developer solutions is a concept that transcends geographical boundaries. In the same spirit, we invited the community to submit an EOSIO smart contract capable of running Ethereum smart contracts based on solidity in an environment that mimics the Ethereum Virtual Machine's functionality (EVM).
Additionally, the smart contract must continue to take use of EOSIO's broader benefits, such as higher transaction throughput and faster smart contract execution. While many applications came near to achieving the challenge's requirements, Syed Jafri's smart contract, EOSIO.EVM, well exceeded our expectations. Solidity developers can quickly launch on EOSIO with EOSIO.EVM, according to Syed, and run their apps up to "100 times faster and 1,000 times cheaper, depending on whatever EOSIO network they deploy to."
You can run another virtual machine within the EOS Virtual Machine, and it will run very quickly " With EOSIO.EVM, you can retool in weeks, not years. You'll use the mock RPC Syed generated as an end point if you wish to publish your solidity code to EOSIO with EOSIO.EVM. According to Syed, technologies like Remix make it possible to develop and deploy solidity code to an address specified by the mock RPC "Deploying to an Ethereum test-net or an Ethereum main net is roughly the same."
Then, depending on whatever EOSIO network you're using, you'll need to register an account and purchase resources to cover your application's CPU, NET, and RAM requirements. The resources for all transactions that pass through the application are covered by this account, which is delivered to the mock RPC "You would simply submit that account's private key in your mock RPC and use that for your own service," Syed explains.
Users can engage, sign, and submit transactions by adding the network to MetaMask. Apart from that, when engaging with the program, nothing would change from the user's perspective. You're left with a 1 to 1 duplicate of an EVM wrapped in an EOS VM. "All of your solidity code runs without any adjustments," Syed underlines.
You don't have to run anything new. You are free to use any software you are familiar with. Any Ethereum software that runs on an RPC node will also work." With interoperability, you may save money and improve performance. EOSIO.EVM opens up new opportunities for developers. Developers can also use EOSIO.EVM to follow security best practices. Every smart contract should be examined to guarantee that it is bug-free and functional.
Continuous input from Block.one developers, provided through DevPost, was beneficial to Syed on his journey to success, he adds. And I believe that was extremely beneficial to the contest's overall administration." Block.one's team's upgrades to EOSIO, particularly the release of EOS VM, according to Syed, are a big reason why EOSIO.EVM works so effectively. "I think how well-optimized the EOS VM is a credit to Block.one's superb engineering." "I don't think any EOSIO contract is particularly a challenge at this moment." In a sense, it's all possible."
Just my opinion, but this is a much-needed innovation for the world of EOSIO, especially EOS main-net, one of the major issues that EOS main-net has had over the last couple of years, was the developer ecosphere being starved of funding, as much as it pains me to say this, still to this day, much of the crypto financial liquidity lifeblood exists within the Ethereum ecosphere. And as a result, as EOS main-net has gone at it alone, we unintentionally cut ourselves off from much of that metaphorical lifeblood that is so important to bootstrapping a healthy and thriving community, especially in the beginning stages. We have seen within the EOS main-net community much of the developers that started here originally, had to either shut down or more commonly migrate back to the Ethereum ecosphere, not because it was better, but simply because it still has a significant amount of network effect, and ready to deploy crypto financial capital, even despite all the high fees.
Sometimes the reality is, that not always the best technology cultivates the most adoption, it oftentimes takes people significant time to except something new and different. EOS main-net was certainly a complete departure from typical Ethereum based projects, and in some ways this is served us well, but in others it has been a metaphorical thorn in our collective sides. Which is why creating links and bridges back to the Ethereum ecosphere is so crucially important, we need that financial lifeblood to flow back into the EOS main-net ecosphere. We have already taken major steps in the right directions to address many of these issues, such as Eden on EOS, that will fund and incentivize many main-net community members, also as well as the EOS foundation, that will have a greater focus on the EOS developer community businesses, that are beneficial to our healthy growth. And with new initiatives like EOSIO.EVM being created and pushed; I believe this will go a long way in addressing much of the lack of crypto financial liquidity.
To all EOS holders, EOSIO.EVM may be the key.