Block.one announced a contest to integrate Ethereum smart contract code with its own EOS blockchain.
According to a Devpost page published on Feb. 3, the challenge requires contestants to “create an EOSIO smart contract that stores and invokes EVM (Solidity) Smart Contracts in a virtual Ethereum-like environment.”
Many in the crypto community feel this would allow developers to port existing Ethereum DApps to EOS more easily.
According to Block.one, “EOS can process smart contracts faster, reducing the impact of a significant roadblock for developers,”. Compatibility with Ethereum would allow developers from other blockchain projects to take advantage of EOS’s speed.
EOS uses "C++" and "Web Assembly" as the basis of its smart contract code. However, according to Cryptobriefing, the speed at which code can be executed is just one part of its performance. EOS has experienced ongoing transaction capacity issues in recent months. That congestion has caused RAM and CPU prices to surge, which has in turn put high costs on DApp developers.
The contest ends in one year, giving contestants plenty of time to work on the project. Judging and testing will continue for several months after that. This means that it may be some time before Ethereum compatibility becomes a reality.
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.
Photo Credit: Block.one