ESCC will introduce stablecoin-based gas fees and Ethereum compatibility on EOS.
EOS Labs and EOS Network Foundation (ENF), the main stewards of the EOS Network have announced a strategic collaboration with EOS Stable Coin Chain (ESCC), an Ethereum-based stablecoin solutions provider. ESCC is a novel smart contract on the EOS Network using a customized implementation of the EOS EVM architecture.
According to the partnership details reaching our desks, the three companies aim to integrate an optimized platform for high-speed compliant stablecoin transactions. Together, they aim to provide EOS users with a specialized and efficient solution to handle stablecoin transactions, making them faster, more cost-effective and regulatory compliant. According to Hiroaki Yamasaki, CEO at ESCC, the solution is expected to bring significant developments to the EOS stablecoin ecosystem.
“Collaborating with EOS Labs and the ENF is a significant milestone for ESCC,” he said. “By being the first blockchain architecture of its kind to use stablecoins as gas fees, we are offering a unique experience to our users, distinct from any other blockchain platform. This innovation is set to transform user interactions within the blockchain space, providing a blend of stability, efficiency, and user-centric design.”
By integrating its solutions on EOS, ESCC aims to solve three major issues across the blockchain. First, the solution will enhance the transaction efficiency for stablecoins on EOS. Secondly, the solution will introduce innovations for financial transactions on the blockchain. Finally, the partnership will introduce customizable blockchain solutions and enhance seamless EOS and Ethereum ecosystem compatibility.
Enhancing Stablecoin Transaction Efficiency
The integration of ESCC into the EOS ecosystem aims to revolutionize the stablecoin transactions on the blockchain. ESCC leverages the high performance of EOS EVM technology to provide faster speeds of less than 1-second block intervals, low gas fees of less than $0.005, and a high throughput, handling over 950 swaps per second.
“ESCC serves as a prime illustration of how EOS EVM is extending its reach into enterprise-level ecosystem applications, highlighting the strengths of its technical design,” said Huaqiang Wen, Founder and CEO of EOS Labs. “This advancement is pivotal in facilitating the roll-out and execution of more enterprise-oriented applications within the EOS ecosystem.”
A New Wave of Stablecoin Transaction Innovations
One of the most novel technologies the collaboration brings to the EOS Network is utilizing stablecoins for gas fees. This technical advancement is made possible by the seamless integration of EOS EVM, which allows the system to process transactions in a manner that’s both familiar to Ethereum developers and optimized for the user experience.
“Integrating compliance and adopting stablecoins for transaction fees on ESCC is a pivotal innovation that reshapes how we approach blockchain efficiency and creates new avenues for development,” stated Yves La Rose, Founder and CEO of the EOS Network Foundation.
Critically, this innovation allows users to mitigate the traditional volatility associated with crypto-based gas fees and enhances cost predictability while making high-volume transactions.
More Developments on the EOS Network
Apart from facilitating stablecoin transactions, ESCC’s partnership with the EOS Network will also introduce open and regulated stablecoin environments, including intricate KYC processes. This provides users with a range of utilities and capabilities, whereby they can transact in the DeFi realm or regulated financial systems. This compliance marks a milestone in the stablecoin space, making these tokens more scalable and compliant for different use cases.
Finally, the integration of EOS EVM technology within ESCC’s framework allows seamless compatibility between Ethereum and the EOS ecosystem. Additionally, it narrows the gap between the two ecosystems, enabling developers to utilize Ethereum’s Solidity programming language and existing development tools within the EOS environment.
The EOS EVM’s compatibility feature is particularly advantageous for EVM developers, as it allows them to seamlessly migrate and deploy their existing EVM-based applications on ESCC. This will open up both ecosystems for developers and users, helping create a more inclusive and versatile blockchain ecosystem.