IOST Introduce Project Entroverse
Project Entroverse — IOST’s Path to EVM Compatibility, Cross-Chain Bridge & Interoperable Blockchain Network
To create a future where different blockchains no longer operate as close-off siloed but instead, as an interconnected building block of a bigger ecosystem, the IOST Foundation is thrilled to unveil a strategic launch of its Secret Weapon- Project Entroverse.
Project Entroverse gears towards capitalizing on the craze of Dapps on Ethereum and its network to ramp up the IOST ecosystem. This kick-off enables IOST to inch closer to becoming a powerful and compelling interoperable blockchain network.
The Project Entroverse entails a variety of solutions starting off with the IOSTSWAP- An IOST-ETH Cross-chain Bridge, the Ethereum Virtual Machine (EVM) compatibility, and more to be announced in April, designed to aggressively drive and fuel the growth of the IOST’s developers ecosystem.
What benefits will Project Entroverse bring to developers and users?
- Developers can easily integrate Ethereum protocols with IOST. Reusing contracts saves their time and energy writing contracts and codes and creates opportunities for them to move chains easily.
- EVM users will be able to operate with familiar Ethereum applications in the IOST network and enjoy the superior benefits of the IOST mainnet including up to 99% lower gas fees (compared with Ethereum) and high throughput (up to 8000 transactions per second) and instant transaction confirmations, thereby eliminating the thresholds and improving congestion and slow user experience.
- IOST users will be benefiting from a broader pool Dapps thus enjoy an improved and more elevating user experience as EVM-based applications and their on-chain assets come to the IOST network.
“ From creating competition to enabling collaboration, the IOST team sees embracing Ethereum blockchain and its community as a way to move forward and upward. In a cryptoverse where individual projects rely on ever-increasing levels of collaboration and interaction, it is not only desirable but also vital for IOST to kick off a cross-chain bridge, EVM compatibility function, and Project Entroverse. The race to get a share in the blockchain industry is increasingly daunting but we will never let these challenges get the better of us. We are thrilled about this big launch and the monumental growth it brings”— Jimmy Zhong, IOST CEO
IOST is a project with its own underlying architecture, is committed to providing a safe, convenient, and high-performance blockchain infrastructure, and continues to explore blockchain applications to serve its global partners and users.
Based on in-depth analysis and discussion about the industry’s future and a lot of preparation work, IOST sets to develop and launch “Project Entroverse”, building an EVM development environment in the IOST network to connect with other ecosystems starting with Ethereum, which shall provide more choices for IOST developers and thus further accelerating the growth of the IOST ecosystem.
IOST Swap- The IOST-ETH Cross-chain Bridge
The swift growth of blockchain has given birth to many different types of chains created to perform different functions and different blockchain applications such as DeFi to serve the increasing demands of the users.
But how will these different blockchains communicate with each other? How can transactions be carried out in multiple blockchain networks? This is where interoperability comes into the picture.
In IOST, we work together with the ecosystem partner nodes to develop a variety of enriching Dapps. This time, Sigma — a new partner node in IOST ecosystem, took the lead in building IOSTSwap. This two-way cross-chain bridge will enable users to freely transfer tokens from IOST to Ethereum and vice-versa, adding more use cases to the assets and bringing vitality to both ecosystems. It is also worth mentioning that IOSTSwap has the same security level as the IOST mainnet and the Ethereum mainnet. Details about IOSTSwap will be unveiled soon.
IOST, a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma, will now add another competitive advantage- being its EVM compatibility.
Now, the IOST team is exploring integrating more applications and developers to join the IOST network under Project Entroverse. They will create a compatibility layer for Ethereum and other public chains that support EVM (Avalanche, Polygon, NEAR, etc.) on the IOST network, which will provide developers with a complete set of solutions to help Solidity developers use their familiar development languages and tools on IOST, build and port Dapps, and enjoy the fluency of a high-performance network. Through EVM compatibility and thanks to IOST’s performance, we will be able to redefine the possibilities of Ethereum and blockchain applications.
ABOUT IOST
IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. The concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability of the IOST team to roll out a better, innovative product and reflective of their true desire to be the best in the sphere.
RESOURCES
Medium
