IOST’s Project Entroverse gears towards capitalizing on the craze of Dapps on Ethereum and its network to ramp up the IOST ecosystem. The kick-off of Project Entroverse 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.
For the uninitiated, high-throughput, scalable platform IOST is well-known for its innovative Proof-of-Believability and its superior blockchain technology that supersedes 37 high-profile competitors, including EOS and Ethereum multiple consecutive times in the ranking by China’s Ministry of Industry and Information Technology. IOST network currently hosts over 620,000 unique wallets, processed over 642 million transactions, and has had zero security issues since its mainnet launch in 2019.
What benefits will IOST’s 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 developers to move chains easily.
- EVM users will be able to operate with familiar Ethereum applications in the IOST network while enjoying the superior benefits of the IOST mainnet including up to 99% lower gas fees (compared with Ethereum) and high transaction throughput (up to 8000 TPS) and instant transaction confirmations, thereby eliminating the thresholds and improving congestion and slow user experience.
- IOST users will benefit 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.
IOST CEO, Jimmy Zhong highlights:
“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”
Project Entroverse will kick off with the IOSTSwap- a 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.
Project Entroverse’s next phase is about integrating more applications and onboarding more developers to IOST. A compatibility layer for Ethereum and other public chains that support EVM (Avalanche, Polygon, NEAR, etc.) on the IOST network will be created to offer developers a complete set of solutions. Solidity developers can 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 high performance, we will be able to redefine the possibilities of Ethereum and blockchain applications.
IOST will also continue with the development of Web Assembly (Wasm) support- a binary instruction format for a stack-based virtual machine. With EVM and WASM combined, IOST will continue to drive the massive growth of blockchain applications on its network.
The use of blockchain applications in mainstream industries is ballooning over the years. Multi-chain competition has become a reality, and interoperability is a key backbone for any leading blockchain project and necessary technology for users. IOST is one of such projects that stay on the quest of being an open, accessible, interoperable blockchain for its users and developers.
More information and plans to boost the Entroverse ecosystem will be revealed in April. Stay tuned and watch out for IOST’s official announcements.
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, 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. Being one of the public chain leaders in terms of adoption, performance, and utility, IOST currently has the ever-expanding 620,000 IOST holders in over 20 countries, over 400 nodes, a top staking economy, and symbiotic relationships with corporations dotted worldwide.
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