Will dApps Migrate if They Succeed?
Ever since its launch of its ICO in 2017, EOS has been competing with Ethereum. Both projects have a lot of shared ground. EOS and Ethereum both are decentralized smart-contract supporting platforms for dApps.
There are a few differences however, EOS uses delegated proof-of-stake (DPoS) while Ethereum plans on switching from proof-of-work to proof-of-stake sometime this year. The use of DPoS gives EOS the advantage of not having transaction fees but has been criticized as a centralized solution.
The lack of transaction fees seemingly was not enough to incentivize dApp developers to build or migrate to EOS. The 2760 dApps built on Ethereum versus EOS's 321 strengthens this claim. This was probably the reason for Block One's (EOS' parent company) recent announcement.
The EOSIO Challenge
Earlier today Block One revealed the eosio challenge. It is a bounty of sorts for the developer community.
Essentially Block One is offering $200,000 to anyone who can create an Ethereum Virtual Machine within an EOSIO smart contract. This will allow easy dApp migration from Ethereum to EOS if successful. Hypothetically this could be a big boost to EOS' ecosystem and we could see dApps migrate due to some of EOS' benefits.
With Ethereum 2.0 on the horizon and a certain degree of uncertainty is in the air, we could see some making the switch to EOS.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado