EOS Network Announces Strategic Partnership with ESCC to Bolster the EOS Stablecoin Ecosystem
Calgary, Alberta
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December 14, 2023 08:41 AM Eastern Standard Time
EOS Network Announces Strategic Partnership with ESCC to Bolster the EOS Stablecoin Ecosystem
EOS Labs and EOS Network Foundation (ENF), stewards of the EOS Network, are proud to announce a strategic partnership with the EOS Stable Coin Chain (ESCC), a groundbreaking Ethereum-based blockchain deployed as a smart contract on the EOS Network using a customized implementation of the EOS EVM architecture. The partnership aims to advance the EOS ecosystem by providing an optimized platform for high-speed compliant stablecoin transactions. Together, they will offer a specialized and efficient solution for handling stablecoins, which is expected to bring significant enhancements to the EOS ecosystem.
"Collaborating with EOS Labs and the ENF is a significant milestone for ESCC,” said Hiroaki Yamasaki, CEO at ESCC. “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.”
Enhanced Transaction Efficiency for Stablecoins
The integration of ESCC into the EOS ecosystem is poised to revolutionize the stablecoin transaction landscape. Leveraging the high-performance capabilities of EOS EVM technology, this collaboration is expected to deliver unprecedented transaction efficiency. Key performance metrics underscore this advancement:
Lightning Speed: ESCC achieves rapid processing with 1-second block intervals, drastically reducing transaction times.
Low Gas Fee: Transaction costs are remarkably low at approximately 0.005 USD per transaction, making stablecoin transactions more accessible and cost-effective.
High Throughput: The system can handle over 950 swaps per second, demonstrating a remarkable capacity for high-volume transaction processing compared to other technologies.
"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.”
Innovation in Financial Transactions
The collaboration between EOS Labs, EOS Network Foundation and ESCC is set to leverage the cutting-edge EOS EVM architecture to bring about transformative changes in financial transactions on the blockchain. A key innovation lies in ESCC's novel approach of 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. By using stablecoins for transaction costs, ESCC drastically enhances cost predictability and mitigates the traditional volatility associated with cryptocurrency-based gas fees.
"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. “This initiative reflects more than just a boost to our network's functionality; it underscores our dedication to pioneering new solutions and our agility in responding to the dynamic landscape of the blockchain sector."
Development of Customizable Blockchain Solutions
ESCC's partnership with the EOS Network leverages its flexible architecture, accommodating both open and regulated stablecoin environments, including intricate KYC processes. This aligns with the EOS Network’s goal of offering versatile, compliant blockchain solutions. The adaptable structure of ESCC is ideal for a variety of stablecoin applications, ranging from DeFi to regulated financial systems, demonstrating its ability to meet diverse industry needs. This collaboration marks a significant step forward in providing scalable and compliant blockchain solutions for different stablecoin use cases.
Seamless EOS and Ethereum Ecosystem Compatibility
The integration of EOS EVM technology within the ESCC framework is a pivotal element of this partnership. It not only enriches the EOS ecosystem, but also effectively bridges the gap with the Ethereum ecosystem. This integration facilitates greater interoperability between the two platforms, 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 opens up new avenues for developer engagement and innovation, leveraging the strengths of both EOS and Ethereum technologies to create a more inclusive and versatile blockchain ecosystem.
About EOS Network
The EOS Network is a 3rd generation blockchain operating system powered by a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal Web3 user and developer experiences. The network features an enterprise grade Ethereum Virtual Machine housed within an EOS smart contract that offers feature parity to Ethereum with unmatched speed, performance and compatibility, connecting the EOS Network to the Ethereum ecosystem.
About ESCC
The EOS Stable Coin Chain (ESCC) stands out in the blockchain landscape as a specialized solution for stablecoin transactions. Combining the EOS native system's high performance with the EOS EVM architecture's compatibility advantages, ESCC focuses on efficiently processing stablecoin transactions. Its approach to using stablecoins as gas fees represents a groundbreaking step in mitigating the volatility often associated with digital currency transactions.
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