ESCC will introduce stablecoin-based gas fees and Ethereum support on EOS.
EOS Labs and EOS Network Foundation (ENF), the EOS Network main administrators, 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 that uses a custom implementation of the EOS EVM architecture.
According to the details of the partnership, the three companies intend to integrate a platform optimized for high-speed compatible stablecoin transactions. Together, they aim to provide EOS users with a specialized and efficient solution for handling stablecoin transactions, making them faster, more cost-effective and regulatory compliant.
Hiroaki Yamasaki, CEO of ESCC, has pointed out that the solution is expected to bring significant advancements to the EOS stablecoin ecosystem. “Collaborating with EOS Labs and ENF is an important milestone for ESCC,” he said.
“As the first blockchain architecture of its kind to use stablecoins as gas fees, we offer a unique experience to our users, unlike any other blockchain platform. This innovation is set to transform user interactions within the blockchain space, providing a combination of stability, efficiency and user-centered design,” he further explained.
By integrating its solutions into EOS, ESCC aims to solve three main problems in blockchain. First, the solution will improve the efficiency of stablecoin transactions on EOS. Secondly, the solution will introduce innovations for financial transactions on blockchain. Finally, the partnership will introduce customizable blockchain solutions and improve the seamless compatibility of the EOS and Ethereum ecosystems.
Improving Stablecoin Transaction Efficiency
The integration of ESCC into the EOS ecosystem aims to revolutionize stablecoin transactions on the blockchain. ESCC leverages the high performance of EOS EVM technology to provide faster speeds with block intervals of less than 1 second, low gas fees of less than $0.005, and high throughput, handling more than 950 exchanges per second.
“ESCC serves as an excellent example of how EOS EVM is expanding its reach to enterprise-grade ecosystem applications, highlighting the strengths of its technical design,” said Huaqiang Wen, founder and CEO of EOS Labs. “This advancement is critical to facilitating the deployment and execution of more enterprise-oriented applications within the EOS ecosystem,” he highlighted.
New Wave of Innovations in Stablecoin Transactions
One of the newest technologies that the collaboration brings to the EOS network is the use of stablecoins for gas rates. This technical advancement is made possible by the seamless integration of EOS EVM, which allows the system to process transactions in a way familiar to Ethereum developers and optimized for the user experience.
Crucially, this innovation allows users to mitigate the traditional volatility associated with cryptocurrency-based gas fees and improves cost predictability when conducting high-volume transactions.
More News on the EOS Network
ESCC’s partnership with EOS Network will also introduce open and regulated stablecoin environments, including complex KYC processes. The integration of EOS EVM technology within the ESCC framework allows for seamless compatibility between Ethereum and the EOS ecosystem and bridges the gap between the two ecosystems, allowing developers to use Ethereum’s Solidity programming language and existing development tools within the EOS environment.
The EOS EVM 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 help to create a more inclusive and versatile blockchain ecosystem.
By Leonardo Perez
