EOS Labs and EOS Network Foundation (ENF), which claim to be “stewards” of the EOS Network, are pleased to announce a strategic partnership with the EOS Stable Coin Chain (ESCC), an 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 aim to offer “a specialized and efficient solution for handling stablecoins, which is expected to bring significant enhancements to the EOS ecosystem.”
Hiroaki Yamasaki, CEO at ESCC, said:
“Collaborating with EOS Labs and the ENF is a significant milestone for 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.”
The integration of ESCC into the EOS ecosystem is poised to enhance “the stablecoin transaction landscape. Leveraging the high-performance capabilities of EOS EVM technology, this collaboration is expected to deliver 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.
Huaqiang Wen, Founder and CEO of EOS Labs, said:
“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 This advancement is pivotal in facilitating the roll-out and execution of more enterprise-oriented applications within the EOS ecosystem.”
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.”
Yves La Rose, Founder and CEO of the EOS Network Foundation, said:
“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. 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.”