This week marks a special week in the Elastos ecosystem as the Ethereum and NEO sidechains were officially deployed on the Elastos main chain. For the past two months, the sidechains have been running on the Elastos Test Net, and after many updates and testing procedures, the Elastos core team is ready to take the sidechains to the next level of development.
According to the latest update from the Elastos Foundation, the steps that will be taken after deployment of sidechains on the Main Net are: “The Ethereum Sidechain and NEO Sidechain will undergo trial operations on the Main Net. During trial operations, access to both sidechains will be permissioned, as per the discretion of the Elastos Blockchain Development Team. For community members, it is not recommended to initiate cross-chain transactions to the Ethereum Sidechain or NEO Sidechain during this period.” The EF will keep the community abreast of updates regarding the development progress of the sidechains.
In a previous article, we’ve covered the value of sidechains in terms of the scalability it provides to Ethereum, solving the project’s scaling concerns. Ethereum’s timelines for a multitude of solutions to increase transactions per second (TPS) run into the year 2021. Elastos’ side chain infrastructure allows Ethereum to scale from 15 TPS to 1500 TPS. The utilization of Elastos’ sidechains could be a key element in bringing smart contracts to the masses.
In other sidechain news, a proposal that will be one of the main catalysts in bringing ETH sidechains to the masses was recently approved. The Elastos/ETH Task Force was formed to spread the Elastos tech to developers and recruit them to build on the Ethereum sidechain.
The team, which is thought to be one of the most important teams in the Elastos ecosystem, will look to recruit up to 10 ETH projects to start building on the sidechain.
Users will also have the confidence of being on a platform that’s secured by close to half of the Bitcoin mining power. Dapps will have access to the full suite of tools the Elastos ecosystem provides through the Elastos Carrier, Hive, Runtime, and more.
The Ethereum and NEO sidechains will be fueled by the ELA token, and not by the projects’ respective tokens. This provides even more utility to the ELA token, which is likely to increase demand.
The community is ready to start tasting the fruits of the Elastos Foundation’s labor, seeing the sidechains in action. Having two top 15 blockchain platforms scaled through the Elastos platform would not only be a terrific feat for Elastos, but for the blockchain space in general.
Stay tuned for more developments, CR citizens!