A groundbreaking proposal has emerged within the cryptocurrency sphere, presenting the idea of developing a “gateway” software that would seamlessly facilitate transactions between Ethereum and Flow blockchains. Pending community approval, this proposal could potentially expand the capabilities of the Flow (FLOW) ecosystem to incorporate Ethereum-based decentralized applications (dapps).
Dieter Shirley’s Proposal
Dieter Shirley, the co-founder of Dapper Labs and the Lead Architect at Flow, unveiled this ambitious proposal, emphasizing that it would necessitate no modifications to the existing codebase to achieve full Ethereum Virtual Machine (EVM) equivalence on the Flow network.
Under this proposal, developers would be empowered to wrap external transactions using Cadence, a smart contract programming language tailored for the Flow blockchain. The envisioned “gateway” software aims to unlock Flow’s infrastructure for Ethereum-compatible virtual machines. This would not only facilitate the seamless transfer of ERC-20 tokens between the two networks but also extend compatibility to non-fungible tokens (NFTs) adhering to the ERC-721 standard.
However, despite the promise of this proposal, certain intricate challenges remain unaddressed. One noteworthy challenge is the mapping of Ethereum Virtual Machine (EVM) gas fees onto the Cadence framework. The resolution of these complexities is pivotal to the successful implementation of this proposal.
At present, the proposal has garnered limited attention, accumulating a mere 12 likes, with no official responses or established review deadlines. Flow, introduced in 2020, stands as a permissionless layer-1 blockchain operating on the proof-of-stake consensus protocol. Developed by Dapper Labs, Flow has garnered significant interest within the cryptocurrency community. During its initial stages, the project successfully raised $18 million via a community sale and auction, involving nearly 13,000 participants on CoinList.
Read More: Volcano Energy Launches Lava Pool In El Salvador
This proposal represents a notable stride towards achieving interoperability between blockchain ecosystems, potentially ushering in a new era of collaboration and integration within the cryptocurrency space. As the community delves into discussions surrounding the proposal’s feasibility, the cryptocurrency world anticipates how this initiative may unfold, and the opportunities it may unlock for both Ethereum and Flow ecosystems.