Cross-chain technologies may grow fast in 1 or 2 years, and Ether Universe may lead the run
Vitalik Buterin, the founder of Ethereum, in a recent interview, suggested that cross-chain applications may grow fast in short future. As long as a blockchain is an open system and everything in it is cryptographically signed and verifiable, it shouldn’t be difficult to monitor events in a chain from another. There are many ways to implement this, including hash-locking and Sidechains/relays. Recently there had been experiments on cross-chain cryptocurrency trading. There might be a blast in this field in 2018 or 2019.
For now, BTCreply, Polkadot, COSMOS, and Wanchain have made different types of experiments in this area. And not until February 2018 did a new project, Ether Universe, emerge. It is reportedly the first EOS-based high-performance cross-chain platform.
Introducing Ether Universe
Ether Universe(https://etu.link/) is “the world’s first decentralized high-performance cross-chain service platform”, as it describes itself. It is designed to connect different blockchains, allowing users to trade ETH with EOS or vice versa in a decentralized manner, instead of on an exchange market. It features high performance, which shall make transactions pretty cheap and quick. Being based on EOS, millions of transactions per second may be processed easily, providing a liquidity solution for digital assets better than exchange markets in terms of cost and speed. It may possibly become an important infrastructure over time.
How does Ether Universe work?
The developers explained the mechanism behind it:
“Ether Universe is designed to enable exchanging value across different blockchains. In order to achieve this, we first need to implement a logic subchain based on Ethereum or another blockchain. A logic subchain is created as a software of a blockchain, then a two-way anchoring between it and the target blockchain is made to enable operations including locking. The communications between Ether Universe and EOS basechain is implemented with the cross-chain communication feature provided by EOS.”
Ether Universe shall provide developers and users a series of cross-chain services. When a user needs a service, a “GAS” will be charged according to the type and time of the service required. And such “GAS” need to be redeemed with ETU tokens, which, are employed to support the development of Ether Universe project.
Cross-chain services may boost the development of various industries. For example, manufacturers may pre-release tokens to pre-sell future productions — say a rubber manufacturer, it may deposit some of its products and present its credit records to hold a pre-sale by issuing tokens, which will enable the liquidity of its future productive forces when being traded over platforms including Ether Universe, and eventually accelerate the development of the manufacturer and other merchants on the supply chain. Similarly, traditional manufacturers may all liquidize their productions and assets with blockchain technology. Therefore, Ether Universe, as the nexus of such liquidity, of great importance, must be evaluated carefully.
Who are the supporters?
It is hard to believe that its community has gathered 130k members (till Mar 22, 2018). That should be a top-5 community among blockchain projects. According to Google Analytics data posted by Ether Universe on Twitter, the members of the community are primarily based in Vietnam, Indonesia, China, South Korea, and Russia.
ETU tokens are compatible with ERC20, and should be mapped to main network of EOS. The total amount of ETU tokens is 100 billion, identical to XRP of Ripple. In terms of community members, Ether Universe has exceeded the records of early Ripple. Ether Universe may possibly become the next Ripple.
Ether Universe team indicated that they would publish an alpha release in 2018 Q2, in order to demonstrate their early developments. However, some of the source code may remain unopened. A beta release should be published in 2018 Q3, which will be totally open source. In 2018 Q4, beta version should be able to operate in a test network, and the first wallet app should have a beta release. And finally, more nodes will be added when the software becomes stable in 2019.