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Migration of Ethereum dApps. Why? Where? How?

Blog16 January, 2020

We've made it possible to launch existing Ethereum projects and dApps on our Echo network, which hasn't been done before!

Migration of Ethereum dApps. Why_ Where_ How_-1

Why Migrate an Existing Ethereum dApp?

When it comes to blockchain adoption, Ethereum has a few drawbacks that can make one consider migration to another network. Some of the main disadvantages are:

  • DeFi and collectibles cause Ethereum Network congestion
  • High fees
  • Low transaction throughput

Another important reason to consider migration is the fact that other networks provide unique features, greater possibilities and development freedom. For example, Echo offers a working Bitcoin sidechain and C++ smart contracts support, as well as EVM and web3 support.

Where Should I Migrate my Ethereum dApp?

0x that we’ve recently migrated performs much better on Echo platform as compared to Ethereum. Below are the reasons why.

 

  • Bitcoin and Ethereum sidechains can well be considered as the largest 0x exchange advantage. Almost completely decentralized, BTC and ETH cross-exchange is available to users.

 

  • Furthermore, as opposed to Bitcoin, Echo is underpinned by smart contract tech, which opens up new Bitcoin trade capabilities for the 0x protocol:  
    • Smart contract-based margin trading is yet another Echo benefit to closely consider.
    • Also, Echo allows for credit trading for the kind of tokens that pay off the debts for currency withdrawal.
    • Broker trading is also available for Echo users. It is enough to grant the account access to a broker, exclusively for the trades period, with currency withdrawal restriction. Again, the procedure is decentralized, meaning you don’t have to entrust your wallet to anyone.

 

  • Getting back to the sidechain. Alongside with Ethereum, Echo also operates with tokens, making them qualify as independent full-value assets vs. Bitcoin, with no need to pay exchange houses for the listing.

 

  • Dwelling on the token topic, we cannot but mention yet another Echo benefit. Specifically, the contract fee pool. In contrast, you must be well aware of Ethereum’s bottleneck in this regard. Whenever you wish to exchange ZRX to, say, REP, you should invariably possess some ETH. When it comes to Echo, the platform handles this concern via the contract’s fee pool deposit. Basically, Echo takes care of their clients by granting them an opportunity to pay the deals via their fee pools.

 

  • As you well know, Ethereum lacks native multisig, which is not that much of an issue if handled via specific contracts. Yet, in order to enter decentralized trades, you are to approve your possessions via building a host signature. The host address will be your contract address. Thus, the decentralized exchange houses are actually unavailable for multisig-based wallets. That’s where Echo is a win-win solution. So far as the platform supports multisignature functionality at the account level, as opposed to the contract one, clients can absolutely use their accounts for trading.

 

  • Echo boasts an amazing throughput, which is no less than 1000 transactions per second. Speaking about Ethereum, for a change, it only handles 8 to 25 transactions, while other contract activities can put the network efficiency into question.

 

  • Those who pick Ethereum for 0x short sales should better choose Echo for that mission. Obviously, Ethereum’s high fees will be a dealbreaker, as opposed to Echo’s.

 

Once you make an order, you’ll have to go through one to three transactions, with a note that they should go across different blocks. Specifically, you can expect the following Ethereum timing, with one transaction every 20 seconds:

00:00 – first transaction starts

00:10 – expect the current block launch, with no transaction

00:30 – expect the transaction block launch and get approval that you have to make another transaction attempt

00:50 – expect the oncoming block, with no transaction

01:10 – the next transaction block launches, along with the order approval

Long way to run, right?

In this regard, we’ll put Echo into the spotlight once again. The thing is, Echo ensures a way faster block release as compared to Ethereum workflow. Let’s take a closer look into the timing:

00:00 – transaction #1 launches

00:03 – expect the current block launch, with no transaction

00:06 – expect the transaction block launch and get approval that you have to make another transaction attempt. So far as sending user a request for signing the message takes more time than Ethereum’s block, let’s assume that we’ve spent 10 more seconds for this

00:18 – expect the oncoming block, with no transaction

00:21 – the next transaction block launches, along with the order approval

 

Want to learn more? Read our next article titled How we’ve Migrated 0x to Echo. Technical details.

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