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Block.one announces $200K reward for Ethereum VM on EOS

Manu Naik

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Blockchain solutions provider, Block.one, recently announced that it would be offering $200,000 to the individual, team, or organization that is able to complete its proposed challenge. The challenge entails creating an EOSIO smart contract capable of storing and invoking “Ethereum Virtual Machine (Solidity) smart contracts in an Ethereum-like environment.”

According to the announcement post, the challenge will enable developers in the EOSIO, Ethereum, as well as the wider blockchain communities “to use their preferred development platforms while leveraging the benefits of EOSIO.”

“This initiative will increase collaboration throughout the blockchain ecosystem by introducing solutions that promote scalability and connectivity.”

EOSIO can process smart contracts faster, reducing the impact of a significant roadblock for developers,” said Block.one, explaining how participants will have one year to solve the aforementioned challenge.

In 2019, EOS DApps saw more transaction volume in terms of USD than Ethereum. Such a smart contract would enable the community to use ERC20 and ERC721 token from the Ethereum blockchain and utilize them on EOS. This could also create some staunch competition between the two blockchains, something that is always good for innovation.

Additionally, with all the uncertainty surrounding the Ethereum 2.0 upgrade and its move to proof-of-stake, even the staunchest Ethereum users could contemplate jumping ship.

In its official announcement, Block.one also said that the challenge submission period would be closed if a prize winner was announced before the expiration date in February 2021. Submission testing will reportedly happen approximately every three months. Block.one also mentioned that a winner would be announced no later than 3 March next year.

Block.one also noted that ideal submissions should not contain changes to the EOSIO software, and must contain documentation for querying EVM contract’s state and account balances. Additionally, submission materials are required to be in English or should come alongside an English translation.

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.