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Fintech Projects Leaving Ethereum ERC20 for Komodo begins

Follow Feb 05, 2019 · 3 mins read
Fintech Projects Leaving Ethereum ERC20 for Komodo begins
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The morning I drafted this post, I had a notification that someone clapped for a Medium comment I left about projects leaving ethereum and migrating to another system in the time that Ethereum works on getting 2.0 multi-sharding system working.

If you can follow this hackernoon article on the Ethereum upgrade path with a beacon chain and the rest of it, you might wonder what’s in it for the projects that rely on the underlying blockchain?  If you didn’t wonder about ETH having a project’s best interests in mind –  I did here.

projects-leaving-ethereum-questions

Questions projects leaving ethereum have probably already asked themselves

  • What problems of ours is ETH trying to solve?
  • Why waste our time learning this new mixture of unproven tech without any guarantees?
  • Will we be able to build our own shard?
  • Will we be able to manage our own shard?

Blockchain problems ethereum solved

Ethereum solved the problem of public crowdfunding.  However, for projects that have past this stage in their lifecycle and are looking to start creating blockchain products, maybe it’s time to ask should our project leave Ethereum for a more independent and secure solution with proven technology?

In 2018 I wrote a #13 Tech Tuesday of a weekly blog series for Komodo comparing Ethereum‘s capabilities as described in the ETH whitepaper to the recent developments of Komodo and most notably the Crypto Conditions system of consensus customizations which includes “smart contracts”, oracles and interactivity/reactivity and pretty much anything you can code and integrate it into a blockchain system.

Projects Leaving Ethereum For Komodo’s Asset Tokenization & More…

The O Crypto Union project started it’s blockchain life on ETH.  Fabien, one of the most approachable project owners I’ve chatted to on discord has sent me a number of items to read through and watch (2 mins intro to Komodo Secured Bond) to sum it up:  the project produces a stable coin and a credit union banking integrated product.   It’s a fintech startup – and it’s one of the first projects leaving Ethereum for Komodo – if not the first project.

Note:  I get NO financial or other benefits from the stablecoin (KSB) or O Crypto Union (OUR).  I’m involved with the Komodo Pioneers meetups team.  I do write Komodo’s Tech Tuesday articles.

How does a project migrate off Ethereum?

This migration looks like it’s being manually processed.  So one has to trust the project founders to honour the migration process.  If this sounds like alarm bells ringing off … well, there may be automated ethereum migration processes being built.  My knowledge of Komodo is that they have already successfully integrated notarizations of Ethereum’s blockchain onto the Komodo blockchain.  The Komodo dev team also boasts some of the best DEX engineering in the world.  Of course “some of the best” does not mean to alienate other DEX projects – which is another topic altogether, Atomic Swap DEX vs On-chain DEX vs Hybrid DEX – low level trustless blockchain swapping through to responsive GUIs.

Reading between the lines, one can guess that given the time and resources, the Komodo dev team can build an automated trustless solution, pegged 1:1 or any other ratio through their GPL licensed market making technology.

Who to contact for ERC20 Migrations?

There are a number of avenues to investigate if you’re considering being one of the projects leaving Ethereum for a scalable and secure alternative.

 

 

 

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