Cryptocurrency News

Stablecoin Transfers Reimagined: 1-Second Transactions and 0.5 Cent Fees with ESCC on EOS

By December 14, 2023 No Comments

​Key highlights

  • EOS Labs and the EOS Network Foundation have partnered up with the EOS Stable Coin Chain project to create an innovative solution for digital currency transfers.
  • They’re combining EOS’ speedy 1-second transactions with stablecoins that promise predictable low fees of around half a penny per swap.
  • With these lightning-quick and affordable stablecoin transfers, entire industries and economies can start to accept digital payments.

EOS Labs and the EOS Network Foundation have joined forces with the EOS Stable Coin Chain (ESCC) to bring unparalleled speed, low costs, and compatibility to how we handle digital currencies on distributed ledgers. Let’s dive into the details of this innovative partnership.

ESCC has deployed a groundbreaking new blockchain directly on the EOS network, utilizing a customized implementation of EOS’ highly-optimized EVM architecture. Performance developers can seamlessly migrate their Ethereum-based stablecoin dApps and take advantage of EOS’ tremendous performance. ESCC is bringing the lightning to these blockchain transfers! With 1-second block times, users will fly through transactions at speeds nearing instantaneous. No more anxiously waiting ages for confirmations.

Average Swaps per second

Image: Average Swaps per second according to blockchains

Low fees make stablecoins accessible to all

But incredible speed is only part of the story. ESCC also aims to bring the cost of stablecoin swaps dramatically down to about half a cent per transaction. To put that in perspective, a cup of coffee costs more than 100 stablecoin transfers. These near-zero fees will open up affordable payment options for many more people worldwide.

Think of the possibilities – localized currencies that foster global economic inclusion. Regions suffering from hyperinflation find stability and opportunity. Cash-only industries like self-employed services finally entering the digital age. ESCC’s lightning-fast and low-fee revolution could connect our world in powerful ways.

Stable as a stablecoin

Of course, with any cryptocurrency, volatility is usually the biggest barrier to mainstream adoption. That’s why ESCC’s most ingenious innovation is using stablecoins as the “gas” that fuels transactions on its network. Instead of ether’s wild price swings raising transaction costs unpredictably, USD Coin or other dollar-pegged stablecoins provide reliable and affordable fuel for inclined users around the world.

Sending and receiving payments will no longer require precognitive powers to foretell gas price movements. Businesses small and large can confidently build stablecoin applications, reassured that infrastructure costs stay locked in a predictable range. This one tweak revolutionizes usability and opens the stablecoin market to exciting new possibilities.

Solutions tailored for all industries

ESCC brings the best of both blockchain worlds together. Its flexible architecture can accommodate the specialized needs of both open and regulated DeFi environments as well as traditional finance’s strict compliance standards. Whether you need lightning-fast payments for online marketplaces or rigorous KYC checks for institutional trading – ESCC has you covered.

From personalized stablecoins for indie artists to corporate settlement tokens for multinational conglomerates, ESCC’s modular architecture crafts customized blockchain solutions that power innovation across industries. The partnership’s inclusive approach truly has something for all.

A seamless bridge between worlds

Last but not least, ESCC’s integration of EOS EVM technology eases cross-platform collaboration like never before. Developers fleeing high Ethereum gas fees will feel right at home crafting elegant stablecoin solutions with Solidity. Meanwhile, those already killing it on EOS gain instant access to Ethereum’s vibrant ecosystem with zero migration hassle. ​