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Ethereum (ETH), EOS, and Tron (TRX) Users Will Be Able to Interact With Each Other Thanks to Loom Network

Deciding which blockchain will be most suitable for a Dapp
is the most critical choices of any developer; however, the Loom Network team
seems to have achieved the dream of interoperability that kept many developers
and enthusiasts fantasizing on social networks (and working hard to make it
happen).

In an announcement published on its official blog, the Loom Network team explains that thanks to the development of PlasmaChain, dAPPS running on Tron and EOS will be able to communicate smoothly with each other, and interact with Ethereum (the blockchain on which PlasmaChain runs).

Over the coming weeks, Loom Network will be releasing integrations for Tron and EOS into PlasmaChain – effectively allowing DApp developers to offer their DApps to users on all three chains simultaneously.

Loom’s team says they took a blockchain-agnostic approach, to develop a product that would be useful for as many users as possible, but they are aware that such a decision “is bound to ruffle a few feathers.”

Loom Network developed PlasmaChain as a “universal layer 2” that will make it possible to share data among TRX, EOS and ETH users. Image Courtesy: Loom

Although Ethereum is the second most important blockchain in the ecosystem, the growth of other DApp-oriented blockchains is undeniable. Coming up with a solution that allows developers to expose their product to users of “rival” blockchains without having to do any kind of reprogramming is a wise decision, both economically and technologically .

Bottom line is, DApp developers want the maximum number of users possible using their DApps and spending money on their services- and they’re going to gravitate toward whichever platform offers that.

The Loom Network team explains that PlasmaChain
generates a kind of common ground in which, from a user’s perspective, it is
irrelevant to decide which blockchain to use, since anybody can access the DApp
and pay with any token (ETH, EOS, TRX, or any ERC20 token). According to the
developers, PlasmaChain is a kind of “universal layer 2”.

In other words, Ethereum, EOS, and Tron users will be able
to interact as seamlessly with PlasmaChain DApps as if they were native
DApps on each of those platforms.

Loom network allows users to “make a purchase transaction on Layer 1 Ethereum, and receive the purchased game item (or other digital asset) on Layer 2. This operation takes less than 3 seconds and does not have additional costs associated.

The Loom team has not announced an official release date,
however, according to their statements, PlasmaChain should already be in a phase
of final development.

The post Ethereum (ETH), EOS, and Tron (TRX) Users Will Be Able to Interact With Each Other Thanks to Loom Network appeared first on Ethereum World News.

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EOS Price Analysis: More Bears Waiting to Hop In?

EOS is trending lower on its 1-hour chart and might be due for a quick correction.

EOS has formed lower highs to trade below a descending trend line so far this week. Price also recently fell through near-term support around 4.8000 to signal a pickup in selling pressure.

It is finding support around the 4.1800 area, though, so a pullback may be in order. Applying the Fibonacci retracement tool shows that the 61.8% level not only lines up with the former support but also with the descending trend line resistance.

If any of the Fib levels keep gains in check, EOS could fall back to the swing low or lower. The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse.

EOS joined most of its cryptocurrency pairs in the latest selloff as this altcoin is also holding out for more positive updates. One of these could be the hackathon coming up in San Francisco in November 10-11 as the event would put the spotlight on EOS developments.

So far, EOS is down roughly 10% to start the week as risk aversion in the global financial markets has been in play. Although there is some demand for alternative assets in the wake of the turmoil in Turkey, it appears that most of the gains have been taken by bitcoin.

Nonetheless, EOS continues to attract new DApps that were initially on the Ethereum platform and might even be looking to change the minds of newer ones that are looking to develop on the Ethereum blockchain.

@MeetDotOne – an EOS-centric account – tweeted a list of DApps now available on the EOS platform. It also helps to remember that the Chinese government, through the China Electronic Information Industry Development (CCID), has ranked EOS in the number one position once more.

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