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Introducing: The Elastos Smart Chain (ESC) and Cross-chain Operation Manual
One of the most versatile, powerful, and promising components of the Elastos tech stack, the Elastos Smart Chain (ESC) is a fully EVM-compatible sidechain that supports Solidity smart contract execution. Secured by Elastos’ community-backed DPoS consensus, the ESC is a high performance, scalable chain for developing decentralized applications (dApps). Users and developers alike can utilize the ESC for the same functions and features they enjoy on Ethereum.
The ESC: Key Features
The Elastos Smart Chain (ESC) supports a series of high-impact features:
1) Solidity Smart Contract Support
The ESC supports the execution of smart contracts written in Solidity, opening up a programmable environment for dApp development.
2) Robust Security from Bitcoin’s Hashpower
By virtue of its connection with the Elastos mainchain, the ESC is protected by the Bitcoin network’s industry-leading hashpower.
3) EVM Compatibility
In bringing Solidity smart contract support to the Elastos ecosystem, the ESC opens the door for a massive community of blockchain developers to build sophisticated applications on Elastos, and to port existing applications written in Solidity as well.
4) Flexible, Scalable Sidechain Architecture
Elastos’s mainchain-sidechain architecture is highly flexible and highly scalable. The Elastos mainchain supports the development of both a large number of identical sidechains for scalability purposes and a wide array of unique sidechains with varied forms of consensus.
5) Decentralized Finance (DeFi)
With programmable smart contract modules, the ESC enables the development of an ecosystem of interoperable DeFi applications.
The ESC: Live Applications
At present, a number of Elastos community teams have applications running on the ESC:
1) Glide Finance – Decentralized Exchange (DEX)
Glide Finance is a decentralized exchange (DEX) protocol that allows users traders to enjoy a high-performance trading environment at reduced costs. Already deployed on the ESC, Glide supports the decentralized exchange of ELA and other digital assets, and also serves to promote the development of Elastos ecosystem DeFi legos.
2) Feeds – Decentralized Social Media
Feeds is the first decentralized social application built in Elastos ecosystem. Feeds shares a common vision and goal with Elastos: to build a network of platforms that provide comprehensive protection for self-ownership at the user level. On Feeds, users own the data they generate, whether in the form of comments, posts, likes, or entire personal channels. In addition to supporting core functions already active in prominent social applications, Feeds is focused on social media-native Web3 features. Already, NFTs can be minted directly by users on the Feeds application, which supports NFT functions via the ESC.
3) Elacity – Web3 Marketplace
Elacity is a Web3 marketplace and ecosystem based on Elastos Smart Chain (ESC). Elacity leverages the tech stack to aggregate ESC smart contracts, services, and tools into a user-friendly smart -city portal.
4) ODin NFT – NFT and Metaverse Platform
ODin NFT is a decentralized NFT and metaverse platform. ODin NFT is committed to creating an ecosystem of its own that features Chinese cultural artwork in a metaverse setting. ODin’s long-term vision is to become what they refer to as the “Chinese version of SuperRare.” At present, ODin utilizes the ESC to verify NFT ownership and transactions.
ESC: Operation Manual
To configure the Elastos Smart Chain network on MetaMask, follow the steps below:
1) Log into MetaMask, click “Network”, and select “Add Network”.
2) Fill in the corresponding box with the following parameters:
Network Name: ESC
New RPC URL: https://api.elastos.io/esc
Chain ID: 20
Blockchain Browser: https://esc.elastos.io
Instructions for Cross-chain Operations using ShadowTokens
ShadowTokens is a cross-chain bridge that operates between the Elastos mainchain, HECO Chain, and Ethereum. Using ShadowTokens, users can transfer digital assets (ETH, ELA and any ERC20, ERC677 or ERC827 tokens) efficiently and securely between the three chains. Users who want to send assets from Ethereum or HECO Chain to the ESC must first send the assets to the Elastos mainchain via ShadowTokens. Then, users may complete the transaction by sending their assets from the Elastos mainchain to the ESC via Elastos Essentials.
Instructions for Cross-chain Transfers from Elastos to Ethereum
1) Visit https://tokbridge.net. Connect wallet (MetaMask or WalletConnect) to the Elastos network. After connecting to the network, your address will be displayed in the navigation bar in the upper right corner, and the “Max” button will be displayed in the “ELA balance” position. In addition, the page will display two ELA balances:
i. The upper balance represents the assets on the current network (Elastos).
ii. The lower balance represents the assets on the destination network (Ethereum). There will be logos for “Lock Position”, “Release”, “Burn”, and “Minting” on the page, which will change according to the assets you select. In this case, ELA will be locked on the Elastos mainchain, and its shadow tokens (ELA on Ethereum) will be mint at a rate of 1:1 on Ethereum and managed by the related smart contract. When ELA is transferred back to the Elastos mainchain, the “ELA on Ethereum” token is burned, and the mainchain ELA is released to the designated address on the ESC. This process applies for all asset transfers.
2) Enter the amount of ELA you want to transfer to Ethereum. The minimum transfer amount is 1 ELA. It should be noted that ELA is used for gas fees on the ESC. As such, some ELA should be reserved to cover transaction fees. When you enter a valid amount, the “Next” button will become active. Click the “Next” button to proceed.
**Note: The address bar can be changed. If you want to bridge your asset to another address, you can change the address. In most cases, this function can and should be ignored.**
3) Next, you will arrive at a confirmation page. Make sure transaction details are correct, and then click “OK”.
4) The application will prompt you to authorize the contract in your wallet. There is a default gas fee which does not need to be adjusted. However, if you would like to accelerate transaction confirmation, you may increase the fee.
**Note: No authorization is required to transfer ELA and ETH. However, for ERC-20 tokens, there will be an expense authorization request to allow the smart contract to retrieve funds from the token contract, and there will be a subsequent request to confirm the bridge transfer.**
5) The interface will display the transmission progress, including information regarding block confirmation and bridging verification transactions on the original network, and generating or releasing your assets on the destination network. When the transaction is complete, a link will prompt the user to view the confirmed transaction on the block explorer of the destination chain.
**Note: In some cases, the transfer may take longer than expected – that is, upwards of 5 minutes. This is because the bridge uses a fixed gas fee. If you experience such a delay, check the connection of the block explorer. Regardless, rest assured that your funds are safe, and the transaction will be completed successfully in spite of the delay.**
Instructions for Cross-chain Transfers from Ethereum to Elastos
1) In Metamask, switch the network to Ethereum, wait for the application to synchronize, and then check your balance on the Ethereum network.
2) To view the ELA you minted on Ethereum, click the pull-down menu for “ETH”, open the default token list, and select “ELA”.
**Note: You can also check the opposite bridging direction by clicking the “switch” icon, but you need to switch the network in Metamask first. Otherwise, it may not automatically connect your wallet to the desired network.**
**Note: You can also add customized tokens by pasting the token contract address in the search bar.**
3) To transfer ELA from Ethereum to Elastos, repeat the same process outlined above. Now transferring in the reverse direction, you can burn ELA tokens on Ethereum and release the original ELA on Elastos. However, if you initiate a transfer from Ethereum, the gas fee will be much higher due to a larger confirmation requirement. Of course, a more costly transaction should be considered in advance.
Instructions for Recharging Your Balance on the ESC
1) Open Elastos Essentials, switch the network to “Elastos”, select “mainchain ELA”, and click “Transaction and Transfer”.
2) Advance to the subsequent page and select “Transfer” and then select “ELA Smart Chain”
3) Enter the deposit amount, confirm the information, click “Recharge”, and wait for the recharge to be completed.
The Elastos Smart Chain is an exciting and multidimensional technology that is just beginning to draw attention from application developers in the Elastos ecosystem. The ESC’s and its capabilities are constantly being optimized and improved, and developer interest is growing rapidly in suit. To keep up with the ESC as it continues to support new and innovative ecosystem use cases in existing and forthcoming applications alike, follow CR Herald, and stay up-to-date here at the official Elastos Info Blog.