- The Chief Architect of Flow Blockchain proposed a plan to integrate EVM.
- This proposal aims to enable assets such as ERC-20 and ERC-721 tokens.
- The bullish investors have taken the support of the 50-day EMA to surge.
Dieter Shirley, one of the co-creators of CryptoKitties and the Chief Architect of Flow blockchain, has proposed an ambitious plan to integrate the Ethereum Virtual Machine (EVM) into the Flow platform.
This proposal aims to achieve full EVM equivalence, which will offer a seamless transition for developers and users while bridging the existing Ethereum decentralized application (dApp) ecosystem with Flow’s unique features.
The Flow blockchain has been designed for large-scale decentralized applications and boasts a clever contract language. Yet, Cadence developers have faced challenges when utilizing existing Ethereum-based applications and tools on Flow. Shirley’s proposed integration addresses these challenges by enabling EVM equivalence on Flow.
What Help Will the EVM provide?
It will allow Ethereum dApps to operate on Flow without any code modifications. Popular Ethereum protocols such as Uniswap, Opensea, Metamask, Chainlink Oracle, and others are expected to work seamlessly on Flow while retaining the capability to create or extend Solidity contracts using Cadence.
The proposal focuses on achieving seamless composability between the EVM and Cadence environments by introducing “bridged accounts.”
These accounts act as conduits for interactions, encompassing function calls and asset bridging between the two domains.
This functionality enables assets such as ERC-20 and ERC-721 tokens to move effortlessly between the EVM and Cadence environments. Ultimately, this integration aims to expand the functionality of smart contracts across both domains, enhancing the developer and user experience.
One of the critical components of this integration is the asset bridging functionality, which allows tokens to be transferred between Cadence and EVM environments. Anyone can initiate this process if the ticket meets the specified interface requirements. Once bridged, assets can traverse between the environments via deposit and withdrawal methods, streamlining asset interactions for users and developers.
Technical Analysis & Prediction of FLOW Coin Price
In the present week, there was a steady and noteworthy increase in the value of Flow cryptocurrency. The FLOW coin price displayed occasional volatility but followed an upward trend overall.
It reached a high point of $0.880, its current resistance level, before settling into a relatively stable range. Despite market volatility, Flow remained resilient and maintained a consistently positive trend as the bulls didn’t need any support.
However, the support levels for the FLOW coin price are at $0.597, and $0.502. The price prediction for the FLOW coin price suggests that there are higher chances of a breakout.
Conclusion
Dieter Shirley, co-creator of CryptoKitties and Chief Architect of Flow blockchain, proposed integrating Ethereum Virtual Machine (EVM) into the Flow platform. It allows ERC-20 and ERC-721 tokens to move between EVM and Cadence environments. The FLOW coin price experienced occasional volatility but an overall upward trend, peaking at $0.880 and settling into a stable range.
Technical Levels
- Support Levels: $0.597, and $0.502
- Resistance Levels: $0.850 and $1.068
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.