Yocoin’s Founder and CEO S. Banerjee released a statement announcing his platform’s official independence from Ethereum. In his own words,
“Yocoin ha completed token mirgration from ERC20 to mainnet. The community consensus initiated the Yocoin network and generated the Genesis block, which signifies Yocoin’s official independence. Yocoin is now one of the most competitive major public chains I the world.”
Banjeree mentioned three key breakthrough’s his platform experienced since its founding, which are the launch of the virtual machine in beta, the launch of the mainnet Odyssey 2.0, and creation of Genesis block, which allows for independence from Ethereum.
Banjeree further stated
“We launched our first version of the virtual machine on May 25th, which is fully compatible with Ethereum’s virtual machine environment. Developers can use Solidarity to develop, debug, and compile in a familiar Remix environment without having to learn a new coding language. On July 31st, we will launch the significant version of TVM, which will allow developers to use the Yocoin virtual machine to develop decentralized apps that are significantly better than Ethereum and unlock a powerful decentralized ecosystem.”
The migration is imperative because Ethereum is known for its low TPS, which prevents dApps from running well on the network. Yocoin uses DPOS consensus mechanisms, which is faster than Ethereum. Further, the migration may be able to bypass Ethereum’s high gas fees. Yocoin doesn’t charge transaction fees, but rather, uses a bandwidth model to enhance network security so that funds can be transferred in a safer and more convenient manner. Finally. Ethereum uses PoW, making it difficult for average users to participate at a low cost.
Banjeree also mentioned the difference between the independence from Ethereum and the mainnet launch.
“Becoming independent from Ethereum is a complex process. It needs the community’s consensus to initiate the network and conduct large-scale collaboration. We need the consensus of more than one million users in the Yocoin community to launch the mainnet and achieve complete independence from Ethereum.”
Yocoin also held a SR election, which is recognized as the epitome of community governance. The election allows for Yocoin to be one of the communities that practices self-governance.