Migration to Ethereum
To date, Tapmydata has been based on the Stellar blockchain. The ease of development with Stellar and the cost of transactions made it a great initial platform for our project. As you can see from our stellar expert listing for the current Tap token we’ve been growing the number of wallets and the velocity of the token has been steadily increasing. See our Stellar Expert listing.
We now believe the time is right to move to Ethereum. Why? The reasons for us are as follows.
- 1.Well established token standards for fungible and non-fungible tokens. Stellar doesn’t support non-fungible tokens currently and there is no smart-contract support other than a predefined set of parameters and actions that are very basic.
- 2.Token swaps The DeFi space is growing rapidly. When we originally built Tapmydata, this wasn’t a thing. You couldn’t swap one token for another without going via an exchange and each token would need to be listed. There is now a lot of activity in the space and we see a future where real-time token swaps play a key part in your data ownership journey.
- 3.Community and liquidity Outside of Bitcoin, Ethereum has the most liquidity and value passing through it. In time this will only increase.
- 4.Scalability and cost dynamics A number of viable solutions to scalability are beginning to emerge. One we are looking at closely is zk-rollups but there are also other layer 2 solutions that will enable us to scale the project and reduce costs.