Blockchain Migration Service
Blockchain migration is the transition of a project from one blockchain to another. Such a migration may be necessary in the event that the logic of the project development changes. Switching to a different blockchain may require the project to start a process known as token migration or token swap. Boosty Labs is the largest smart contract audit services, blockchain development outsourcing company and cross chain bridges development team in Europe. Its world-class fintech, cloud engineering and smart contract development team with a solid background of practice that combines consulting, strategy, design and engineering at scale, can help with blockchain migration services.
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Blockchain Migration Scenarios
Changing the hardware on which the blockchain instance runs. For example, an organization may migrate a local blockchain instance to a cloud-based IaaS or BaaS instance to take advantage of computing resources.
Creating a new blockchain instance to improve performance, security, create new features, reduce costs, and increase openness while losing backwards compatibility. For example, one can upgrade from a PoW version to a PoS version of the same blockchain platform to improve performance and cost efficiency.
Combining two or more existing blockchains into a single target blockchain. An example would be a merger between two enterprises, where blockchain-based applications are consolidated by migrating one blockchain instance to another.
The logical division of the original blockchain such that each subset of the global state is only maintained on a different set of nodes.
Forking off one or more target blockchains and partitioning global state across them.
Creation of a complete block history archive on the target blockchain. For example, an organization may create an archive as the original blockchain deletes old blocks to reduce storage or go out of business. In addition, it can be used to redirect additional load on the original blockchain due to transaction validation, auditing, data analysis, and public access transactions to another blockchain instance. In addition, in the banking and finance industry, transaction history must generally be kept for seven years.
Different Levels of Blockchain Migration
- New Launch
Launching a new application round/instance without transferring any blockchain data.
- Only State Transfer
Transferring a selected subset of state, which is necessary for transactions during the next round of the application, to the target blockchain.
- State & Transaction Migration
Transferring both selected states and related transactions. For example, in addition to recreating the ending balance(s), it may be necessary to look up past transactions on the target blockchain. Thus, both states and transactions must be migrated.
- Both Genesis & Transactions Transfer
The original state and all subsequent transactions are transferred to the target BC to recreate the state and complete history.
- Blockchain History Transfer
The complete history of the original source blockchain (including state, transactions, smart contracts, and block headers) is transferred to the target blockchain for load shedding read-only queries, transparency, or auditing.
Blockchain projects start life as white papers. The journey from white paper to a real product often involves many twists and turns, and sometimes projects change their plans – for example, they decide to move to a completely different blockchain.
Blockchain migration is an ongoing phenomenon in the digital asset space that can affect the structure of an asset in different ways. Assets can migrate from contract to contract using the same protocol, as well as from one blockchain platform to another or both. Migration can occur for a number of reasons, including adding new assets to an existing product ecosystem, expanding support for new protocols, updating asset functionality, or moving an asset from testing to production.
The concept of “blockchain migration” is largely synonymous with the concepts of “cryptocurrency or token migration”, or “token swap”. During migration, tokens can be transferred from one blockchain to another, while remaining valid and available for use.
This may occur in cases where developers or token holders decide that a new platform offers higher performance or a higher degree of security, or if the old platform becomes obsolete or no longer supported.
Blockchain migration became commonplace in 2018 during the initial coin offering (ICO) boom. In 2018, most of the projects that carried out ICOs conducted them on Ethereum blockchain using ERC-20 tokens. Some of them promised that the tokens bought by the investors could be used in their future technologies, including the blockchains they intended to build. As a result, when projects eventually launched their own blockchains, they needed a way to move investor tokens from Ethereum to their own chains.
Examples of projects that have migrated from Ethereum to their own networks include Tron, EOSIO, Crypto.com, Golem and Aeternity. Migration also occurs when a project moves from a third-party smart contract platform to its own blockchain. For example, Ontology, which was originally a NEP-5 token on the NEO platform, migrated to its own blockchain in 2018.
Token migration can also be performed between two different blockchains. For example, in 2020, Kin initiated the transfer of its ERC-20 Kin token from Ethereum to the Solana blockchain.
The number of smart contract platforms is growing. Smart contract platforms compete with each other in terms of cost, functionality, etc. Therefore, experts predict a surge in migration from Ethereum to other smart contract platforms such as Solana, Cardano, Polkadot and others.
We are now seeing a rise in the desire for blockchain interoperability and interoperability. The blockchain migration process depends on the project. The need for migration does not mean that you need to understand the intricacies of coding. Boosty Labs will help you develop blockchain migration solutions.
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