shEOS has recently created a platform that allows for the transfer of tokens from the Ethereum blockchain onto the EOS blockchain.
https://github.com/sheos-org/eos21
They are calling it "Teleportation" and it works by effectively destroying the tokens on the original chain (In this case ETH) and creates identical ones on the new chain (EOS). The process ensures that you cannot end up with duplicate coins on both chains.
In a recent shEOS post:
“Recently, the importance of one specific development has become clear to us, and that is inter-blockchain communication and interoperability. […] How empowering would it be for developers to have freedom to move their tokens to any chain they wanted to? To any chain they felt best addresses the needs of their particular project. It’s widely known that each blockchain offers certain qualities that make it more appealing depending on the needs of the dApp developer.”
If this works, it would make the exodus from the endlessly clogged ETH platform to EOS even easier. Interesting times.
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Does this work the other way around?
I don't think that is part of this release, but I don't see why that couldn't be done from a technical standpoint with EOS. Seeing as how shEOS is a standby EOS BP trying to get into the Top 21, its not really in their best interest to put that tool out there in reverse.
Wow, that's impressive! Are there any fees involved for using this service?
I didn't see a mention of fees on their post or in the info on GitHub.
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Can't wait to see the first Dapp that transfers over to EOS by using EOS21.