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EOS Introduces EVM Support as Part of New Revitalization Plan

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Calgary, Alberta–(Newsfile Corp. – April 22, 2022) – The EOS Network Foundation (ENF), a community-led entity that took the reins of the EOS project from Block.One, has completed the work required to bring the Ethereum Virtual Machine into the EOS network, allowing developers to use familiar blockchain tools and code on the high performance blockchain.

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The Trust EVM, which was announced during a recent launch event on Twitter Spaces, is the name of the new virtual machine that runs as a smart contract on the EOS protocol. This allows it to be significantly faster than the other EVMs with 0.5 second block times and 10,000+ TPS. In addition, the EVM runtime maintains full compatibility with the rest of the EOS dApp ecosystem, allowing tokens to be trustlessly moved between the environments.

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The extremely fast block times and low latency enabled by EOS can completely revolutionize the EVM dApp ecosystem. GameFi apps based on micro-transactions built using Solidity can finally thrive on EOS, as its extremely high throughput enables micro-cent gas fees. DeFi apps can also benefit tremendously from the ultra low latency, enabling high frequency trading cases for regular EVM smart contracts.

The EOS network has proven its ability to process over 120 million daily transactions during periods of high usage, the equivalent of almost 4000 TPS of usage in production without any network stoppages or disruptions. However, under the previous tutelage of Block.One, the developer experience on EOS suffered immensely due to their lack of commitment to community or financial support, therefore it never succeeded in attracting a critical mass. This meant that the platform failed to attract developers and missed out on the DeFi and NFT booms. Yet, EOS remains the most scalable and performant blockchain in production today. It has been battle tested over four years. By integrating the EVM, the previous developer tooling issues can be instantly remedied by providing instant access to open source code libraries, SDKs, and popular toolkits such as Hardhat and Truffle, paving the way for rapid adoption.

“Since essentially firing Block.one and taking over the EOSIO codebase, the ENF has been taking a multi-pronged strategic approach to mature EOS into the best-in-class Web3 smart contract platform and blockchain ecosystem. Since the start of this year, the ENF has established multiple working groups across many areas of expertise, published four research papers outlining 75 EOS Enhancement Proposals, formed a protocol development coalition with $8m in funding for its first year, and tripled our team size.

Our first product, the Trust EVM will usher in the next generation of DeFi and GameFi with limitless possibilities when combining the speed, throughput, and cost of EOS for Solidity based applications running on the EOS EVM. Trust EVM will revolutionize the DeFi landscape as it exists today,” – Yves La Rose, Executive Director of the EOS Network Foundation.

EOS Network

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The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal web3 user and developer experiences. EOS is the flagship blockchain and financial center of the EOSIO protocol, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).

EOS Network Foundation

The EOS Network Foundation (ENF) is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network. The ENF is the hub of the EOS Network, harnessing the power of decentralization as a force for positive global change to chart a coordinated future for EOS.

Media Contact:

Zack Gall, EOS Network Foundation
[email protected]

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121352

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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