Blockchain
EOS Introduces EVM Support as Part of New Revitalization Plan
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.
Figure 1
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8506/121352_91aeab50343858e3_001full.jpg
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.
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
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]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121352
Blockchain
Cross Border Payments Market to Reach $345.42 Billion by 2033; Rising Volume of International Trade & Services to Propel Growth
Blockchain
PairedWorld Earns Nomination for Best Blockchain Project for Social Impact, Secures $1.5 Million in Private Token Sales, and Welcomes Paul Taylor Who Is a Venture Partner at BlackRock to its Advisory Board
Saakuru has recently achieved significant milestones in its development, positioning itself as a leader in the gasless blockchain revolution that is reshaping the industry. Within just nine months of its launch, the consumer-centric L2 protocol has entered the top 5 brands in its niche and records over 1.44 million weekly users, according to data from DappRadar.
The project is gearing up for the official launch of its Saakuru token ($SKR) by the end of April, supported by a successful private funding round that raised $2.4 million. Saakuru Protocol stands as a pioneering advocate of gasless technology, aiming to accelerate the adoption of Web3 into the mainstream by enhancing the user experience and reducing costs for both developers and end users.
Unlike traditional blockchain networks, which often suffer from high gas fees and security issues, Saakuru Protocol leverages Oasys High-Speed Optimistic Rollups to create a public-permission, gas-less L2 blockchain. This innovative approach eliminates gas fees, improves user experience, and introduces new tokenomics models, enabling the development of versatile decentralized applications with higher security standards, cost-effectiveness, and ease of use.
The Saakuru token serves as a multi-purpose token within the protocol, providing utility and governance. Its advanced burning mechanism gradually reduces the token supply while potentially increasing its value. The token is integrated into all operational layers of the Saakuru protocol:
1. Developer Layer (Saakuru Labs): Provides products and services with proprietary business models, burning 10% of profits.
2. DeFi Layer (Taffy DEX): Utilizes Taffy DEX technology, where 0.005% of transaction fees are converted to SKR tokens and burned.
3. Governance Layer: Enables token holders to participate in protocol governance, with 5% of tokens used for governance initiating the review process being burned.
4. Protection Layer: In the event of triggering the protection mechanism, SKR tokens are burned, with 3% of saved tokens being burned.
Through these innovative features and layers, the Saakuru token and protocol aim to drive adoption, enhance functionality, and provide sustainable value for users and stakeholders alike in the evolving blockchain landscape.
Source: finance.yahoo.com
The post Saakuru Leads the Gasless Blockchain Revolution, Disrupting the Industry appeared first on HIPTHER Alerts.
-
Blockchain7 days agoBlockchain Transforming Travel: Quantum Temple’s Innovative Venture
-
Blockchain4 days ago
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
-
Blockchain5 days ago
Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
-
Blockchain Press Releases5 days agoCanaan Shines at Blockchain Life 2024 in Dubai
-
Blockchain Press Releases5 days agoBybit Institutional Report 2024: Institutions Become Bullish and Eye Challenger Chains, while VC Funding Resurges for Infrastructure, Gaming, and AI
-
Blockchain5 days ago
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
-
Blockchain Press Releases6 days ago
Bybit and Franck Muller Partner with Sidus Heroes to Launch Cosmic Gears: A Pioneering Web3 Game with a $250,000 Prize Pool and Exclusive Watch Collection
-
Blockchain7 days ago
Evolution of the Blockchain World: Doric Blockchain Drives Education and Adoption of Blockchain Technology and Tokenization in Latin America
