Ushering EOSIO into a New Era of Blockchain Development
A collaborative effort is underway among four blockchains—EOS, Telos, WAX, and UX Network—that operate on the EOSIO protocol. This partnership aims to enhance the core code that supports these individual blockchains. In a significant move, they have pledged an annual budget of $8 million for core development and to encourage developer engagement throughout 2022. Although these blockchains function independently, they will work together to rebrand the EOSIO technology suite, aiming to bolster its security and introduce new features into the foundational code. The code produced by this coalition will be open-source, allowing any EOSIO protocol-related project to utilize it. While members of the EOSIO community can propose priority areas for development, it will ultimately be the coalition that determines the final choices.
EOSIO is recognized as a third-generation blockchain protocol that is celebrated for its speed, scalability, and adaptability. Blockchains built on this protocol boast impressive block times of just half a second, can handle more than 10,000 transactions per second (TPS), and incur little to no transaction fees. Initially launched by Block.one after the largest ICO in the blockchain sector, which raised approximately $4 billion in 2017, EOSIO was promised $1 billion in funding to support its ecosystem and a decade’s worth of core development. However, in mid-2021, Block.one ceased its support for EOSIO protocol development, leading to EOS parting ways with them after stopping a vesting payout schedule. The future of EOSIO’s development remained uncertain until the collaboration of EOS, Telos, WAX, and UX Network stepped in to take charge.
The initiative to form the EOSIO coalition began in January 2022, involving various EOSIO protocol projects like Ultra, Proton, FIO, EVA, and even Block.one’s NFT and exchange ventures at different stages. Over several weeks, team members engaged in weekly video sessions to discuss collaborative models, decision-making processes, financial support, and development goals. On March 24, representatives from EOS and Telos, including Yves La Rose from the EOS Network Foundation (ENF) and Douglas Horn from Telos Core Developers (TCD), agreed to jointly develop the core protocol code. Subsequently, WAX and UX Network joined the coalition on March 31, with the potential for other organizations to join in the future to enhance their influence on development decisions.
Douglas Horn, Chief Architect of Telos, commented on this pivotal moment for the EOSIO protocol, stating that the reins of development are now firmly in the hands of the users rather than Block.one. This shift enables developers to communicate their priorities and plan their own development strategies. The priorities set by the previous group have already begun to be implemented. The ENF has commissioned four “Blue Papers” outlining more than seventy-five proposals aimed at improving EOSIO, providing a thorough evaluation of its current status. For the first time, coalition members will determine which specific ideas are vital and warrant funding. Enhanced software development kits (SDKs) for easier EOSIO development, wallet improvements, and rapid transaction finality are among the initial advancements that users may soon experience.
What is EOS?
The EOS Virtual Machine (EOS VM) has been meticulously crafted to deliver an exceptional web3 experience for both users and developers. As the principal financial and administrative body of the protocol, the EOS Network Foundation (ENF) is the driving force behind multi-chain collaboration and financing for public goods, tools, and infrastructure on the EOS blockchain. The EOS Network represents a third-generation blockchain platform powered by the EOS VM, which is known for its low latency, high performance, and extensibility, all designed to ensure predictable execution of nearly fee-less transactions while enhancing the web3 experience for developers and users alike.
