Telos EVM Launches on EOSIO Blockchain
Telos, a blockchain network leveraging the EOSIO software ecosystem, has officially unveiled Telos EVM, marking the first instance of an Ethereum Virtual Machine on an EOSIO blockchain. Currently in its testnet phase, Telos EVM allows developers to utilize Solidity for executing smart contracts, boasting a speed that exceeds Ethereum by over 700 times, all without incurring network fees or gas costs. Solidity, the most widely utilized programming language for Ethereum, is employed by hundreds of thousands of developers across the globe for smart contract development.
Enhanced Performance and Zero Fees
The Telos network is capable of handling 10,000 transactions per second (TPS) at no cost, in stark contrast to Ethereum’s mere 14 TPS with associated fees. Suvi Rinkinen, CEO of the Telos Foundation, highlighted the platform’s potential: “With Telos EVM, developers can finally create and launch decentralized applications as intended—swiftly, without intermediaries, and without user limits.” Notably, developers can leverage their existing knowledge of Solidity to deploy smart contracts on Telos EVM without needing to learn a new programming language.
Future-Forward Development with Telos EVM
Syed Jafri, the winner of the EOSIO Smart Contracts Challenge focused on the Ethereum Virtual Machine, remarked, “Eosio.evm empowers a future where Ethereum developers can execute their Solidity code at speeds 100 times faster without any adjustments required.” Beyond speed and cost-effectiveness, Telos presents numerous advantages that position it as a cutting-edge blockchain platform for smart contracts and decentralized applications. Developers can enjoy the swiftest blockchain software available on EOSIO with Telos EVM.
Decentralized Governance and Community Control
Telos distinguishes itself as the only significant EOSIO-based network that did not partake in an Initial Coin Offering (ICO), enhancing its status as one of the most decentralized blockchain platforms globally. The governance framework of Telos empowers developers and community members, moving control away from centralized entities or small groups. Additionally, these governance features are accessible to all Telos developers for integration into their decentralized applications via the Telos Decide governance engine.
Compatibility with Web3 Wallets
Telos EVM is also designed to work seamlessly with all Web3-compatible wallets, such as Metamask and Brave. Douglas Horn, the chief architect of Telos and author of its whitepaper, stated, “Blockchain technology is evolving to a stage where it becomes more cost-effective and efficient to operate legacy DApps on faster chains that mimic older infrastructures. Running any Ethereum-based smart contract on Telos EVM concurrently boosts performance, eradicates transaction fees, and enhances computing capacity, allowing for new transactions to be processed in just half a second.” He further noted that this shift facilitates the transition of DApps from energy-intensive Proof of Work platforms to more eco-friendly Delegated Proof of Stake (DPoS) platforms, which consume significantly less electricity.
Growing Adoption of Telos Platform
Telos has experienced a notable influx of projects migrating to its platform to enhance their performance and scalability. For instance, the social impact initiative All_EBT is utilizing Telos to digitize its virtual food stamps on the blockchain. Additionally, the interoperability platform Transledger is leveraging the Telos blockchain for rapid and secure cross-chain transactions. Newlife, a platform catering to artists, fashion designers, and celebrities for testing new concepts, plans to implement the Telos blockchain for its rewards, governance, and voting systems. Furthermore, Murmur, a privacy-centric social media decentralized application, is transitioning from EOS to Telos to optimize resource efficiency and reduce network costs.
Invitation for Developers
Currently, Telos EVM is operational on the Telos Testnet, where developers are encouraged to experiment with Solidity smart contracts throughout the ongoing testing phase. Following this period, the Telos EVM is expected to transition to the Telos Mainnet, with aspirations for deployment by July 2020.
