EOS, the web 3.0 dapp platform has completed the work required to bring the Ethereum Virtual machine (EVM) onto the network. This means that developers will be able build and transfer additional blockchain applications to the network with familiar tools and coding languages.
EVM meets EOS
EVM is the software platform that allows you to create decentralized applications (dapps), on Ethereum. It is a virtual programming stack that is embedded in every Ethereum full node. “Solidity” is the programming language that allows smart contracts to run on EVM.
The EVM stores all the state of Ethereum, including all accounts and balances. It also determines how the network’s state changes with each block.
Ethereum being the largest and most widely used smart contract platform, it has made EVM compatibility with other blockchains a standard practice in the industry. These platforms can easily adopt new developments made on Ethereum using the same code.
CryptoPotato has seen a press release explaining that the new Trust EVM from EOS will be integrated into the network. According to reports, the virtual machine will be run as a smart-contract and can handle 10,000+ transactions per second. Visa handles an average of 1700 transactions per second.
“Trust EVM will herald in the next generation Defi/GameFi, with limitless possibilities when combining speed, throughput and cost of EOS Solidity-based applications run on the EOS EVM,” stated Yves La Rose (Executive Director of EOS Network Foundation).
The “EVM runtime”, in addition to being fully compatible with the rest EOS blockchain, will also be maintained. This means that tokens can be trustedlessly moved among different environments in the dapp ecosystem.
Block.one was the original founder of EOS, a blockchain-based software company. However, the EOS Network Foundation has effectively taken over the leadership of the platform’s growth. ENF accuses Block.one of failing to attract a “critical Mass” due to a lack in community support and financial support.
EOS gained huge popularity in terms of its price during the crypto boom that began May 2021. It has fallen 88% below its peak and failed to recover.
The ENF has provided support to builders through numerous grant and incentive programs in an effort to counter this. Block.one received ongoing payments of millions of dollars that the community stopped.
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