In a move that will allow developers to run familiar tools and code on their high-performance blockchain, the EOS Network Foundation (ENF), a community-led entity that had previously been running Block.One, has completed the work needed to integrate the Ethereum Virtual Machine into the EOS network.
A final push has been made to bring the Ethereum Virtual Machine (EVM) to the web 3.0 dapp platform EOS. Therefore, more blockchain applications can be built and transferred coding languages. The Trust EVM runs as a smart contract on the EOS protocol and was announced recently at a launch event on Twitter Spaces.
Trust EVM Brings Ethereum Compatibility to EOS
EVM is the software platform used to create decentralized applications (dapps) on Ethereum. It’s a virtual programming stack embedded within each Ethereum full node. The programming language used to create smart contracts that run on EVM is called ‘Solidity.’
The EVM also stores the entire state of the Ethereum network (including all balances and accounts) and determines the rules for how the network changes state with each block.
Given that Ethereum is the first and largest smart contract platform available making other blockchains EVM compatible has become somewhat of an industry standard. This allows those platforms to easily adopt the new developments created on Ethereum, using the same code.
As explained in a press release seen, integrating EOS’s new Trust EVM will grant the network this ability. The virtual machine, which will run as a smart contract, reportedly enables much higher throughput than other EVMs at 10,000+ TPS. By comparison, Visa reportedly handles around 1700 transactions per second, on average.
“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,” said Yves La Rose, Executive Director of the EOS Network Foundation.
In addition, the “EVM runtime” will maintain complete compatibility with the rest of the EOS blockchain. That means tokens can be trustlessly moved between different environments of the dapp ecosystem.
ENF Replaces Block.one, Blames Block.one’s Lack of Financial Support
EOS was founded by Block.one, a blockchain software company, but the EOS Network Foundation (ENF) has effectively replaced the organization in leading the platform’s growth. The ENF blames the company for failing to attract a “critical mass” due to a lack of community and financial support.
In terms of price, EOS saw massive popularity during the crypto boom of May 2021. However, it has since descended 88% beneath its all-time high and failed to recover.
To counteract this, the ENF has supported builders through multiple grant and incentive programs. The community also halted millions of dollars in ongoing payments to Block.one.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
