What is the EOS EVM in simple terms?
Direct from the desk of Dane Williams.
With the EOS Network Foundation launching the EOS EVM, I take a deeper look at what this means for the network.
On April 14th, the EOS Network Foundation launched the EOS EVM, an Ethereum Virtual Machine (EVM) that enables interoperability between the two major blockchain ecosystems of Ethereum and EOS
At 800+ swaps per second, EOS EVM is being billed by their team as the most performant EVM, benchmarked at 25x faster than Avax and 3x faster than Solana.
On the surface those numbers are certainly impressive, but what does it all mean?
In this blog post, I’ll take a closer look at how the EOS EVM works and explain why it's a game changer for not just EOS…
But actually the entire crypto landscape!
How does the EOS EVM work?
The EOS EVM allows for interoperability between the EOS and Ethereum networks by emulating the EVM on the EOS network.
This means that developers can deploy their smart contracts, written in Solidity, onto the EOS network while benefiting from its superior performance.
In addition, the EOS EVM uses gas fees, which are calculated based on the computational effort required to execute smart contracts on the EOS network.
These are then paid using EOS tokens as an incentive for network participants to process transactions.
The launch of the EOS EVM ultimately aims to address Ethereum's scalability challenges for mass-scale DApp deployment by combining the resources of the Ethereum community with the performance of the EOS network.
For a more detailed explanation on how the EOS EVM works, click the link at the top of this section or read Yves La Rose, the founder and CEO of the EOS Network Foundation’s excellent Twitter thread below:
Unfortunately it’s on Twitter and not on Voice (lol).
The EOS EVM - Game changer!
The EOS EVM represents a significant milestone in the development of blockchain technology.
It allows for interoperability between two major blockchain ecosystems, Ethereum and EOS, which will drive innovation and expand the possibilities for decentralised applications.
By combining the resources of the Ethereum community with the performance of the EOS network, the EOS EVM aims to bridge the gap between Ethereum's scalability issues and the performance benefits of the EOS network.
This will enable developers to have access to lower fees and faster transactions.
In the end, making it easier to build and deploy DApps on the EOS network.
The release truly paves the way for a more interoperable and scalable future.
Final thoughts on the EOS EVM
I did want to wrap up this post by saying that the EOS EVM is a reflection of where the entire crypto industry seems to be going.
Remember when EOS was the go to Ethereum killer?
Well yeah, that didn’t work out too well for them, did it?
To me, it looks like Ethereum has won.
The launch of the EOS EVM is just another admission by EOS that their previous strategy of trying to compete with Ethereum head-on was a mistake.
Putting it bluntly, it's clear that going it alone is no longer a viable option.
As such, the EOS EVM represents a new path forward for the network, one that embraces the strengths of multiple blockchain ecosystems.
Remember, at 800+ swaps per second, the EOS EVM is currently the most performant EVM available.
Benchmarked at 25x faster than Avax and 3x faster than Solana!
It will now be interesting to see how the EOS community adopts and utilises the EOS EVM in the coming months.
Best of probabilities to you.
Posted Using LeoFinance Beta
I agree that this is an admission that they weren't able to kill off ETH but then again, I don't think any network can really kill it. I haven't used EOS but WAX was built off of it so I remembered the name at least.
Posted Using LeoFinance Beta
It was probably the first network that was really meant to be the Ethereum killer.
But as you know from using WAX (which yep, is the same), it's a nightmare.
Throw in all the garbage with our old friend Dan Larimer and then their community vs Block.One, and it just completely shot itself in the foot.
We'll now have to wait and see what the EOS EVM changes in terms of direction.
Posted Using LeoFinance Beta
0.01 EOS per transaction is still high. EOS price is 1,02 USD today, so 1 cent per transaction is still high for games. As EOS and Hive are the brainchildren of Dan Larimer, I wondered if Hive could implement a similar solution.
You're spot on.
We're surely at the point where EVMs are completely unsuitable for games and social.
It doesn't matter how cheap the fees are, people just aren't going to use them when there are free alternatives that have all the benefits of being permissionless/decentralisation.
-cough Hive!
But in my opinion, for DeFi and all of the financial services surrounding that, The EOS EVM does have the potential to thrive.
We'll see what they end up getting.
Posted Using LeoFinance Beta
definitely diving into this on the podcast
Posted Using LeoFinance Beta
Oh, will definitely be catching up when it hits Spotify.
I've actually got your last ep downloaded, but haven't had a chance to listen.
Now the Wild have bombed out of the playoffs, I can stop wasting my days with sport and go back to wasting them on degen crypto 😂.
Posted Using LeoFinance Beta
I have to say, it was a banger. We're getting better and better at this whole podcast thing.
Hahahaha back to Degen shenanigans