Tross, A sort of Next generation blockchain platform, Today announced the launch of the Telos EVM mainnet, which is a fully EVM-compatible layer 1 chain. Telos EVM is a non-Ethereum forked Ethereum Virtual Machine (EVM). It can run existing Solidity and Vyper contracts without modification, just like Ethereum, but the speed is increased by 30 times, which is about Ethereum gas. 1% of the cost, and only a small part of the energy cost.
Telos EVM aims to rescue the existing Ethereum dApps that have been blocked by rising gas costs. Developers can deploy their Solidity smart contracts to Telos EVM without modifying the code.
Telos EVM is considered to be the future of large-scale and micro-transactions, and solves the unresolved problem of Ethereum 2.0, that is, the trading capabilities of large-scale traders are completely isolated from leaders. Ethereum miners and trading robots widely use preemptive trading to increase their spreads. This is still an ongoing multi-billion dollar practice for stock trading, options, futures contracts, derivatives or securities-based swaps to take advantage of Advance payment, non-public information about large pending transactions that will affect the price of the underlying security or token. This prevents institutional investors from fully embracing the crypto space and making major investments.
“The front-end operation on DeFi has become more complicated and frankly frustrating. It started with personal use of robots to provide high gas fees to jump before high-value transactions. Over time, miners plug themselves The preemptive transaction, while paying only the lowest gas fee (gas fee is shared with many mining nodes working for the mining pool, and the preemptive fee can be retained by the mining pool operator). With this, the mining pool operating this chain will Extract this value from users without their consent.”
– Douglas Horn, Telos Chief Architect and White Paper Author
On the other hand, since Telos EVM transaction fees are very small, transactions below the U.S. dollar are now feasible. Let everyone participate in DeFi transactions.
In addition, compared with other similar blockchains, Telos’ governance structure enables developers and community members to control the platform to a greater extent. Any Telos developer can use the governance function in their own DApp through the Telos Decide governance engine.
Roadmap for 2021
For more information, see the complete Telos Technology Roadmap 2021 here.