EOS Jumps as Foundation Introduces a New 'Turn-Key Solution for Developers'
EOS, the native token of the EOSIO protocol, is rallying on the news that the network is bringing Ethereum Virtual Machine (EVM) compatibility, which would allow developers on the EOS network to create smart contracts using the popular programming language Solidity.
At 10:58 UTC, EOS was trading at USD 2.76 and was up almost 7% in a day. The price jumped 17% in a week, trimming its annual losses to less than 59%.
Dubbed the TrustEVM, the new virtual machine was brought into the EOS network by the EOS Network Foundation (ENF), a group of members of the EOS community who rebelled against Block.one, the developer of the EOSIO software, to take over the network codebase.
"TrustEVM is an [Ethereum] Virtual Machine based on the EOS network, offering a turn-key solution for developers to operate their apps on [a] full Ethereum-compatible chain while enjoying the high throughput, scalability, security, and reliability from EOS," Trust EVM said.
The ENF claimed that the new virtual machine would be significantly faster than the other EVMs with 0.5 second block times and 10,000+ transactions per second. Moreover, according to them, the EVM runtime will be compatible with the rest of the EOS dapp (decentralized app) ecosystem, which would allow tokens to be trustlessly moved between the environments.
The EOS network is reportedly able to process over 120 million daily transactions without network stoppages. However, according to the ENF, the network failed to attract developers and missed out on the DeFi and NFT booms because of Block.one's "lack of commitment to community or financial support."
With the new virtual machine integrated, the foundation says that the EOS network would be able to attract more developers, opening the way for rapid adoption.
"The TrustEVM 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," Yves La Rose, Executive Director of the EOS Network Foundation, was quoted saying in the announcement.
As reported, earlier this year, La Rose said that the foundation is taking steps to hold Block.one "accountable for its past actions and broken promises," seeking USD 4.1bn in damages.
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