EOS, the web 3.0 dapp platform has completed the work required to bring the Ethereum Virtual machine (EVM) onto the network. Developers will now be able create and transfer more blockchain apps to the network by using familiar tools and coding language.
EVM meets EOS
EVM is the software platform that allows you 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 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 most popular smart contract platform has made it a industry standard for other blockchains to be EVM compatible. This allows them to adopt the latest developments on Ethereum with the same code.
As stated in a press release viewed by CryptoPotato, integrating EOS’s new Trust EVM will grant the network this ability. The virtual machine, which runs as a smart-contract, is said to allow for much greater throughput than other EVMs, at 10,000+ TPS. Visa handles an average of 1700 transactions per second.
“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. This means that tokens can be trustedlessly moved among different environments in the dapp ecosystem.
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.
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 has failed to recover.
ENF supports builders with multiple incentive and grant programs to combat this. Block.one was also stopped by the community, which has stopped ongoing payments totaling millions of dollars.