The web 3.0 dapp platform EOS has finished the work needed to bring the Ethereum Virtual Machine (EVM) to the network. That means developers will be able to build and transfer more blockchain applications to the network using familiar tools and coding language.
EVM Meets 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 by CryptoPotato, 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.
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.