Telos launches EVM Mainnet, first fully EVM-compatible Layer 1 chain

Telos has launched the first fully EVM-compatible Layer 1 chain in history, EVM Mainnet, Invezz learned from a press release. According to reputable industry source Blocktivity, Telos is one of the most active blockchain platforms in the world.

Telos EVM: Faster, cheaper, and more eco friendly than Ethereum

Telos EVM is an Ethereum (ETH/USD) virtual machine that runs existing Vyper and Solidity contracts without modifying them. Ethereum does the same, but it does so 30x more slowly. What’s more, Telos EVM’s capacity is 100x bigger than Ethereum’s and it incurs around 1 percent of Ethereum gas fees.

It also consumes ~31mm times less energy per transaction. Developers can deploy their Solidity smart contracts to Telos EVM without needing to modify code.

The future of micro and macro trading  

Telos EVM solves a number of problems with Ethereum 2.0, such as insulating macro traders from front runners completely. Ethereum miners and trader bots use front running to increase their spread.

This has given rise to a multi-billion-dollar practice of entering into a derivative, option, or equity trade to capitalize on insider knowledge of a large pending transaction that will impact the price of the underlying coin or security. The practice stops institutional investors from investing high amounts and embracing the crypto space as fully as they otherwise could.   

Douglas Horn, Telos chief architect and whitepaper author, points out:

Front running on DeFi is becoming even more complex and frankly depressing. It started with individuals using bots to offer high gas fees to jump the line in front of high value transactions. As time progressed, the miners themselves inserted their own front-running transactions while paying only the minimum gas fees (gas fees are shared with the many mining nodes working for a mining pool whereas front-running fees can be kept by the pool operators). With this, the mining pools operating the chain are extracting this value from users without their consent.

Anyone can participate in DeFi trading

It’s now possible for anyone to participate in DeFi trading because the Telos EVM transaction fees are so small. Telos’ governance structure gives community members and developers more control of the platform than any analogical blockchain. Developers can use governance functions via the Telos Decide governance engine in their own DApps.

The post Telos launches EVM Mainnet, first fully EVM-compatible Layer 1 chain appeared first on Invezz.

Publication date: 
10/14/2021 - 09:02

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