Telos, a high-capacity blockchain network and one of the most active blockchain platforms in the world, announced today that it has launched the Telos Ethereum virtual machine (EVM) Mainnet, the first fully EVM-compatible Layer 1 chain.
According to a press release, Telos noted that the new project is a true “Ethereum 2.0” that runs on smart contracts with high speed and security while also protecting crypto investors from attackers.
The Telos EVM is a non-Ethereum fork that runs on existing Solidity and Vyper contracts without any modification, just like Ethereum.
However, it has a significant edge over Ethereum as it works at 30 times higher speed, with more than 100 times higher capacity, charging about 1% of the cost of Ethereum transaction fees with reduced energy consumption of up to 31mm times less.
It allegedly resolves some of the pressing issues that Ethereum 2.0 is expected to solve, including the ability of large-scale traders to trade fully insulated from front runners, a situation that greatly hampers mainstream adoption of crypto by institutional investors.
Speaking on this issue, Telos chief architect and whitepaper author, Douglas Horn said,
“Front running on DeFi is becoming even more complex and frankly depressing… With this, the mining pools operating the chain are extracting this value from users without their consent.”
The project promises to provide additional benefits over other platforms, making it one of the most advanced blockchain software for smart contracts and decentralized applications (dApps).
“Telos EVM is faster, better, cheaper and functions on a first-come, first-serve basis. The simplicity of integrating with Metamask allows investors to trade as safely as they are used to on NASDAQ,” Horn concluded.
Telos’ Outstanding Performance
Telos is renowned for building fast, scalable distributed applications with low transaction fees, that are rapidly revolutionizing the industry.
A few months ago, APPICS, a reward-based social media application that runs on the blockchain, announced it has migrated from the Steem network to the Telos blockchain to help improve its global performance.
APPICS encountered challenges with Steem Blockchain, whereby its performance was hindering the growth of the social media application. The team limited itself to strengthening its marketing campaigns for fear of not being able to register all users on Steem.