Telos, a blockchain network dubbed “blockchain for web 3.0 projects,” has finally released the Telos EVM, allowing Dapps to be deployed on the Telos blockchain. Telos is a decentralized blockchain network that is powered by the TLOS native token. The Telos blockchain employs the Delegated Proof of Staking (DPOS) consensus model, which is superior to the popular POW and POS consensus models used by blockchain networks. Telos is said to be over 30,000 times faster than Ethereum, the world’s largest blockchain network.
In addition, Telos has been dubbed the “Greenest Blockchain” due to its low energy consumption compared to other blockchain models. Telos’ most recent milestone is the release of its EVM, which solidifies the company’s position as the blockchain network specifically designed for the internet’s future, Web 3.
The Telos EVM
Telos has announced the release of the Telos EVM Mainnet, a colossal project that has been in the works for over a year. Telos EVM was designed to transform the DeFi and Web 3.0 landscapes. The Telos EVM is one of the few EVM implementations not forked from an existing EVM mainnet, such as go-Ethereum.
Telos EVM improves current EVM models by running solidity smart contracts without modification, on par with Ethereum but with 30x more speed and over 100x greater capacity. In addition, the majority of Telos EVM transaction fees would be set at 0.01 USD, less than 1% of Ethereum gas fees, and would be unrelated to the Telos ecosystem’s value.
It is also worth noting that the Telos EVM was explicitly designed for scalability, and it is extremely fast—two new blocks are created every second. In addition, the Telos EVM addresses issues left unaddressed by Ethereum 2.0 and other existing EVM implementations, such as front-running and miner extracted value (MEV), which have accounted for over $100 million in documented stolen value the Ethereum blockchain each month. These issues have been a significant impediment to institutional investors’ adoption of blockchain technology and DeFi.
Telos EVM’s Advantage Over Existing Models
The Telos blockchain network, in and of itself, offers distinct advantages over other blockchain networks. Aside from speed and low transaction fees, the Telos blockchain, with its governance structure, embodies the true meaning of a DAO, making it the most advanced blockchain network for smart contracts and decentralized applications compared to any other blockchain.
The release of Telos EVM demonstrates that the Telos ecosystem is superior to other blockchain ecosystems such as Polkadot and Cardano. Because it addresses the issue of frontrunning, the Telos EVM outperforms existing models such as Polkadot’s substrate EVM. Telos EVM is also the first EVM that does not have a layer 2.
Furthermore, Telos EVM can generate blocks for 99 percent of the most active Dapps. Unlike Cardano, the introduction of Telos EVM is focused on scaling solidity-based Dapps rather than the Ethereum network. Telos EVM is what Ethereum 2.0 should be, but additional benefits make it more Ethereum 2.0+.
According to the Telos EVM’s complete 2021 technical roadmap, the Telos EVM would also have additional DeFi and NFT applications. Telos EVM is faster, less expensive, and operates on a first-in, first-out basis, ensuring fairness and reliability.
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