Telos, a next-generation blockchain platform, announced today that it is launching Telos EVM Mainnet, a fully EVM-compatible Layer-1 chain. The Telos EVM is a non-Etherium fork, an Etherium Virtual Machine (EVM) that operates existing solidity and viper contracts without changing as much as Etherium, but at speeds over 30X, about 1% of the cost of the Ethereum gas fee and a fraction of the power consumption.
Aiming to recover existing Ethereum D apps due to the gas fee increase, Telos EVM enables developers to place their solidity smart contracts on Telos EVMs without modifying the code.
Considered the future of large-scale and micro-trading, Telos EVM solves unsolicited problems with Ethereum 2.0, such as the ability for large-scale traders to trade in full heat from front-runners. Front Running continues to practice the multi-billion dollar ongoing practice of capitalizing on equity trades, options, futures contracts, derivatives or securities-based exchanges to increase their proliferation using Ethereum Miners and trader bots extensively. Non-public knowledge of a large pending transaction that will affect the underlying security or value of the currency. This prevents institutional investors from fully embracing crypto space and making large investments.
“The front end in DFI is becoming more complex and obviously frustrating. It started with people using bots to pay high gas fees to jump the line in front of high value transactions. As time progresses, miners erted the ongoing transaction in front of themselves while paying their minimum gas fee (gas fee is shared with many mining nodes that work for a mining pool where pool operators can keep the front-running fee). With this, chain-operated mining pools are extracting this value from users without their consent.
– Douglas Horn, Telos Chief Architect and Whitepaper Writer
Conversely, because the fees for Telos EVM transactions are so small, sub-dollar business is now possible. To make it possible for everyone to participate in DFI trading.
Furthermore, the governance structure of Telos presents developers and community members with a greater degree of control over the platform than other comparative blockchains. The Governance function is made available to any Telos developers for use in their own DApps through the Telos Decided Governance Engine.
For more information, see the complete Telos Technical Roadmap 2021 here.