Telos, a next-generation blockchain platform, today announced the launch of Telos EVM Mainnet, a fully EVM-enabled Layer 1 chain. The Telos EVM is a non-Ethereum fork, an Ethereum Virtual Machine (EVM) that executes existing Solidity and Vyper contracts without modification, just like Ethereum, but with 30 times faster speed, around 1% of the cost of Ethereum gas fees and at a fraction of the cost of energy.
Aiming to save existing Ethereum dApps stranded by rising gas costs, Telos EVM allows developers to deploy their Solidity smart contracts on Telos EVM without code changes.
Seen as the future of large-scale trading and micro-trading, the Telos EVM solves the problems left unchecked by Ethereum 2.0, namely the ability of large-scale traders to trade completely safe from leaders. Front running is widely used by Ethereum miners and robot traders to increase their spread, continuing to be an ongoing multibillion-dollar practice of entering into a trade in stocks, option, futures, or derivative or a security-based swap to capitalize on the advance, non-public knowledge of a large pending transaction that will influence the price of the underlying security or coin. This prevents institutional investors from fully embracing the crypto space and making major investments.
“Front running on DeFi is getting even more complex and downright depressing. It started with individuals using bots to offer high gas prices to jump the line in front of high value transactions. Over time, the miners themselves have inserted their own foreground transactions while paying only the minimum gas costs (gas costs are shared with the many mining nodes working for a mining pool while the costs of gas are shared with the many mining nodes working for a mining pool). startup can be kept by pool operators). With this, the mining pools that mine the chain extract that value from the users without their consent. “
– Douglas Horn, chief architect of Telos and author of the white paper
On the other hand, because the Telos EVM transaction fees are so low, transactions below the dollar are now possible. Allow everyone to participate in DeFi trading.
Additionally, Telos’ governance structure gives developers and community members greater control of the platform than other comparable blockchains. Governance functions are made available to all Telos developers to use in their own DApps via the Telos Decide governance engine.
For more information see the full Telos 2021 technical roadmap here.