Introduction

Blockchain technology has come a long way since its inception in 2008, and the EOS Network Foundation is at the forefront of this movement. The foundation’s founder, Yves La Rose, recently tweeted that the EOS EVM, or Ethereum Virtual Machine, successfully passed a security audit conducted by Sentnl_IO, signifying its readiness for release. In this article, we’ll examine what EOS EVM is, the audit it underwent, and its future launch.

What is EOS EVM?

EOS EVM stands for “EOS Ethereum Virtual Machine.” Essentially, it’s a smart contract platform that’s designed to be compatible with Ethereum. This new platform utilizes the EOS mainnet DPOS (Delegated Proof of Stake) consensus algorithm. EOS EVM developers hope to create blockchain apps that will run both on the EOSIO software platform and the Ethereum Virtual Machine.

Security

According to reports, the EOS EVM platform just underwent a security audit conducted by industry experts Sentnl_IO. The audit’s aim was to identify any vulnerabilities and suggest any changes to increase EOS EVM’s security. The successful audit implies that EOS EVM is genuinely ready for release.

Launch

The beta version of EOS EVM’s main website will be launched on April 14th as scheduled. The EOS EVM platform comes as part of the EOSIO 2.1 software upgrade, which will potentially allow developers to create DeFi Apps that can run on the EOSIO network.

Benefits of EOS EVM

EOS EVM’s benefits lie in its ability to run Ethereum-based DApps on EOSIO software, which makes a significant change for Ethereum users. Not only does EOSIO typically have higher throughput, but it also boasts lower network fees than other blockchain platforms, meaning it could be a compelling choice for DeFi app development. By allowing these DApps to run on EOSIO, the platform could benefit from both increased speed and lower fees.

EOS versus Ethereum

With the launch of EOS EVM, many speculate that EOS could become a serious competitor to the Ethereum blockchain. EOS’s DPOS consensus algorithm allows for more significant throughput rates than Ethereum’s current proof-of-work process. This enhanced throughput further boosts the speed of the blockchain and the number of transactions that can be processed simultaneously.

Adoption

One of the major benefits of EOS EVM is that Ethereum developers can now use EOSIO software’s speed for their DApps without having to pay hefty network fees. The EOS EVM platform could potentially drive adoption of the EOSIO software, creating a significant opportunity for decentralized applications developers.

Conclusion

EOS EVM’s ability to pass a rigorous security audit and its compatibility with Ethereum has some believing it poses a serious threat to the Ethereum blockchain. The successful launch of the EOS EVM beta version on April 14th could have a significant impact on the blockchain industry. With the benefits of increased throughput and low network fees, it could very well spur adoption of the EOSIO software platform.

FAQs

1. What is EOS EVM?
EOS EVM stands for EOS Ethereum Virtual Machine, which essentially is a smart contract platform that is designed to be compatible with Ethereum.
2. What is the launch date of the EOS EVM beta version?
The beta version of EOS EVM’s main website is scheduled to be launched on April 14th, 2021.
3. What are the benefits of EOS EVM?
EOS EVM’s benefits lie in its ability to run Ethereum-based DApps on EOSIO software, which provides for greater storage capacity and lower network fees.

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