LONDON, Nov. 02, 2021 (GLOBE NEWSWIRE) — — (via Blockchain Wire) — Telos (www.telos.net), one of the most active blockchain platforms in the world according to Blocktivity, today announced its launch of the Telos EVM Mainnet, one of the most performant, highest capacity and lowest cost of all ethereum virtual machine infrastructures.
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The Telos EVM is among the few Ethereum virtual machine (EVM) implementations that is not forked from existing EVM implementations such as go-Ethereum. Telos EVM runs existing Solidity smart contracts without modification, with Ethereum feature-parity, but with 30X greater speed, over 100X higher capacity (pre-sharding and pre-rollups) and around one percent of the cost of Ethereum gas fees. Most Telos EVM transactions will cost around $0.01 USD and is not directly linked to the value of the Telos system token so it need not grow linearly with the price of $TLOS. The Telos network also operates at a fraction of the energy per transaction compared to any other blockchain. In fact, on both an absolute and per-transaction basis, Telos has the lowest energy consumption of any decentralized public blockchain and earns its name as the “Greenest Blockchain.” Telos EVM can rescue existing Ethereum dapps stymied by the massive increases in Ethereum gas fees while allowing developers to deploy their Solidity smart contracts to Telos EVM without code modification.
Considered to be the future of both large-scale and micro-trading, the Telos EVM solves problems left unchecked by Ethereum 2.0, let alone the current Ethereum implementations–namely the ability of large-scale traders to trade fully insulated from front-running or miner-extracted value (MEV), which can account for hundreds of millions of dollars of documented stolen value each month on the Ethereum blockchain in addition to what is regularly stolen from users on EVMs built on Ethereum clones. This hinders institutional investors from fully embracing the crypto space and making major investments.
“Front running on DeFi is becoming even more complex and frankly depressing,” said Douglas Horn, Telos chief architect and whitepaper author. “It started with individuals using bots to offer extra gas fees to jump the line in front of high-value transactions. At this point, it’s the Ethereum mining pools, themselves, who insert their own front-running transactions while paying only the minimum gas fees. With this, the mining pools operating the chain are extracting this value from users without their consent and with no way to opt out.
Ethereum 2.0 won’t ease the front-running concerns for institutional investors considering big crypto investments. Miners keep skipping the line and increasing their spread and de facto stealing millions of dollars. Telos EVM is faster, better, cheaper and functions on a first-in, first-out basis–eliminating MEV.”
On the flip side, because the Telos EVM transaction fees are typically 1 cent, sub-dollar DeFi trades are now feasible, making it possible for everyone around the world to benefit from DeFi trading.
In addition to speed, capacity and near zero-transaction-fees, Telos provides additional advantages over other platforms that make it the most advanced blockchain software for smart contracts and decentralized applications. Telos’ governance structure gives developers and community members control of the platform to a greater extent than any comparable blockchain. Governance functions are made available to any Telos developers to use in their own DApps via the Telos Decide governance engine.
The Telos EVM will additionally have DeFi and NFT uses with partnerships announcements coming soon. The full Telos Technical Roadmap 2021 can be viewed here.
ABOUT TELOS
Telos is a high-capacity network and one of the most active blockchain platforms in the world according to Blocktivity. Telos features a robust, third-generation blockchain governance system including advanced voting features and smart contracts that can be fully configured to meet the needs of any developer. Created by developers, for developers as a global grassroots project, Telos is one of the most decentralized blockchain platforms in existence. Telos Decide™ extends the chain’s state-of-the-art blockchain and governance features to all DApps on its platform, delivering the best user experience in the marketplace. Telos also supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through community voted development grants. For more information, please visit telos.net.
