Telos, currently ranked as the second most active blockchain Crypto Cash worldwide, is configured to allow developers to create and execute Ethereum-compatible smart contracts without transaction fees.
Telos is an intelligent contract platform that supports the creation of decentralized applications and decentralized standalone organizations running on EOSIO, the software underlying the EOS blockchain.
As of June 18th, the network launched an Ethereum Virtual Machine (EVM) on its testnet, in what is apparently the first implementation of EVM in an EOSIO block chain.
A challenge for Ethereum?
Developers are invited to use Solidity, the Ethereum’s core programming language, to execute smart contracts on the testnet before the target launch of the Telos EVM on the mainnet in July.
Telos claims that it supports 10,000 transactions per second (TPS), without charging transaction fees, which it presents as a competitive alternative to Ethereum’s 14 fee-based TPS.
Emphasizing Telos as a challenge to Ethereum, Suvi Rinkinen, CEO of the Telos Foundation, said:
„With Telos EVM, people can finally build and implement decentralized applications the way they should be, with high speeds, no middlemen and no limits for users. It is important to note that developers do not have to use a new code base to leverage Telos EVM. They can use Solidity to easily implement smart EVM contracts in Telos.
Syed Jafri, who won EOISO’s Smart Contract challenge to build eosio.evm, said that with the EVM, developers can run their „Solidity Code 100 times faster without any modifications.
The Telos Network
Telos, unlike many of its predecessors, did not launch an initial coin bid and uses a consensus mechanism called the Delegated Participation Test, which Telos chief architect Douglas Horn has argued is a more „environmentally defensible“ and energy-efficient form of blockchain networks.
This May, Transledger revealed that it would use Telos‘ blockchain technology to power its interoperability platform, which is designed to enable communication between blockchains and transactions between chains.
Earlier this year, the Telos Foundation was urged to take action against two of its board members following a network security dispute.