Telos EVM Brings Higher Efficiency With Support For Solidity Smart Contracts And No Front-running
Although Ethereum still remains the largest ecosystem for dApps among blockchain networks, its challenges related to scalability are increasing the need for alternatives. Telos is the latest third-generation blockchain to offer a way out, with the launch of its Telos EVM Mainnet.
What sets apart the Telos EVM is that it is not forked from existing EVM implementations, for instance, go-Ethereum. This lets it run existing Solidity smart contracts with no modification requirements, offering the same level of service as the original L1 blockchain, but with far more efficiency. Telos’s EVM will offer dApps 30 times faster transaction speeds and 100 times higher capacity, before sharing and roll-ups, all with just 1% of Ethereum’s gas fees.
Unlike gas fees on most blockchains, most of the transactions on Telos EVM would cost around $0.01 and will not fluctuate based on changes to the value of the network’s native token, TLOS. In addition to interoperability, Telos also gains an edge over most leading blockchains on account of its extremely low energy consumption levels.
How Telos EVM Tackles Front-running
Another emerging concern that Telos EVM solves is the issue of front-running or miner extracted value (MEV). Speaking on the issue, chief architect and whitepaper author at Telos, Douglas Horn, notes, “Front running on DeFi is becoming even more complex and frankly depressing. 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.”
This becomes especially problematic for institutional investors looking to drive significant funds into the crypto sector, as MEV could cost them millions of dollars in transaction costs. However, this issue is non-existent in Telos EVM, which operates on a first-in, first-out basis, disallowing MEV on its infrastructure. Additionally, the low transaction processing costs on the implementation make it possible for micro-trading, even sub-dollar DeFi trades – an opportunity for small investors also to get in on the DeFi craze without investing too high a capital.
Upcoming Developments in Telos
Going forward, the Telos blockchain will offer several exciting features to attract more users and developers into its ecosystem. According to the roadmap, the team behind the network will now focus on Telos Private – a separate sidechain which will offer private yet verifiable transactions on the blockchain. Another upcoming feature in the works is Telos Location, proof-of-location using the blockchain, which will offer rewards to users for location mining or providing location data in a cryptographically secure manner.
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