On April 14, Crypto EOS will receive its most important update to date

If you’ve been in the cryptocurrency industry for a while, you’ve probably heard of EOS. During the bull market of 2017 and 2018, EOS was seen as a project with the potential to overthrow Ethereum as the largest smart contract platform.

Much of the excitement around EOS has now faded, but an update is scheduled for April 14 that should change that.

Foundation EOS Network

If Messari is to be believed, EOS has once again flourished under the umbrella of CEO Yves La Rose’s EOS Network Foundation. Where the project initially did not meet the expectations of the first years, EOS is now starting a second attempt. “EOS has found new life with plans to upgrade the consensus engine, an EVM solution and a renewed growth strategy,” said Messari.

A consensus mechanism is the protocol a blockchain uses to achieve consensus within the network. For example, with Bitcoin this is the classic proof-of-work, with Ethereum the proof-of-stake.

EOS uses Delegated Proof-of-Stake, a derivative of Proof-of-Stake. Within the EOS network, token holders can assign their tokens to specific “handpicked” attackers. This gives a more democratic variant of Proof-of-Stake, in which a relatively small group is responsible for the maintenance of the blockchain.

Update from 14.04

The major update for EOS is scheduled for April 14. The idea is to launch the so-called Ethereum Virtual Machine (EVM) solution. EVM is a software layer basically designed to run on the Ethereum blockchain. It is the environment in which smart contracts and decentralized applications run.

It is a virtual machine (or computer) that can run code written in Solidity, a programming language built specifically for Ethereum. EVM is designed as a secure environment to run decentralized applications so that all network participants (nodes) achieve the same results.

Building the Ethereum Virtual Machine for EOS and combining it with the speed of the EOS network creates a unique combination, according to La Rose. “With over 800 exchanges per second, the EOS EVM will be by far the fastest EVM. Three times faster than Solana and BNB and 25 times faster than Avalanche,” said La Rose.

Probably

At the time of writing this article, there are not many decentralized apps available on the EOS network. In that sense, according to La Rose, there is a great opportunity for developers who want to distinguish themselves in this sector. “When the EOS EVM hits the market, it won’t hit the market on day one with thousands of decentralized applications. This means there is a huge opportunity for developers who want to be the first to build on the EOS EVM,” says La Rose.

It would be very special if this would breathe new life into EOS. In the early years, the project was considered a potential monster. With the Initial Coin Offering (ICO), EOS raised $4 billion, which is still an all-time record in the industry.

In terms of network activity, it doesn’t look like EOS will be another hit. Where there were an average of 13,000 new addresses on the blockchain in 2021, in 2022 there will be only 2,600 and this year we will average 1,785 new addresses per day.

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