Telos Network announced the launch of its fully compatible Layer-1 EVM Mainnet that proficiently solves industry-wide front-running problems, high transaction costs, fluctuating gas fees, and slow transactions.
The Telos EVM (Ethereum Virtual Machine) is not a fork of the original Go Ethereum (GETH) code, instead, a completely new EVM, painstakingly redesigned by the Telos Core Developers from the ground up on remarkably fast technology – aiming to reach the goal of a brighter future with boundless possibilities while keeping up with the demands of mass adoption.
Although an entirely new EVM, developers will be able to deploy their Solidity smart contracts without the need to modify the code.
It functions with 30 times greater speed , leaving little time for bots to scan for valuable trades. The fixed rate on Telos EVM transactions means that no one can jump ahead of another user by offering a higher fee. Furthermore, it is governed by its community with clear rules and penalties properly implemented together with its first-in, first-out basis of transactions. All these attributes make any occurrence of front-running in this networked ecosystem completely impossible.
Front-running is an industry-wide and incessant dilemma that has stolen almost a billion dollars from unknowing traders. Originated with bots offering high gas fees to queue-jump high-value transactions, it is now performed by miners squeezing in their undertaking ahead of others, while only paying minimum gas fees.
Therefore, the system thoroughly avoids unresolved and unaddressed scalability issues that other EVMs are struggling with that are certainly advantageous to both large-scale and micro trading.
Anytime and anywhere around the world, with as little as $1, a user will be able to transact and still see profit through the breakthrough development of low transaction costs and fixed gas fees – offering deliverance to existing Ethereum dapps that are burdened with massive and unpredictable gas fees.
Moreover, Telos EVM has over 100 times the capacity of Ethereum. Hence, a sustainable and scalable solution for Solidity-based applications - significantly contributes to revolutionizing the DeFi landscape.
Partnering with industry experts Sentnl to facilitate comprehensive audit and fuzz test further catapults the network’s reliability, which will also attract and bring in more projects and partners towards building an abounding and healthy environment that thrives together.
In addition to its outstanding performance mentioned above, the ecosystem is considered the world’s leading network in delivering exemplary Environmental-friendly practices.
Known as the greenest blockchain, Telos’ energy usage estimates are significantly lower than any major competitor. To allow users to accurately estimate their energy usage and lessen such by purchasing approved carbon credit projects and Telos-based initiatives, the community actively audits their energy consumption and CO2 emission from detailed accounts from all network validators. All these ventures are done to show great endeavor in providing an exceptional standard of environmental transparency. However, Telos does not stop there.
Although it has been consistently performing with notably low energy consumption, the network is working to make operations fully carbon-neutral which will primarily be achieved through the governance Telos is built upon. The ecosystem is also actively finding ways to nurture environmental rehabilitation.