With the launch of an Ethereum Virtual Machine, Telos is set to enable developers to create and run Ethereum-Compatible smart contracts.
Telos, currently ranked the second-most active blockchain worldwide, is set to enable developers to create and run Ethereum-compatible smart contracts without transaction fees.
Telos is a smart contract platform that supports the creation of decentralized applications and decentralized autonomous organizations running on EOSIO, the software underlying the EOS blockchain.
As of June 18, the network has launched an Ethereum Virtual Machine (EVM) on its testnet, in what is apparently the first implementation of EVM on an EOSIO blockchain.
A challenger to Ethereum?
Developers are being invited to use Solidity — the primary programming language for Ethereum — to run smart contracts on the testnet ahead of a target launch of the Telos EVM on the mainnet in July.
Telos claims to support 10,000 transactions per second (TPS), without charging transaction fees — something it presents as a competitive alternative to Ethereum’s 14 TPS with fees.
Accenting Telos as a challenger to Ethereum, Suvi Rinkinen — CEO of the Telos Foundation — said:
“With Telos EVM, people can finally build and deploy decentralized applications the way they were meant to be, with high speeds, no middlemen, and no limit on users.