EOS Network Foundation, or ENF, announced on April 21 that it has finished the work required to bring Ethereum Virtual Machine to the EOS network. The new virtual machine — dubbed Trust EVM — will run as a smart contract on the EOS blockchain.
The EVM launch is part of a “new revitalization plan” for the EOS network and aims to entice Ethereum developers. Trust EVM is currently available as a developer preview testnet.
According to a press release, the EVM runtime environment maintains full compatibility with the rest of the EOS decentralized application (dapp) ecosystem, allowing tokens to be moved between the environments.
ENF Executive Director Yves La Rose said:
“Our first product, the Trust EVM, will usher in the next generation of DeFi and GameFi with limitless possibilities when combining the speed, throughput, and cost of EOS for Solidity-based applications running on the EOS EVM. Trust EVM will revolutionize the DeFi landscape as it exists today,”
EOS Network Foundation
In December 2021, the EOS community voted to stop payments to Block.one, the company behind the development of the EOSIO software and the codebase underpinning the EOS and WAX blockchains, among others.
The community’s “coup” was initiated due to an alleged lack of financial transparency and the slow progress of the EOS network. Following the event, EOS Network Foundation (ENF), which represents the community, took over the development of the network.
The foundation said in the release:
“Since essentially firing Block.one and taking over the EOSIO codebase, the ENF has been taking a multi-pronged strategic approach to mature EOS into the best-in-class Web3 smart contract platform and blockchain ecosystem. Since the start of this year, the ENF has established multiple working groups across many areas of expertise, published four research papers outlining 75 EOS Enhancement Proposals, formed a protocol development coalition with $8 million in funding for its first year, and tripled our team size.”
The EOS Network Foundation (ENF) is a not-for-profit organization that coordinates financial and non-financial support to encourage the growth and development of the EOS Network.
Access to popular toolkits and SDKs
Integrating the EVM can remedy previous developer tooling issues by providing developers access to open-source code libraries, SDKs, and popular toolkits such as Hardhat and Truffle.
The EOS network has processed over 120 million daily transactions during periods of high usage, the equivalent of almost 4000 transactions per second without any network stoppages or disruptions, according to ENF.
Get an Edge on the Crypto Market 👇
Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.
Join now for $19/month Explore all benefits