There is no doubt that Ethereum is still the biggest ecosystem for decentralized applications (Dapps) within blockchain networks. Still, the challenges regarding scalability keep increasing daily. This has led to the need for an upgrade called Ethereum 2.0. Ethereum 2.0 solves problems such as disc space, sustainability, and transaction scalability, but even Ethereum 2.0 fails to solve the problem of Front Running.
Telos, a third-generation blockchain with a high-capacity network and one of the best-decentralized blockchains in existence, aims to solve this problem. The officials at Telos now announced the launch of their new EVM called Telos EVM Mainnet.
Telos EVM is one of the few EVM implementations that was not born out of the original Ethereum. Telos EVM solves some problems that even Ethereum 2.0 left unchecked, which is the ability of big traders to trade fully protected from MEV or Front Running.
According to Douglas Horn, Front running is starting to become even more complex on DeFi. People now use bots to propose high gas fees to skip lines in front of high-value transactions. This can account for millions of dollars of documented stolen value on the ethereum blockchain each month apart from what users lose on EVMs built on Ethereum regularly.
Telos EVM does this by running existing solidity smart contracts with ethereum feature parity without modifying anything. Instead, it increased its speed to be 30x greater and capacity 100X better. It also reduced the ethereum gas fee to almost zero. According to the team, the majority of Telos EVM will cost around 1 cent and is not linked directly to the worth of Telos system token, so it does not need to grow linearly with the $TLOS price.
Apart from the interoperability, Telos also has the edge over other blockchains with its extremely low energy consumption levels, which earns it the name “Greenest Blockchain.” It gives both the developers and community managers more control over the platform than any comparable existing blockchain. Telos developers can access Governance functions via Telos Decide governance engine and use it for their Dapps.
When it comes to versatility, Telos cannot be matched. Justin Guidici (the head of product at Telos Foundation) confirmed in a Q&A with popular exchange “Kucoin” that Telos is probably the only network that supports smart contracts on Ethereum and EOSIO, two of the frequently used Dapp tools.
Telos compatibility with EOSIO C++, solidity, and Vyper makes it easy for users to migrate for a new experience on the network. No other chain offers the same compatibility as Telos, not even Cardano. Although it plans to in the future, currently, it falls short.
The exciting news didn’t stop at that. The first big project that will be launched on Telos EVM has been announced. The project is a duplication of the industry’s popular CryptoPunks NFT project.
NFTs are going to be a huge part of Telos EVM. The power Telos EVM holds makes Ethereum based NFTs powerful and easily accessible than ever before. Therefore it only makes sense that such a project is launching on Telos EVM.
According to their announcement, TelosPunks will have over 9000 collectible characters that would be created by The Big Gooey and upcoming NFT artist on Telos EVM, which would be the first ERC_721 NFT assets hosted on dStor. People can get TelosPunks by airdrops when they meet specific requirements that can be found on telospunks.com.
Some will also be dropped to key contributors in the launch of Telos EVM as a reward. Telospunk cannot only be earned through Airdrops. They can also be minted, i.e., purchased from their website. Each new pun cost 1 TLOS. The first punk will cost 1 TLOS while the second cost 2 TLOS and so on. By the time it reached 10,000 Telepunks, approximately 50 million TLOS would have been made.
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