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Telos To Support Ethereum-Compatible Smart Contracts Without Transaction Fees

Telos blockchain is set to enable developers to create and run Ethereum-compatible smart contracts without the transaction fees.

Telos is a smart contract platform that supports the creation of dapps and decentralized autonomous organizations running on EOSIO (software underlying the EOS blockchain).

As of June 18, the network launched an Ethereum Virtual Machine (EVM) on its testnet. Apparently, it is the first implementation of EVM on an EOSIO blockchain. 

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.

It presents as a competitive alternative to Ethereum’s 14 TPS with fees.

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. Importantly, developers don’t have to use a new codebase to take advantage of Telos EVM. They can use Solidity to easily deploy Telos EVM smart contracts.” 

Syed Jafri (winner of the EOISO smart contracts challenge to build eosio.evm) claimed that with the EVM, developers can run their “Solidity code 100 times faster with no modifications required.”

I won a prize at EOSIO Smart Contracts Challenge! 🙌 @Devpost — Syed Jafri (@TheSyedJafri) May 29, 2020

Telos uses a consensus mechanism called Delegated Proof-of-Stake, which Telos chief architect Douglas Horn has argued is a more “ecologically defensible” and energy-efficient way to power blockchain networks.  



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