Douglas Horn from GoodBlock sat down with Jesse Schulman, Project Technical Lead for the Telos Ethereum Virtual Machine and the two of them gave us an exciting sneak peek at what’s to come from this groundbreaking project!
The first in depth look that the much-anticipated Telos Ethereum Virtual Machine (EVM) has finally been released and we’re extremely excited to share it with the community! In the first part of this video series, Douglas Horn and Jesse Schulman fill us in on what they’ve been working on and explain why the Telos EVM is going to revolutionize DeFi and many other aspects of the blockchain industry.
Don’t have time to watch the whole video? Don’t worry! We’re going to cover all the highlights from the video right here!
What Is Telos EVM?
- EVM stands for Ethereum Virtual Machine.
- The Ethereum network runs an EVM to handle the deployment and operation of Ethereum-based tools.
- Other networks, including Telos have begun to develop their own EVMs, allowing Ethereum based applications to operate on networks other than Ethereum.
- This makes it possible to overcome the scaling issues that many Ethereum based initiatives face on the Ethereum network.
- There are several EVMs being developed right now and all of them have a certain conditions that need to be met, such as running Solidity smart contracts.
- Telos EVM meets all the standard requirements of a traditional EVM but utilizes the power of the Telos native network to go even further.
- These new developments will make Telos EVM the most powerful and innovative EVM on the market, bringing along a whole slew of new developers, users and investors into the Telos Ecosystem.
What Makes the Telos EVM So Powerful?
- 30x the speed of Ethereum.
- 100-500x the capacity of Ethereum.
- Cost advantage: 1/10th – 1/100th the gas fees of Ethereum.
- Half-second block times.
- No front-running or sandwich trading: Single, uniform gas price for all users.
- Ethereum feature & response parity.
- Ethereum native has a maximum of 1.7 million transactions per 24 hours. With Telos EVM that number is practically unlimited (in the hundreds of millions).
What is Front Running and Why is it a Problem?
Telos EVM prevents front running in several ways:
The fact that it is impossible for Telos EVM users to take part in front running will give this project a massive edge over the competition. Essentially, this is when aggressive users find methods to cut in line, usually by paying higher gas fees than others. This creates a poor user experience, with high fees and an unfair advantage to certain users.
- The Telos EVM contract has a set price for gas. Whereas on Ethereum and other EVM networks you say how much you’re willing to pay for gas, allowing you to cut in line of those paying less.
- The set gas price on Telos EVM means that if you try to pay more, the EVM won’t charge you for that additional amount. It will only charge you the set rate. Nothing more, nothing less.
- The efficiency of Telos native means that transactions can be processed in the order that they come in and still be instantaneous.
- This also means that the price is incredibly low (likely 1/10th – 1/100th the gas fees of Ethereum)
- On Ethereum based DeFi, changing gas fees and high transaction costs sometimes result in the end-user losing more money than they make.
- Telos EVM will be solving this issue with Telos SureProfit.
- This innovation will allow users to setup a transaction that only processes if they are profitable.
- In this way, transactions that would unexpectedly lose the user money don’t go through.
- This opens the door for microtransactions in a way that’s been impossible on other DeFi projects.
- This will introduce unprecedented numbers of new users DeFi through Telos EVM.
MetaMask on Telos EVM!
- The video also gave use a sneak peek of MetaMask operating on the Telos EVM Testnet.
- Assets can be sent between wallets in microseconds, with transactions processing even faster than MetaMask was designed to look for those transactions.
- You’ll be able to easily add the Telos EVM Network to MetaMask with the click of a button at Chainlist.org. No copying and pasting of technical information into backend settings.
- Applications will also be able to add that button within a dapp. So, users can add the Telos EVM network to MetaMask and get up and running seamlessly, without ever leaving the application.
That’s Not All!
All these highlights are just some of the exciting developments that are in progress on the Telos EVM. This breakdown only covers Part One of a three-part series that was just released by Good Block.