A layer 1 blockchain protocol, EOS has unveiled plans to incentivize its developer community as it looks to welcome its long-awaited Ethereum Virtual Machine (EVM) integration.
According to a CoinDesk report, the proposed cash incentive to build EVM-enabled applications on the EOS blockchain will range from $5,000 to $50,000. However, this will depend on the size and scope of the initiative.
EOS is one of the legacy protocols that came to light in 2018 through its Initial Coin Offering (ICO), which ultimately helped it raise close to $4 billion in capital. Unfortunately, the protocol could not meet its own standards and its relevance quickly faded.
Unlike EOS, the community has gradually evolved, and with Ethereum leading the decentralized finance (DeFi) revolution, many projects have had to switch to the leading smart contract platform. EVMs are like a smart contract environment that allows developers to create applications or products that make them behave as if they were resident on Ethereum.
By creating an EVM-compliant product, EOS users will gain access to the most liquid blockchain protocol in the ecosystem, a move that will undoubtedly offer a lot of value down the line.
“Many of the developers who have abandoned EOS did so not because they wanted to, but because Ethereum, for all its shortcomings, is where the action is,” the foundation said in a January post, adding that “EVM support is essential. to the potential of EOS, not only technically but also from a business perspective. Ultimately, it is essential that we welcome more Solidity developers and users to EOS, and an EVM on EOS is an excellent bridge to do just that.”
Attractiveness of EVM on EOS
At the moment, all protocols are technically proud of their own capabilities in terms of transaction throughput, cost, and scalability. While Ethereum has first-mover advantage and a rich roster of active developers, EOS prides itself remarkably on being a flexible team that is ready to adapt to any situation.
Leveraging the efforts of Yves La Rose, the CEO of the EOS Network Foundation, a consensus mechanism, an EVM solution, and a revamped growth strategy will now come in line to complement each other as protocols seek to transition into a new arena. . .
The capabilities of EVM products in EOS will be enhanced compared to those of other competing projects.
“Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat,” Rose tweeted last week. “With over 800 exchanges per second, $EOS EVM will be BY FAR the fastest EVM, compared to 3x faster than Solana + BNB and 25x faster than Avax.”
Whether or not these claims are verified remains a contentious issue, however, EOS has a number of updates and developments planned after the EVM launch scheduled for April 14.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.