EOS Network Significantly Upgrades With One-Second Transaction Finality – Crypto News – Crypto News
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EOS Network Significantly Upgrades With One-Second Transaction Finality EOS Network Significantly Upgrades With One-Second Transaction Finality

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EOS Network Significantly Upgrades With One-Second Transaction Finality – Crypto News

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1 year ago

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September 25, 2024 – Alberta, Calgary

The EOS Network announces the successful completion of its landmark upgrade to Spring 1.0.

This upgrade has introduced the Savanna consensus algorithm, marking a new era in performance, reliability and speed on the network.

By enhancing transaction finality to one-second, EOS has achieved a more than 100-fold improvement over previous iterations.

This rapid advancement in speed, security and scalability sets the stage for future cryptographic breakthroughs.

This upgrade reflects the shared vision and dedication of EOS’s global decentralized community, underscoring its commitment to pioneering blockchain innovation.

Speaking on the significance of this strategic development, Bart Wyatt, CTO of the EOS Network Foundation, said,

“With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we’re achieving something rare in the blockchain world – changing our core consensus algorithm.

“Very few layer one blockchains have ever done this. I can think of only a handful – Ethereum being the most well-known. In doing so, we’re standing on hallowed ground.

“By bringing EOS to an industry-leading one-second finality, we’ve taken a massive leap forward, placing EOS at the forefront of blockchain innovation. This isn’t just a technical achievement – it’s about the EOS community taking full ownership.”

EOS Network has completed the transition to Antelope Spring 1.0, providing a non-contentious upgrade path.

This process demonstrated the collaborative effort within the EOS community, involving extensive beta testing and a distributed activation, carried out by global BPs (block producers).

The Savanna consensus algorithm revolutionizes blockchain efficiency.

By integrating advanced cryptographic techniques such as aggregate BLS signatures, Savanna ensures rapid, irreversible transactions, boosting both network security, scalability and unlocking new use cases in the blockchain industry.

Yves La Rose, CEO of the EOS Network Foundation, said,

“Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with one-second instant finality via cutting-edge BLS cryptographic advancements.

“This upgrade offers unmatched transaction speed, reliability and security, laying the foundation for next-generation [DApps] to flourish. Achieving this was a collaborative feat involving internal teams and external partners, positioning EOS as one of the most technically advanced platforms.

“As a transformative phase, Spring 1.0 enables new growth opportunities and adoption within the ecosystem. It unlocks unprecedented value for developers and anyone invested in the long-term potential of blockchain innovation.

“With proven technology and robust infrastructure, the future presents limitless possibilities as EOS propels the industry forward.”

As EOS Network forges ahead with Spring 1.0, it strengthens the foundation for continued innovation and community development.

This significant leap in technology unlocks a vast array of new use cases, enhancing the EOS ecosystem.

Follow EOS Network on X or Telegram to stay up-to-date with the latest enhancements, updates and upgrades to the network.

About EOS Network Foundation

The ENF (EOS Network Foundation) was forged through a vision for a prosperous and decentralized future.

Through our key stakeholder engagement, community programs, ecosystem funding and support of an open technology ecosystem, the ENF is transforming Web 3.0.

Founded in 2021, the ENF is the hub for EOS Network, a leading open-source platform with a suite of stable frameworks, tools and libraries for blockchain deployments.

Together, we are bringing innovations that our community builds and are committed to a stronger future for all.

Contact

Zack Gall, chief communications officer at EOS Network Foundation

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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