EOS, the token of the EOSIO protocol, was on the rise with the news that the network is introducing Ethereum Virtual Machine (EVM) compatibility, which will allow developers to create smart contracts on the EOS network using the popular programming language Solidity.
The new virtual machine, called TrustEVM, was brought to the EOS network by the EOS Network Foundation (ENF), a group of EOS community members who rebelled against Block.one, the developer of the EOSIO software, to take over the network's codebase.
Trust EVM shared the following statements.
"#TrustEVM is an Eth Virtual Machine based on the EOS network, offering a turn-key solution for developers to operate their apps on an full #Ethereum-compatible chain while enjoying the high throughput, scalability, security and reliability from EOS."
ENF said the new virtual machine will be significantly faster than other EVMs, with a 0.5 second block time and over 10,000 transactions per second. In addition, the EVM runtime will be compatible with the EOS dapp (decentralized application) ecosystem, which will allow for reliable transport of tokens between environments.
The EOS network is said to be able to handle more than 120 million daily transactions without network interruptions. However, it missed the DeFi and NFT booms due to the network's failure to attract developers, and Block.one's "lack of community engagement or financial support," according to ENF.
The organization said that with the integration of the new virtual machine, the EOS network will attract more developers, paving the way for rapid adoption.
Yves La Rose, Director of the EOS Network Foundation, said:
"TrustEVM will launch the next generation of DeFi and GameFi with unlimited possibilities while combining the speed, efficiency and cost of EOS for Solidity-based applications running on the EOS EVM."
As reported earlier this year, La Rose said the organization had taken steps to seek $4.1 billion in damages, holding Block.one "responsible for its past activities and unfulfilled promises."