Telos launches its very own EVM and combat Front Running in Crypto Market
November 23 2021 - 4:24AM
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When the news of Ethereum 2.0 broke out, many people were beyond
excited. The issue of transaction scalability and sustainability
was going to be fixed. However, even Ethereum 2.0 left an essential
problem out that crypto investors are still facing, an important
problem known as FRONT RUNNING. This problem resulted in the
loss of thousands of dollars, and it is still causing the loss of
more. Imagine the joy on people’s faces when Telos, a popular
third-generation blockchain, announced their new EVM that claims to
solve this problem and many more. Yes. Just what you thought. Hope
at last! But before we get a little too delighted, let’s get a
clear picture of how Telos will solve this problem and outperform
other systems. Telos EVM was created to solve problems faced by
other EVMs. Each part of Telos EVM seems to fix different problems
common in other networks. Telos EVM works just like Ethereum, but
it’s different from the original EVM. The platform was built to
host a large number of programs from other networks without having
to modify anything. Even though Front running is very common in the
crypto world today, and it’s why many people lose millions of
dollars, not many people know about it. That’s because it happens
without them even knowing. Front running happens when bots or
miners with insider knowledge about pending trades make a profit
off it. The involved individual can skip lines, complete
transactions, and then take the difference between his buy and sell
price as profit. Only the attacker makes a profit off this. Users
don’t benefit. Telos solve this problem by having a fixed
transaction fee and also a strict anti-frontrunning rule. This will
enable users to curb any possibility of being exploited. Another
area where Telos is setting the pace is the transaction fee. Not
many platforms can boast of low transaction fees. Native Telos has
no fee at all, and Telos EVM based on a very similar model to the
original Ethereum has a gas model but only costs $0.01. Telos
EVM will save people hundreds if not thousands of dollars since
Ethereum gas fees are considered relatively high. With this, Telos
not only outperforms its competitors like Cardano, Polkadot, and
the likes, it also beats the original Ethereum hands down. The time
it takes to mine one block usually varies based on the chain and
some variables. Ethereum, the king of decentralized apps, takes
about 10 to 15 seconds to mine one block. Other competitors
such as Binance smart chain and Cardano can still boast of faster
transactions, but nothing comes close to Telos EVM. Telos EVM has
one of the fastest block mining times. The time it takes for Telos
to mine one block is less than 500ms. This transaction speed
has further increased the gap between it and its competitors. This
fantastic block time speed means it can handle 10,000 transactions
per second. Telos is tagged as the greenest blockchain because of
how low its energy consumption levels are. Asides from that, Telos
can also offer a home to several Dapps on its network. Telos is
compatible with Vyper, EOSIO C++, and Solidity, thereby offering a
new experience for migrating users. The rate of Telos EVM with
other apps is 95% which makes migrating to it easier than ever. The
first project on the network will be a replica of Cryptopunks, a
popular NFT project. The creator would be The Big Gooey an upcoming
NFT artist. This project is the first ERC_721 NFT that will be
hosted on dStor. You can check it out on Telos official website.
They recently announced their partnerships with SushiSwap and
Anyswap. So now the users on both platforms can take the advantage
of Telos EVM’s scalability, speed and security while trading their
crypto assets.
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