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- Ethereum blockchain running on a Virtual Machine (VM) on the EOS network, processes smart contract transactions over 10x faster.
- Jafri’s solution to build an Ethereum Virtual Machine is part of a challenge that Block.one posed to its developers at the start of the month.
- Ethereum has the largest userbase in terms of being a decentralized platform for dApps and smart contracts
CTO Of Block.one, the parent company of EOS, Daniel Larimer, has made a Twitter post claiming how the Ethereum blockchain running on a Virtual Machine (VM) on the EOS network, processes smart contract transactions over 10x faster.
The video that Larimer quoted in his tweet is from EOS developer and EOS Cage Block CEO, Syed Jafri. The video focuses on giving viewers a complete and comprehensive tutorial on how developers use an EOSIO JavaScript Software Development Kit to deploy the Ethereum Virtual Machine (EVM), deploy an ERC20 contract and then interact with the contract.
Huge progress in running #eth contracts within #eosio. Looks like eos could process almost 1000 eth transactions per second! https://t.co/qxToo7R4vI
— Daniel Larimer (@bytemaster7) February 28, 2020
Jafri’s solution to build an Ethereum Virtual Machine is part of a challenge that Block.one posed to its developers at the start of the month. The challenge presented was to build an EOS smart contract that would store and call upon Ethereum Virtual Machine’s Solidity Smart Contracts in an environment simulation of Ethereum.
Ethereum has the largest userbase in terms of being a decentralized platform for dApps and smart contracts but the blockchain has suffered numerous scalability issues, and this is what other blockchains like Tron, Cardano, and EOS are trying to solve by mimicking Ethereum environments within their own, more efficient blockchains, to process Ethereum smart contract transactions faster.
According to Larimer’s claims, Jafri’s EVM solution is extremely efficient, outclassing Ethereum’s own transactions per second (TPS) by over ten times.
Ethereum processes transactions on its chain at a rate of 10 TPS whereas, ERC20 smart contracts running on the EVM on EOSIO processes at around 1000 TPS, making the solution relatively very efficient and scalable in comparison.
The challenge contract from Block.one has a duration of 3 months for contenders to come up with solutions with grand prize money of $300,000 for the best implementation.
It is yet to be seen whether Jafri’s EVM, will keep up its strong lead until the end of the contract but Larimer’s endorsement of the idea surely is a big win for the EOS Cafe Block CEO.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
