coinpaper.com
The EOS Network has successfully launched its Spring 1.0 update, which will introduce the project’s Savanna consensus algorithm and reduce the blockchain’s transaction finality time 100-fold to just one second.
“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,” said the CTO of the EOS Network Foundation, Bryan Wyatt, in a press release. “Very few Layer 1 blockchains have ever done this. I can think of only a handful—Ethereum being the most well known,” Wyatt added.
Enabling Next-Generation Decentralized Applications
EOS’s transition to the Spring 1.0 protocol was executed smoothly, thanks to collaborative efforts from its global network of block producers (BPs) and extensive beta testing.
The Savanna consensus is made possible through various cutting edge cryptographic techniques, including aggregate Boneh-Lynn-Shacham (BLS) signatures. These various techniques combined enhance the overall security and scalability of the EOS Network, which subsequently unlocks a plethora of possibilities for decentralized applications (dApps).
Yves La Rose, CEO of the EOS Network Foundation, mentioned the strategic importance of the Spring 1.0 upgrade. “This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish,” La Rose said.
As the EOS Network forges ahead with the Spring 1.0 upgrade, it paves the way for continued community-driven innovation. With a faster, more secure network, developers and businesses can explore new applications and possibilities, further solidifying EOS’s place in the competitive blockchain landscape.
About EOS Network Foundation
The EOS Network Foundation (ENF) was established in 2021, and leads the charge in transforming Web3 through community engagement, ecosystem funding, and the development of open-source blockchain technology.
As the central hub for EOS, the ENF supports an ever-evolving suite of frameworks, tools, and libraries for blockchain development, empowering the global community to innovate and build a decentralized future.