crypto-economy.com
TL;DR
- EOS Network has successfully launched its Spring 1.0 update, introducing the Savanna consensus algorithm and reducing the transaction finality time to just one second.
- The transition to Spring 1.0 was made possible thanks to the collaboration of block producers and extensive beta testing.
- The Savanna algorithm, based on advanced cryptographic techniques, will improve the security and scalability of the network.
EOS Network has successfully announced the launch of its Spring 1.0 update, a fundamental advancement that introduces the Savanna consensus algorithm and reduces the transaction finality time of its blockchain to just one second.
This development will be crucial for the blockchain industry, as few Layer 1 networks have managed to implement a change in their consensus algorithm, with Ethereum being one of the clearest examples. Bryan Wyatt, CTO of the EOS Network Foundation, stated that the transition to Spring 1.0 was carried out smoothly, thanks to the collaboration of a global network of block producers and an extensive beta testing process.
EOS Spring 1.0 Hard Fork Completed ✅
The #EOS Network has upgraded to Antelope Spring 1.0, introducing the groundbreaking Savanna consensus algorithm.
This monumental upgrade propels EOS to the forefront of blockchain innovation, cutting transaction finality to just 1 second… pic.twitter.com/6jtg8X8z9A
— EOS Network Foundation (@EOSNetworkFDN) September 25, 2024
The new Savanna algorithm is based on cutting-edge cryptographic techniques, including aggregate Boneh-Lynn-Shacham (BLS) signatures. These will enhance both the security and scalability of the EOS network.
The improvement in infrastructure not only optimizes the system’s performance but also opens up new opportunities for the development of decentralized applications (dApps), allowing them to run with greater speed and efficiency.
EOS Network Builds a Faster and Safer Future
Yves La Rose, CEO of the EOS Network Foundation, spoke about the strategic importance of the upgrade, emphasizing that it offers unprecedented transaction speed, reliability, and security. These features will establish a solid foundation for the growth of next-generation decentralized applications, which could transform the user experience and expand the blockchain ecosystem.
The EOS Network Foundation, established in 2021, plays a crucial role in the evolution and development of Web3 through community engagement, ecosystem funding, and the development of open-source blockchain technology. The foundation supports a suite of tools and libraries for blockchain development, empowering the global community to build a decentralized future.