LONDON (Bywire News) - Big news in EOS. The EVM has recently been launched and will soon be operational on the EOS blockchain. Already it is possible to partially test it to see how it works and what it can do, with a full launch planned for later in the autumn.
What we have so far is a pre-alpha version. The test version will arrive in just under a month. It will be used to test this new tool and discover any flaws or unknown problems before the launch of the mainnet version in the fall of 2022.
The EVM, or Ethereum Virtual Machine, is a native development environment of Ethereum, which allows you to run code written for that blockchain on a different one.
This gives you the ability to take apps developed on Ethereum and use all the advantages of different blockchains. In this case, that’s EOS with faster transactions and a highly energy-efficient blockchain. However, it all comes with all the useful tools you have on Ethereum such as Remix, MetaMask, Truffle and so on, extending compatibility also to RPC, GraphQL and others.
Remember that the various blockchains have different languages and also different libraries. For example, Ethereum has Solidity, while EOS mainly has C++. Having an EVM that allows you to use what has already been created previously, saves a lot of time, effort and money compared to creating everything from scratch.
This is an important development. Due to the many problems of Ethereum, not least the increasingly prohibitive costs of transactions, many projects have been looking to move to other blockchains, particularly those which have an EVM. That migration will continue in the future, but the various current solutions are not as efficient as they could be.
This is where Trust EVM comes in – an innovative solution that gives you the whole Ethereum ecosystem but with all the advantages of the EOS blockchain. On the one hand, we have EVM smart contract and on the other the connection with the Ethereum blockchain.
How does the EVM work?
As we can read from the documentation presented by Trust EVM, the system works with different actors. The smart contract of the EVM runs on the EOS blockchain, the transaction passes through a translator which encodes and decodes to and from Ethereum. This transaction goes through the Ethereum node, which processes it on its blockchain.
Develop with the EVM
Some of the future developments of Trust EVM will be to create everything through a simple plugin that allows Ethereum developers to simply convert their smart contracts into ones that are compatible with this solution.
Furthermore, Trust EVM will test launch a decentralised exchange (DEX) that will allow the exchange of any asset and transport of any DEX on the EOS blockchain, such as Uniswap as well as other projects. With them will arrive other dApps that exploit the related platforms.
Not just crypto
The story does not end with crypto. As well as other smart contracts and decentralized applications, it brings in all the NFTs we have on the Ethereum blockchain. Obviously, this will have developed and integrated the related code, before our NFTs are used on this blockchain. Other projects that exploit these assets can also bring their smart contract here and extend the operation of the related dApp.
We are only at the beginning of a great revolution in the EOS blockchain. It’s all thanks to a community that is committed to progressing and improving it. The future looks bright and it will be interesting to see how the price of the asset will increase. As things stand, the price is below $3. With all the developments coming into the mainnet over the next few months, it will be interesting to see where EOS goes from here.
(Writing by Alfredo de Candia and Tom Cropper, editing by Klaudia Fior)