Three years short of a decade, the Ethereum network was launched. Unlike most of the projects in existence then, Ethereum happened to be unique and was, surprisingly, one of the very few networks to not be built on Bitcoin’s existing protocol. As an unparalleled project, Ethereum sought to offer developers and users an opportunity to seamlessly transfer assets as well create and launch smart contacts, decentralized applications [DApps], amongst others.
Home to some of the latest trends [DeFi, NFT, etc] in the crypto space, the Ethereum blockchain, unfortunately, has become congested and increasingly expensive. The rising cost of gas, as clearly analyzed and displayed by YCharts, poses a major stumbling block to developers and users alike. Additionally, the creeping transaction speed has also become a huge bottleneck for all on the network.
With all of these problems plaguing the premier DApps blockchain, many advanced and scalable alternatives fondly called Ethereum-killers have launched and are currently on the verge of usurping the foremost network. Of these projects is Binance Smart Chain [BSC], a product of the largest crypto exchange, Binance. Whilst scalable, BSC does not offer real-world benefits of decentralized finance [DeFi], therefore limiting DeFi opportunities and benefits to rich or wealthy investors alone.
The Telos EVM
Just weeks away, Telos EVM is designed specifically to bring Web 3.0 to fruition and by default extend the life-changing prospects and advantages of decentralized finance to those who aren't rich. Telos EVM is the most powerful, reliable, scalable, decentralized and affordable Ethereum smart contracts platform.
Built to run off of the full power of their 3rd Generation Layer 1 mainnet, Telos EVM seeks to offer a remedy to all of the many orbiting bottlenecks around Ethereum. 30 and 10 times faster than Ethereum and BSC respectively, Telos’ current capacity is 100-500 times that of Ethereum and Binance Smart Chain. It’s also much faster than all of the layer 2 solutions that are currently helping / piggybacking Ethereum. That's not all.
According to the team behind this EVM, transactions on the Telos ecosystem will be 0.1% [$0.0033 with Ethereum gas price currently at $33.57 at the time of writing] of the current Ethereum gas price. Almost free (Free on Telos Native) and maybe even more impressive is that each transaction only uses 0.000002 kWh of power vs Ethereum’s 104 kWh per transaction. This tiny number makes Telos the Greenest Layer 1 Blockchain and to that point, along with its other qualifying attributes, Telos is the premier ESG Blockchain. Certainly a notable achievement and one that makes Telos the perfect choice for big tech and/or government adoption.
Back to fees, on the Ethereum blockchain, for example, trades would need to be in the thousands of dollars given the cost of gas fees to turn a profit. On BSC, they would need to run into hundreds of dollars. However, the Telos EVM, extending life-changing DeFi benefits to the average investor, enables trades for as low as $5 range, therefore opening up the billion-dollar decentralized finance market to average prospective investors that cannot afford to get in on the DeFi market elsewhere.
Also worth mentioning is the speed advantage. Traders via Telos based AMM can go from trade to wallet faster than anyone trading on any other platform and with no sneaky theft via front-running. The significant speed advantage of Telos will take arbitrage trading to new heights. At least 4 to 5 times faster than what’s currently possible on any Ethereum based solution. From early launch, via an AMM, traders will have the opportunity to put these exclusive advantages to work.
Telos, at the moment, is the only blockchain-based platform to enable both EVM solidity and EOSIO C++ smart contracts development compatibility; these platforms, according to DApp Radar, are home to a majority of the top decentralized applications in operation. Also, according to the development team, Telos is astoundingly compatible with MetaMask; a crypto wallet bridge that connects regular internet browsers to the Ethereum blockchain. This beguiling feature further opens Telos to billions of users that ordinarily would not afford to gain from all of the ravishing facets of the DeFi market — lending, staking, passive income, decentralized banking, etc.
Reportedly handling 10,000 transactions per second [TPS], Telos EVM is a layer 1 protocol that's not only amazingly scalable, but reliable, secure, and a solution to real-world problems facing the current DeFi market. Launched in 2018, Telos, in that period has attracted over 100 projects across industries. Its record block time of 0.5 puts it miles ahead of Ethereum's and BSC's 15 and 5 seconds block speeds respectively.
Capable of processing over 150 million transactions in 24 hours, the Telos EVM is cementing its stance as the go-to project for all things decentralized applications. Integrating smart contracts, EVM and EOSIO compatibility, scalability, larger capacity, lowest trade cost, most energy efficient, amongst others, Telos EVM could be the next Ethereum, albeit without all of the inherent flaws.