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Cryptocurrency News Articles
EOS Network Completes Landmark Spring 1.0 Upgrade, Ushering in the Savanna Consensus Algorithm and 1-Second Transaction Finality
Sep 25, 2024 at 10:57 pm
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3
The EOS Network has announced the successful completion of its Spring 1.0 upgrade, introducing the Savanna consensus algorithm and achieving 1-second transaction finality.
According to a press release shared with Chainwire, the upgrade marks a more than 100-fold improvement in speed over previous iterations.
This upgrade is the result of the shared vision and dedication of EOS’s global decentralized community, underscoring its commitment to pioneering blockchain innovation.
Bart Wyatt, CTO of the EOS Network Foundation, highlighted the significance of this strategic development.
“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 Wyatt.
“Very few Layer 1 blockchains have ever done this. I can think of only a handful—Ethereum being the most well known. In doing so, we’re standing on hallowed ground.”
“By bringing EOS to an industry-leading 1-second finality, we’ve taken a massive leap forward, placing EOS at the forefront of blockchain innovation. This isn’t just a technical achievement—it’s about the EOS community taking full ownership.”
The EOS Network has completed the transition to Antelope Spring 1.0, providing a non-contentious upgrade path. This process involved extensive beta testing and a distributed activation, carried out by global block producers (BPs).
The Savanna consensus algorithm integrates advanced cryptographic techniques, such as aggregate BLS signatures, to ensure rapid, irreversible transactions. This boosts both network security, scalability and unlocks new use cases in the blockchain industry.
“Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with 1-second Instant Finality via cutting-edge BLS cryptographic advancements,” said Yves La Rose, CEO of the EOS Network Foundation.
“This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish.”
“Achieving this was a collaborative feat involving internal teams and external partners, positioning EOS as one of the most technically advanced platforms. As a transformative phase, Spring 1.0 enables new growth opportunities and adoption within the ecosystem. It unlocks unprecedented value for developers and anyone invested in the long-term potential of blockchain innovation.”
“With proven technology and robust infrastructure, the future presents limitless possibilities as EOS propels the industry forward.”
Follow EOS Network on Twitter or Telegram to stay up to date with the latest enhancements, updates and upgrades to the network.
About the EOS Network Foundation
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3.
Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.
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