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Cryptocurrency News Articles
EOS Network Completes Spring 1.0 Upgrade, Introducing 1-Second Transaction Finality
Sep 26, 2024 at 12:59 am
The EOS Network (EOS) announced that the upgrade to Antelope Spring 1.0 is a major development for the network and the broader crypto industry.
EOS Network has completed its Spring 1.0 upgrade, introducing 1-second transaction finality to the blockchain network.
The upgrade to Antelope Spring 1.0 is a major development for EOS and the crypto industry at large, the EOS Network announced on Sept. 25. The hard fork introduces the Savanna consensus algorithm, bringing EOS transaction finality that is 100 times faster than before.
The upgrade brings more than just improved network performance, speed, security, and reliability, according to the EOS team. 1-second transaction finality also sees EOS join a small group of layer 1 blockchains that have successfully changed their core consensus mechanism.
Of the blockchains to undertake such an upgrade, the most notable is Ethereum (ETH), which switched from a proof-of-work consensus algorithm to proof-of-stake.
Describing the Spring 1.0 upgrade and 1-second finality as “a massive leap forward,” Bart Wyatt, chief technology officer at the EOS Network Foundation, noted that this technical milestone allows the EOS community to take full ownership of the path to further decentralization.
Meanwhile, Yves La Rose, chief executive officer of the EOS Network Foundation, said the EOS ecosystem is now set for the “next-generation decentralized applications.”
EOS Network launched in January 2018 after a record $4 billion initial coin offering in 2017. The third-generation blockchain platform, launched by Block.one, attracted a lot of attention after its launch, with some people hailing it as an “Ethereum killer.” However, it soon hit a lot of controversy, including EOS block producers freezing the vesting of tokens set for Block.one.
The EOS Foundation also instituted legal proceedings against Block.one, with the native EOS token seeing its price decline sharply as it slipped out of the top 10 coins by market cap. The upgrade and recent developments such as the launch of a 250 million staking program.
EOS’ upgrade also means users can tap into web2 speeds for web3 experiences, including instant settlement and interoperability.
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