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Cryptocurrency News Articles
EOS Network Significantly Upgrades with 1-Second Transaction Finality
Sep 25, 2024 at 10:58 pm
The EOS Network announces the successful completion of its landmark upgrade to Spring 1.0. This upgrade has introduced the Savanna consensus algorithm, marking a new era in performance, reliability and speed on the network.
The EOS Network has announced a major upgrade with the successful implementation of Spring 1.0. This pivotal update introduces the cutting-edge Savanna consensus algorithm, achieving a remarkable 1-second transaction finality.
This lightning-fast speed signifies a more than 100-fold enhancement compared to previous iterations of the network, setting a new standard for performance in the blockchain realm. This rapid advancement in speed, security, and scalability marks a significant milestone in the evolution of cryptographic technologies.
The Spring 1.0 upgrade is a testament to the shared vision and dedication of EOS's global decentralized community, underscoring its commitment to spearheading blockchain innovation.
Bart Wyatt, CTO of the EOS Network Foundation, highlighted the importance of this strategic development, saying:
“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. 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.”
EOS Network has completed the transition to Antelope Spring 1.0, offering a non-contentious upgrade path. This process showcased the collaborative effort within the EOS community, involving extensive beta testing and a distributed activation, carried out by global block producers (BPs).
The Savanna consensus algorithm revolutionizes blockchain efficiency by integrating advanced cryptographic techniques such as aggregate BLS signatures. This ensures rapid, irreversible transactions, boosting both network security, scalability and unlocking 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. This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish,” said Yves La Rose, CEO of the EOS Network Foundation.
“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.
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