The Telos Technical Roadmap for 2021 highlights many exciting features coming to the Telos network, including Telos Decide, Telos Private, and Telos Location. However, in particular, there is one feature that has attracted a lot of attention – the Telos Ethereum Virtual Machine.
With Ethereum network congestion at an all-time high and, as a result, gas fees, the entire cryptosphere is searching for a suitable alternative. Telos has come up with a unique and exciting answer to the ‘Ethereum question’ – don’t try to replace it, but empower it.
This is where the concept of building bridges and not walls came into play. Whereas there are blockchains out there that paint themselves as ‘Ethereum killers’, Telos positions itself as the opposite. With the successful launch of ERC-20 TLOS (the network token of Telos EVM), our plans to integrate with the world’s most used blockchain are well underway.
What is Telos EVM?
Telos EVM is an Ethereum Virtual Machine running on the Telos blockchain.
It is being designed for developers who are working with Solidity and want to bring their smart contracts to run on Telos at 500x the current speed of Ethereum and at a fraction of the cost.
Due to the overwhelming adoption and popularity of the programming languages Solidity and Vyper, these have been initially chosen as the dominant smart contract execution and development environments for the EVM.
Telos EVM aims to make it easy as possible for developers to bring existing Solidity applications to Telos and, therefore, adopt the Telos blockchain.
As development continues, we will aim to keep our Telosians, EVM stakeholders, and other interested parties abreast of our progress.
Utilising funding raised from the TULIP plan, the Telos EVM team has been reorganised to focus on both the core development and marketing of the Telos EVM.
The aim is to present Telos EVM to potential suitors and onboard established partners and dApps – reinforcing the use case of the EVM as a way to operate on the Ethereum network without the crippling gas fees and at 500x the speed.
Telos EVM is already successfully running on Telos testnet, with limited EVM and JSON-RPC compatibility; the development roadmap sets out Milestone 1 and what targets have been set before the team can move on to the next stage.
In our next blog, we will take a deep dive into how an Ethereum Virtual Machine running on Telos stacks up against other EVM capable chains such as Polygon and Binance Smart Chain, as well as Ethereum itself; stay tuned to our announcement channels to receive updates first.