Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
EOS Network achieves 1-second finality with major Spring 1.0 upgrade

EOS Network achieves 1-second finality with major Spring 1.0 upgrade

GrafaGrafa2024/09/26 04:50
By:Isaac Francis

The EOS Network has successfully completed its Spring 1.0 upgrade, a significant milestone in the blockchain industry. 

This upgrade introduces the Savanna consensus algorithm, which enhances the network’s performance by reducing transaction finality time to just one second. 

This achievement represents a more than 100-fold improvement over previous versions, positioning EOS as a leader in speed, security, and scalability. 

According to Bart Wyatt, CTO of the EOS Network Foundation, “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.” 

Wyatt also highlighted that very few Layer 1 blockchains have undergone such a transformation, with Ethereum being one of the notable examples. 

The upgrade also involved a collaborative effort, including extensive beta testing and a global activation process carried out by block producers (BPs) from around the world. 

According to Yves La Rose, CEO of the EOS Network Foundation, “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.” 

La Rose emphasized that this upgrade provides unmatched transaction speed, reliability, and security, enabling new growth opportunities and adoption within the EOS ecosystem. 

The Savanna consensus algorithm integrates advanced cryptographic techniques such as aggregate BLS signatures, ensuring fast and irreversible transactions. 

This technical achievement lays the foundation for new decentralized applications (dApps) and use cases, further strengthening EOS’s position in the blockchain space. 

With the Spring 1.0 upgrade, EOS is expected to unlock significant value for developers and stakeholders, pushing the network forward in the ever-evolving blockchain landscape.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin

MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.

The Block2024/11/21 16:11

Gold loses luster as institutional demand fuels bitcoin price surge, analysts say

Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.

The Block2024/11/21 16:11

SEC is 'engaging' Solana ETF applicants: report

SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.

The Block2024/11/21 16:11