It is always a tough proposition to create applications on separate blockchains for various practical reasons. The biggest hindrance is the roping in of developers, along with the shortage of user-friendly tooling.
This affects the speed of the development of the ecosystem, as well as the quickness required for the creation of applications. These matters will be resolved with EOS EVM allowing Ethereum-like transactions to be made on the EOS Network with the help of a smart contract-oriented Ethereum Virtual Machine (EVM). This, in turn, will provide developers the opportunity to create Ethereum-oriented applications on EOS so as to be able to benefit from a high standard of functionalities, as well as keep the dependability and liquidity factors in place.
Now with the EOS EVM coming into the scenario, projects which happen to be Ethereum-oriented will be able to connect with the otherwise unattainable audience, along with the liquidity of EOS. This will, in turn, be to the benefit of users as they will be in the position of having far greater exposure on EOS, and with the Ethereum dependability where open-source coding, tooling, libraries, and SDKs remain in place.
EOS EVM will be instrumental in the creation of better functioning, which in turn, will expose the better part of both Ethereum, as well as the EOS.
It has also been decided that the EOS token will be utilized as the conventional utility token in terms of making gas fee payments inside of the EOS EVM. The Trust EVM has been done away with. Beginning of last year, work had begun on the ENF funding a working group named EVM+ for the creation of a smart contract-oriented EVM in terms of public benefit where the EOS network was concerned.
Along with an outside team of Ethereum experts, a product was introduced by the name of Trust EVM. The aim was for the deliverance of an $EVM token to be utilized in the case of governance inside of the EVM, for making payments for gas fees, developer grants, and also the subsidization of RPC node incentives where the TRUST EVM ecosystem was concerned. Now, with the removal of Trust EVM, what will remain is simply EOS EVM.
Now, with the newest model of the EOS EVM being positioned on the Jungle 4 testnet, it will utilize the extra quickness and other functionalities of Silkworm in terms of execution clients for EOS EVM. The areas that have been worked upon, where the EOS EVM v0.2 is concerned, is on the Silkworm-based framework. There is also a complete crypto pre-compile backing for the utilization of the newest Leap features. The EVS block time has also been significantly enhanced.
Where the EOS Network is concerned, it happens to be a new-age blockchain platform booster by the EOS VM. This happens to be a low-latency, high-performing, and expandable WebAssembly engine for feeless transactions and the ability of maximum Web3 user and developer exposure.
According to the latest cryptocurrency news, the EOS Network Foundation, on its part, happens to be a not-for-profit organization that correlates financial and non-financial backing for the sake of growth and further enhancement of the EOS network. The work will now continue with the testing of the EOS EVM technology, together with more developers from the community, and implementing further required changes.
With this recent release, they will carry on with their battle testing of the EOS EVM technology along with other developers so that all the needed improvements can be made. Perhaps, within 10 to 12 weeks, one more upgrade and release of the testnet can be expected.