The Good Tech Companies - EOS Network significantly Upgrades With 1-Second Transaction Finality

Episode Date: September 26, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/eos-network-significantly-upgrades-with-1-second-transaction-finality. This rapid advancement in speed, security, and scalability sets the stage for future cryptographic breakthroughs. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #eos-network-foundation, #chainwire, #press-release, #eos-network-announcement, #blockchain-development, #eos-blockchain, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. EOS Network significantly upgrades with one-second transaction finality. By Chainwire, Alberta, Calgary, September 25, 2024, Chainwire, the EOS Network announces the successful completion of its landmark upgrade to Spring 1.0. This upgrade has introduced the Savannah Consensus algorithm, marking a new era in performance, reliability and speed on the network. By enhancing transaction finality to one second, EOS has achieved a more than 100-fold improvement over previous iterations.

This rapid advancement in speed, security, and scalability sets the stage for future cryptographic breakthroughs. This upgrade reflects the shared vision and dedication of EOS's global decentralized community, underscoring its commitment to pioneering blockchain innovation. Bart Wyatt, CTO of the EOS Network Foundation, articulated the significance of this strategic development. With the Spring 1.0 upgrade and the introduction of the Savannah 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 one-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, providing a non-contentious upgrade path. This process demonstrated the collaborative effort within the EOS community, involving extensive beta testing and a distributed activation, carried out by global block producers – BPs. The Savannah consensus algorithm revolutionizes blockchain efficiency. By integrating advanced cryptographic techniques such as aggregate BLS signatures,

Savannah ensures rapid, irreversible transactions, boosting both network security, scalability and unlocking new use cases in the blockchain industry. Greater than Evla Rose, CEO of the EOS Network Foundation. Spring 1.0 marks a pivotal greater-than moment for the blockchain industry, introducing the Savannah Consensus greater-than algorithm with one-second instant finality via cutting-edge BLS cryptographic greater-than advancements. This upgrade offers unmatched transaction speed, reliability, greater-than and security, laying the foundation for next-generation decentralized greater-than applications to

flourish. Achieving this was a collaborative feat involving greater-than internal teams and external partners, positioning EOS as one of the most greater-than-technically-advanced platforms. Greater-than, as a transformative phase, Spring 1.00 enables new growth opportunities and greater-than adoption within the ecosystem. It unlocks unprecedented value for developers greater than in anyone invested in the long-term potential of blockchain innovation. With greater-than proven technology and robust infrastructure, the future presents limitless greater-than possibilities as EOS propels the industry forward. As EOS Network forges ahead with Spring 1.0, it strengthens the foundation for continued innovation and community development. This significant leap in technology unlocks a vast array of new use cases, enhancing the EOS

ecosystem. Follow EOS Network on Twitter or Telegram to stay up to date with the latest enhancements, updates and upgrades to the network. EOS Network Foundation The EOS Network Foundation, ENF, was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. All founded in 2021, the ENF is the hub for EOS Network, a leading open-source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are a committed to a stronger future for all.

Contact Chief Communications Officer Zach Gall EOS Network Foundation Zach at EOSN.Foundation. Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.