On 28th February, Daniel Larimer the founder of Block one and EOS network tweeted a video of Syed Jafri, Founder of the leading EOS block producer, in which he explains how developers can use the eosio.evm JS SDK to deploy the Ethereum Virtual Machine.
The results of which this was mind-blowing as Ethereum Smart Contracts deployed on EOS processed transactions 100 times faster.
ERC20 smart contracts running on the EVM on EOSIO processes at around 1000 TPS, while the average time it takes to process transactions on the Ethereum network is around 7-10 TPS. As compared to Etheruem, EOSIO makes transactions very efficient and scalable.
Jafri is a participant of EOSIO’s challenge that started out on Feb 3rd and will go on for a year. In the challenge, participants have to create an EOSIO Smart Contract which can store and invoke EVM [Solidity] Smart Contracts in a virtual Ethereum-like environment.
“The challenge enables developers in the EOSIO, Ethereum, and wider blockchain communities to use their preferred development platforms while leveraging the benefits of EOSIO. For example, EOSIO can process smart contracts faster, reducing the impact of a significant roadblock for developers.” – EOS Dev post
That said, Jafri’s solution could possibly be shortlisted for the price of 200K which Block. One decided to give the competition winner.
A Closer look at the problem
One of the most important and integral components of the Ethereum network is the Ethereum Virtual Machine [EVM] a “quasi-turing complete” 256-bit virtual machine. As EVM smart contract development has gradually improved, there has been ever-increasing sophistication to the DApp applications
While Ethereum has 2000+ dApps, EOS has less than 700 dApps built on it; adding up on reasons why EOS is looking for some help from the community. In the past few months, EOS has experienced a transaction capacity problem. This has resulted in congestion on the network, RAM and CPU prices have surged making it costly for new dApp developers to buy the necessary hardware.
As stated by EOS earlier, the compatibility with Ethereum will allow devs from multiple blockchain projects to leverage the fast speed of EOS transactions. Currently, EOS uses C++ along with web assembly as the core code for its smart contracts which is debated to provide better performance than Solidity, Ethereum’s native language.
Ethereum has the largest userbase in terms of being a decentralized platform for dApps and smart contracts but the blockchain has suffered numerous scalability issues. This has encouraged projects like EOS to solve the by imitating Ethereum environments to process Ethereum smart contract transactions as fast as they can.