EOS Network completed its Spring 1.0 hard fork, which added 1-second transaction finality.
The EOS Network declared on September 25 that the switch to Antelope Spring 1.0 represents a significant advancement for both the network and the larger cryptocurrency market.
EOS now offers transaction finality 100 times faster than its prior incarnation because of the hard fork that introduced the Savanna consensus mechanism.
The EOS team claims the update offers benefits beyond enhanced network dependability, security, speed, and performance.
Because of its 1-second transaction finality, EOS is one of the few tier 1 blockchains that has been able to modify its fundamental consensus mechanism successfully.
Ethereum is the most renowned blockchain to undergo such an upgrade, moving from a proof-of-work consensus process to a proof-of-stake algorithm.
The EOS Network Foundation’s chief technology officer, Bart Wyatt, referred to the Spring 1.0 update and the 1-second finality as “a massive leap forward.”
According to Wyatt, this technical achievement gives the EOS community complete control over the direction of increasing decentralization.
According to EOS Network Foundation CEO Yves La Rose, the EOS ecosystem is now prepared for “next-generation decentralized applications.”
EOS Network’s Previous Glitches
After setting a record with its initial coin offering of $4 billion in 2017, EOS Network debuted in January 2018.
Following its introduction, Block.one’s third-generation blockchain platform garnered much interest. Some referred to it as the “killer of Ethereum.”
But it quickly became the subject of intense controversy, with EOS block producers suspending the token vesting scheduled for Block.one.
In addition, the EOS Foundation filed a lawsuit against Block.one, causing the original EOS token to plummet in value and drop out of the top 10 coins based on market capitalization.
The update and more current events like the introduction of a 250 million staking scheme. Thanks to EOS’s improvement, users can now access web2 speeds for web3 experiences, including instantaneous settlement and interoperability.
