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Layer-1 blockchain protocol, EOS has unveiled plans to incentivize its developer community as it looks to welcome its long-awaited Ethereum Virtual Machine (EVM) integration.
According to a CoinDesk report, the proposed cash incentive to build EVM-compatible applications on the EOS blockchain will range from $5,000 to $50,000. However, this will be dependent on the size and scope of the initiative.
EOS is one of the legacy protocols which came into the limelight back in 2018 through its Initial Coin Offering (ICO) which ultimately helped it generate close to $4 billion in the capital. Unfortunately, the protocol was unable to meet up with its own standards and its relevance was quick to fade off.
Unlike EOS, the community has been evolving gradually, and with Ethereum leading the Decentralized Finance (DeFi) revolution, many projects have had to switch down to the leading smart contract platform. EVMs are like a smart contract environment that enables developers to build applications or products that makes them behave as though they are resident on Ethereum.
By building an EVM-compatible product, EOS users will gain access to the most liquid blockchain protocol in the ecosystem, a move that is undoubtedly going to offer a lot of value along the line.
“Many of the developers who have left EOS have done so not because they want to, but because Ethereum, for all its deficiencies, is where the action is,” the foundation said in a January post, adding that, “EVM compatibility is essential to the potential of EOS, not just technically but also from a business perspective. Ultimately, it is essential that we welcome more Solidity developers and users to EOS, and an EVM on EOS is an excellent bridge to do just that.”
Attractiveness of EVM on EOS
At the moment, every protocol is technically proud of its own capabilities in terms of transaction throughput, cost, and ability to scale. While Ethereum has the first-mover advantage and a rich list of active developers, EOS notably prides itself as a flexible outfit that is ready to adapt to any situation at all.
Riding on the efforts of Yves La Rose, the Chief Executive Officer of the EOS Network Foundation, a consensus mechanism, EVM solution, and a renewed growth strategy will now be in line to complement one another as the protocols look to transition to a new realm.
The capabilities of the EVM products on EOS will be enhanced when compared to those from other competing projects.
“Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat,” Rose tweeted last week. “At 800+ swaps per second, $EOS EVM will be BY FAR the fastest EVM, benchmarked 3x faster than Solana + BNB and 25x faster than Avax.”
Whether or not these claims are verified is still a contentious subject, however, EOS has a series of upgrades and developments planned post-EVM launch slated for April 14.