Choosing the Right EVM to Deploy Solidity Smart Contracts
As a developer, one of your most important decisions when building decentralized applications is selecting the blockchain to which you will deploy your smart contracts. However, your decision shouldn’t be based solely on the platform’s technology. You must evaluate the tools various networks provide, how they evolve over time, and the advantages they bring to the end-users who will eventually engage with your DApp once it is live. These make up a few of the many reasons why the Telos Fuel campaign has attracted such a large number of developers to the Telos ecosystem. For more on developer grants to build on Telos, please click the following link:
https://fuel.telos.net/
This article will outline why the Telos EVM is a superior option for deploying Solidity smart contracts. With its reliable infrastructure, next-generation tech stack, and a developer team that consistently strives to outdo itself, the Telos EVM provides a secure environment to create and deploy your Solidity smart contracts without compromising performance, decentralization, or security.
The Ethereum Problem
Ethereum, in its present state, isn’t ready to accommodate the influx of developers pouring into Web3 — and hasn’t been ready dating back to its inception seven years ago. From day one, Ethereum has grappled with a multitude of performance and transaction cost issues, many of which its community is still attempting to rectify to this day.
For starters, the network has an inherent scalability problem, restricting it to roughly 30 transactions per second (on good days). Furthermore, the bottleneck of transactions often causes network delays and escalating fees, not to mention repeated instances of front-running that have exacerbated this issue due to adjustable gas cost. In light of this, several layer-2 solutions have surfaced to help the overly-congested network scale — but these protocols are not without their faults, with lack of composability and costly bridging fees presenting themselves as constant challenges among them.
This is undoubtedly the main reason layer-1 EVM solutions, otherwise known as “Ethereum killers,” have been able to carve out considerable market share over the years, with built-in scalability as the cornerstone of their infrastructure. However, as it turns out, many of these networks also have suffered the same problems Ethereum faces (network congestion, front-running, high fees).
While these blockchains liberally use the term “next-generation” to describe themselves, they evidently lack the fundamental building blocks to live up to their self-appointment moniker.
The Bull Case for Telos EVM (tEVM)
Telos has created a highly-scalable EVM platform that outperforms every other EVM in the industry. The Telos EVM, unlike its rivals, is not a fork of the go-Ethereum virtual machine. Instead, it is built from the ground up with proprietary code and automatically executes Ethereum-compatible Solidity contracts without modification. However, the tEVM is 24x faster than Ethereum, can handle well over 100x the capacity, and enables users and developers to execute transactions at a mere fraction of the cost.
The TelosEVM tackles several concerns left unanswered by Ethereum. Let’s examine more closely some of the unique attributes that separate the tEVM from its competitors:
- No Front Running: Front running is eliminated as no public mem pool exists. Transactions are processed on a “First in, First Out” basis at fixed gas cost.
- Block Time: Lightning fast 0.5s
- Transaction Throughput: Telos native network currently can achieve 10,000+ transactions per second. EVM runs as a smart contract on the native network; thus, a reduced TPS is applied. Upcoming upgrades aim to increase this throughput further.
- Security: Telos requires 2/3s + 1 of its validators to sign blocks.
- Fixed Gas Rate: Telos Gas Fees average at .01, gas fees do not fluctuate with increased network volumes, and users cannot modify gas spent.
- Low Emissions: Only 0.000001 kWh to execute a transaction.
- Smarter Governance: Telos’ governance structure empowers developers and users with voting power on key platform proposals. Furthermore, any Telos developer who wishes to include governance capabilities in their DApps can do so.
State Information Storage: RAM or Hard Drive?
Another significant contributing factor to Telos’ superior speed and performance is the Antelope codebase and its storage of state information on RAM. Using RAM as the network’s storage medium — as opposed to hard drives as most competing EVMs do — results in lightning-fast data access, boosting performance benchmarks to levels no other blockchain has yet to achieve.
But while the tEVM stands head and shoulders above its competitors, this has not prevented its developers from building more advanced iterations of this industry-leading smart contract platform.
Unveiling tEVM 1.5 and tEVM 2.0 Super Node
Regardless of whether or not the majority of blockchain networks are open source, it is essential to determine whether they have committed developers to manage the system, identify potential issues and bugs, and constantly strive to upgrade the platform.
In the case of Telos, the network’s tech stack is constantly evolving at the hands of the Telos Core Developers (TCD), an elite group of Web3 experts with several decades of experience in source code, programming, and blockchain technology. In its most recent community monthly update, the TCD revealed the new and improved tEVM 1.5 would go live very soon. The upgraded smart contract platform recently underwent rigorous stress tests to ensure it is fully optimized for its debut.
The eventual successor of tEVM 1.5, the 2.0 Super Node, remains a top priority for the TCD. While it will contain SILKWORM and Erigon components, it will also feature an entirely new codebase to ensure superior performance and scalability.
The Evolution of EVM
The Telos EVM, and ecosystem in general, is a mixed bag of high-tech scaling solutions developers can benefit from when deploying Solidity smart contracts on the tEVM. Furthermore, the recently announced Telos Fuel Program provides developers an opportunity to get in on the ground floor of a rapidly-growing ecosystem that continues to welcome top-tier DeFi protocols and has locked record TVL for the network. For more on Telos Fuel and how you can apply for an Ignite Grant, click the following link.
About Telos
The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG-compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Build with us.
