EOS Network Achieves 1-Second Transaction Finality with Major Upgrade by Chainwire

Alberta, Calgary, September 25th, 2024 – Chainwire

The Network has successfully completed a significant upgrade to Spring 1.0, introducing the innovative Savanna consensus algorithm. This advancement marks a new chapter in the network’s performance, reliability, and speed, achieving a remarkable improvement in transaction finality to just 1 second—over 100 times faster than previous versions. This leap in speed, security, and scalability paves the way for forthcoming breakthroughs in cryptography.

This upgrade is a testament to the collective vision and dedication of EOS’s global decentralized community, highlighting its commitment to leading blockchain innovation.

Bart Wyatt, CTO of the EOS Network Foundation, emphasized the importance of this development: "The Spring 1.0 upgrade and the Savanna consensus algorithm represent a rare achievement in blockchain history: altering our core consensus algorithm. Very few Layer 1 blockchains have undergone such a transformation. By delivering industry-leading 1-second finality, we have made a significant advance, positioning EOS at the cutting edge of blockchain innovation. This accomplishment is not merely technical; it signifies the EOS community taking full ownership of its future."

The EOS Network has transitioned to Antelope Spring 1.0, providing a smooth and non-contentious upgrade path. This process showcased the collaborative spirit within the EOS community through extensive beta testing and distributed activation led by global block producers.

The Savanna consensus algorithm elevates blockchain efficiency by incorporating advanced cryptographic techniques, including aggregate BLS signatures. This ensures swift and irreversible transactions, enhancing network security and scalability while enabling new use cases in the blockchain sector.

Yves La Rose, CEO of the EOS Network Foundation, stated: "Spring 1.0 marks a transformative milestone for the blockchain industry, introducing the Savanna consensus algorithm with 1-second Instant Finality powered by state-of-the-art BLS cryptographic advancements. This upgrade delivers unmatched transaction speed, reliability, and security, laying the groundwork for next-generation decentralized applications. This achievement resulted from a collective effort involving both internal teams and external partners, establishing EOS as one of the most advanced technical platforms available."

As Spring 1.0 heralds a new phase, it unlocks exceptional growth opportunities and adoption within the ecosystem, creating significant value for developers and stakeholders vested in the long-term potential of blockchain innovation. With a proven technology foundation and a sturdy infrastructure, EOS is set to explore endless possibilities, driving the industry forward.

As the EOS Network progresses with Spring 1.0, it lays a strong foundation for ongoing innovation and community development. This technological leap broadens the range of potential use cases, further enriching the EOS ecosystem.

For the latest updates and enhancements related to the network, follow EOS Network on social media platforms.

EOS Network Foundation
The EOS Network Foundation (ENF) was established with a vision for a decentralized and prosperous future. Through active stakeholder engagement, community initiatives, ecosystem funding, and support for an open technology landscape, the ENF is committed to revolutionizing Web3. Founded in 2021, the ENF serves as the central hub for the EOS Network, a leading open source platform offering a suite of stable frameworks, tools, and libraries for blockchain development. Together, we are driving the innovations developed by our community and fostering a stronger future for everyone.

Contact:
Chief Communications Officer
Zack Gall
EOS Network Foundation
Email: [email protected]