EOS Network Upgrade Achieves 1-Second Transaction Finality

Calgary, Alberta, September 25, 2024, Chainwire

The EOS Network proudly announces the successful execution of its groundbreaking upgrade to Spring 1.0. This enhancement has introduced the Savanna consensus algorithm, heralding a new era of performance, reliability, and speed across the network. With transaction finality improved to 1 second, EOS has achieved over a 100-fold enhancement compared to earlier versions. This swift progress in speed, security, and scalability paves the way for future advancements in cryptographic technology.

This upgrade embodies the collective vision and commitment of EOS’s global decentralized community, highlighting its dedication to advancing blockchain innovation.

Bart Wyatt, CTO of the EOS Network Foundation, emphasized the importance of this pivotal development: “With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we are doing something exceptional in the blockchain arena: altering our primary consensus mechanism. Only a small number of Layer 1 blockchains have accomplished this—Ethereum being the most notable. By doing so, we’re treading on significant ground. By providing EOS with industry-leading 1-second finality, we’ve made substantial progress, positioning EOS at the cutting edge of blockchain innovation. This achievement goes beyond mere technical success—it represents the EOS community asserting full ownership.”

The EOS Network has successfully transitioned to Antelope Spring 1.0, ensuring a smooth upgrade experience. This transition showcased the cooperative spirit within the EOS community, highlighted by comprehensive beta testing and a distributed activation carried out by global block producers (BPs).

The Savanna consensus algorithm transforms the efficiency of blockchain technology. By utilizing advanced cryptographic techniques like aggregate BLS signatures, Savanna guarantees swift, irreversible transactions, enhancing both network security and scalability while unlocking new opportunities within the blockchain sector.

Yves La Rose, CEO of the EOS Network Foundation: “Spring 1.0 signifies a crucial milestone for the blockchain space, unveiling the Savanna consensus algorithm with 1-second Instant Finality through pioneering BLS cryptographic advancements. This upgrade provides unparalleled transaction speed, reliability, and security, establishing a robust framework for the next generation of decentralized applications to thrive. Achieving this was a collective effort involving internal teams and external collaborators, placing EOS among the most technically sophisticated platforms available.”

As a transformative phase, Spring 1.0 opens new avenues for growth and adoption within the ecosystem. It creates exceptional value for developers and anyone invested in the long-term potential of blockchain advancements. With reliable technology and a solid infrastructure in place, the future brings boundless opportunities as EOS drives the industry forward.

As the EOS Network advances with Spring 1.0, it fortifies the groundwork for ongoing innovation and community advancement. This major technological progression unlocks a wide array of new use cases, further enriching the EOS ecosystem.

Stay informed about the latest upgrades and developments by following EOS Network on Twitter or Telegram.

EOS Network Foundation

The EOS Network Foundation (ENF) was established with a vision for a thriving, decentralized future. Through active engagement with key stakeholders, community initiatives, ecosystem financing, and support for an open technology framework, the ENF is revolutionizing Web3. Founded in 2021, the ENF serves as the central hub for EOS Network, a leading open-source platform offering a range of stable frameworks, tools, and libraries for blockchain implementations. Together, we are driving the innovations fostered by our community and are dedicated to building a stronger future for all.