In 2022, blockchain applications are being noticed by mainstream society more rapidly than ever in the world, with an explosive growth of capital, talent and users pouring into the crypto world.
The growth in market demand has further highlighted the shortcomings of blockchain networks such as Ether in terms of performance, and has set the future pattern of multi-chain development in the blockchain world. At the same time, the positioning of Ethernet has been upgraded from "world computer" to "global financial settlement layer", and the new expansion route of delaying fragmentation and developing Layer2 has further enhanced the important position of multi-chain model in the future.
In this process, IOST and other new generation public chains have taken over the users who were isolated by Ethernet due to performance and cost problems, and brought more simple and convenient services to users with the trend of multiple chains moving forward.
On March 31, IOST announced the official launch of "Entropy Increase Plan", which will build an Ethernet 2.0 development and usage experience based on IOST's high performance underlying layer and consensus algorithm POB, compatible with Solidity, EVM and ETH ecological tools, while having the speed and scalability of Layer2-like layer. With this, IOST officially launches the multi-chain ecological layout, providing more possibilities for developers of IOST and other high-performance public chains while optimizing user experience.
To build a public chain ecosystem is to build a world on chain, and infrastructure is a necessary condition for this world. Since the launch of the mainnet, IOST development team upholds the attitude of continuous innovation in technology and has made multiple updates and optimizations to the mainnet, from Olympus v1.0.0 to Olympus v3.8.0, our mainnet is more secure, easy to use, fast, decentralized and has high scaling performance. Through the original PoB consensus mechanism, IOST has achieved the goal of horizontal scaling and high throughput, with over 600 million transactions and nearly 200 million block heights across the network.
IOST uses the same V8 Javascript engine as Google Chrome as the core for executing smart contracts, and on top of that, a lot of improvements applicable to blockchain have been made. The performance is guaranteed while the correctness and security of the main network is also ensured. In addition, developers can write smart contracts on the IOST chain using Javascript - the world's most widely popular language. This has given IOST a large community of developers. They continue to add to the IOST mainnet ecosystem in their respective fields, bringing increasingly popular decentralized products, practical and easy-to-use developer tools ......
In 2022, as Ethernet EVM is becoming a global "standard", EVM-compatible is becoming the standard for high-performance public chains. In most developer community discussions, the technical improvements and application development of EVM even determine the direction of the windfall.
EVM (Ethereum Virtual Machine) stands for "Ethernet Virtual Machine". As a programmable blockchain, Ethernet enables developers to create their own operations, the core of which lies in the ability of EVM to execute code of any algorithmic complexity. Developers can create applications that run on EVMs using a programming language (Solidity).
Nowadays, DeFi, NFT, GameFi, Web 3 and Meta-Universe are still hot, and many developers have suspended their long-standing debates on the details of the underlying technology of public chains and turned their attention to improving user experience and liquidity of Ethernet applications. The compatibility of public chains with EVM has become an important basis for developers' deployment choices.
IOST networks offer scalability that other platforms may not currently offer. After the completion of "Entropy Increase Plan", developers can run all kinds of applications in the high-speed and secure IOST network, with lower Gas fees than 99% of Ether and high TPS up to 8000, providing them with a better development environment.
Compatible with EVM to quickly "replicate" the high quality projects of Ether and other platforms, and relying on advantageous resources and support policies, IOST can quickly attract a large number of developers and enter the ecological explosion.
Let users participate in quality projects with predictable returns at a lower cost.
IOST always believes that technology is the foundation of public chain, developers are the core of the ecology, and user experience is the key to determine our future.
IOST has the number one ranked Staking economic system in the overall index, and the number of pledged votes across the network exceeds 5.6 billion. We have gained the support of more than one million community members worldwide, and our market influence has radiated to nearly 30 countries around the world, all with the attention and trust of our users. One of the reasons why IOST launched the "Entropy Increase Plan" is to allow users to participate in quality projects with promising returns at a lower cost.
In the current market, users are not only looking for a higher quality product experience, but also have high expectations for asset management and revenue. For users, the advantages of an EVM-compatible chain include participation in a multi-chain ecosystem, lower Gas fees, faster settlement, the same address format as Ether, and easier operational processes. Therefore, IOST believes that making an innovative EVM-compatible solution with user experience as the starting point is a great start - starting with new technologies, removing multi-chain barriers for everyone, and finding a balance between building strategic partnerships, quality projects, users, rewards, and ease of use, is exactly how IOST is responsible for its users.
Over the years, our users are used to earning on the IOST Staking system, as well as on projects such as DeFi, NFT and GameFi on the IOST chain, and in the future we want to give people more diverse options for more substantial returns at a lower cost. IOST will use the underlying technology and advantageous resources from years of continuous iteration and optimization to bring more applications with rich content ecology, generous participation incentives, playability and socialization to users on the basis of EVM compatibility.
Innovative compatibility with EVM + native support for Wasm, building an Ether 2.0 development and usage experience.
IOST Announces Official Launch of "Entropy Increase Plan"—Create a compatible layer on the IOST network for Ether and other supporting EVM public chains (e.g. Avalanche, Polygon, NEAR, etc.). Will be based on IOST's high performance underlay and consensus algorithm POB, building an Ethernet 2.0 development and usage experience compatible with Solidity, EVM and ETH eco-tools with the speed and scalability of a Layer2-like layer.
The "Entropy Increase Plan" technical solution is an enhanced version of "Ether 2.0", with the main enhancement points being performance and fees. The high performance can effectively alleviate the problem of congestion of Ether transactions. And only a small amount of tokens need to be pledged to initiate free transfer transactions on the IOST chain to play DApps, significantly solving the pain point of volatile and expensive Ethernet Gas fees.
Compared to other public chains' EVM-compatible solutions, IOST's EVM-compatible technology solution is fully EVM-compatible and will provide the best EVM development and usage experience for developers and users of the EVM multi-chain ecosystem when it is implemented.
IOST "Entropy Increase Plan" will be completed in three phases.
Phase 1: Build a cross-chain bridge to enable asset interoperability between IOST and high performance public chains such as Ether.
Phase 2: Build EVM development environment in the IOST network to expand the IOST ecosystem.
Phase 3: Establish EVM dedicated ecological incentive fund to incubate traffic-based star projects.
The "Entropy Increase Plan" means that IOST can seamlessly migrate almost all premium project applications on other EVM-compatible high-performance public chains with higher performance and lower usage costs, thus creating the conditions for lower cost application innovation and cross-chain migration. Users of other public chains can also benefit from the performance advantages of IOST by operating familiar applications via IOST.
In addition, although EVM is currently considered a more complete mechanism in the blockchain space, its limitations and timeliness cannot meet more demands with the explosive growth of blockchain, and Wasm contract, which is an upgraded version of EVM contract, is starting to attract widespread attention.
Wasm VM is another commonly used virtual machine for blockchain, originally designed for browsers. With the expansion of usage scenarios, Wasm has become one of the more common formats that can run in all popular browsers and is widely supported by Google, Microsoft, Apple and other top tier companies.
ETH founder Vitalik Buterin also said that Ether 2.0 will be upgraded to Wasm contracts (eWASM) to meet more development needs.
As a result, many public chain projects have proposed support for Wasm after being compatible with EVM. Compared to EVM, Wasm supports smart contract development language will no longer be limited to Solidity, developers can use a variety of high-level languages such as C/C++/Rust to write smart contracts, greatly reducing the entry barrier and development costs, but also improve the security of smart contracts, can bring more users the convenience of efficient blockchain technology. IOST natively supports Wasm, and while it is compatible with EVM, IOST will continue to push forward with the development of Wasm support, using Wasm to continue to drive the mass implementation of blockchain applications.
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