Major Upgrade to EOS Network Enables 1Second Transaction Completion

CoinWorld News Reports:
[Press Release – Alberta, Calgary, September 25, 2024]
EOS Network announces the successful completion of its milestone Spring 1.0 upgrade. This upgrade introduces the Savanna consensus algorithm, marking a new era in network performance, reliability, and speed. By enhancing transaction finality to one second, EOS has improved over 100 times compared to previous iterations. The rapid advancements in speed, security, and scalability lay the groundwork for future breakthroughs in cryptocurrency technology.
This upgrade reflects the shared vision and dedication of the global decentralized EOS community, highlighting its pioneering commitment to blockchain innovation.
Bart Wyatt, Chief Technology Officer of the EOS Network Foundation, elaborated on the significance of this strategic development: “With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we are achieving something rare in the blockchain world: changing our core consensus algorithm. Few first-layer blockchains have done this. The only ones I can think of are a handful—Ethereum being the most notable. By doing this, we stand on sacred ground. By bringing EOS to industry-leading one-second finality, we have made a tremendous leap, placing EOS at the forefront of blockchain innovation. This is not just a technical achievement, but a complete ownership by the EOS community.”
EOS Network has completed its transition to Antelope Spring 1.0, providing an undisputed upgrade path. This process showcases the collaborative efforts within the EOS community, including extensive testing and distributed activation conducted by global block producers (BPs).
The Savanna consensus algorithm fundamentally transforms blockchain efficiency. By integrating advanced cryptographic technologies such as aggregated BLS signatures, Savanna ensures fast, irreversible transactions, enhancing network security and scalability while unlocking new use cases within the blockchain industry.
Yves La Rose, CEO of the EOS Network Foundation, stated: “Spring 1.0 marks a pivotal moment in the blockchain industry, introducing the Savanna consensus algorithm with one-second instant finality through cutting-edge BLS cryptographic advancements. This upgrade provides unparalleled transaction speed, reliability, and security, laying the foundation for the flourishing of the next generation of decentralized applications. Achieving this has been a collaborative feat involving both internal teams and external partners, positioning EOS as one of the most technologically advanced platforms.”
As a transformative phase, Spring 1.0 brings new growth opportunities and adoption to the ecosystem. It releases unprecedented value for developers and anyone investing in the long-term potential of blockchain innovation. With mature technology and robust infrastructure, the future presents limitless possibilities as EOS drives the industry forward.
With the launch of Spring 1.0, EOS Network strengthens the foundation for ongoing innovation and community development. This significant technological leap unlocks a plethora of new use cases, enhancing the EOS ecosystem.
Stay updated on the latest enhancements, updates, and upgrades of the network by following EOS Network on Twitter or Telegram.
EOS Network Foundation
The EOS Network Foundation (ENF) was established with a vision for a prosperous and decentralized future. Through our engagement with key stakeholders, community programs, ecosystem funding, and support for an open technology ecosystem, ENF is transforming Web3. Founded in 2021, ENF is at the center of EOS Network, a leading open-source platform with a robust framework, tools, and libraries for blockchain deployment. Together, we bring innovative community building, dedicated to creating a better future for all.