- EOS is preparing to launch a new consensus algorithm.
- The new algorithm looks to revamp transactions on the EOS network.
- Leap 6, the upcoming hard fork, will profoundly impact users and dApps on the network.
EOS, the Layer-1 network designed to tackle scalability issues inherent in existing protocols, is gearing up to take the next step in its development phase with Leap 6, a highly anticipated upgrade that is set to revolutionize the current consensus algorithm, paving the way for faster transactions and improved network efficiency.
EOS Greenlights Leap 6
EOS is on the cusp of launching Leap 6, a pivotal milestone marked by integrating the Savanna consensus algorithm. The upcoming upgrade promises a host of improvements, including instant finality, enhanced privacy, and increased efficiency.
As per its official announcement, EOS has slated the final release of Leap 6 for July 10th, marking the beginning of the upgrade process. Node operators will have until July 30th to apply the upgrade and maintain synchronization before EOS makes it official, with a hard fork scheduled for July 31st.
How Does Leap 6 Improve EOS?
EOS draws inspiration from the HotStuff consensus algorithm developed by VMware Research, known for its low latency and resilience against attacks.
Sponsored
With Leap 6 and the subsequent implementation of the Savanna consensus algorithm, EOS looks to introduce a completely new algorithm better aligned with the modern requirements of blockchain technology.
It does so by leveraging BLS signatures, a cryptographic signature scheme that features security guarantees, rapid signing and verification processes, and the ability to compress signatures without compromising security.
With BLS signatures, EOS looks to significantly enhance scalability by reducing transaction finality time. The Layer-1 network claims transactions will achieve finality in mere seconds, marking a 100x improvement over previous releases, with finality times as low as 1.1 ms anticipated following the Leap 6 hard fork.
Sponsored
At press time, transactions on EOS reached finality in under three minutes.
In addition to the Savannah, the Leap 6 hard fork also looks to introduce a decentralized and efficient approach to handling blocks on the network by splitting Block Producer responsibilities into two distinct functions: Block Proposers and Block Finalizers.
EOS looks to make its network safer, more predictable, and more efficient by restructuring the network to have Block Proposers organize transactions into blocks while Block Finalizers ensure those blocks are finalized.
What Does Leap 6 Do for EOS Users and dApps?
The introduction of instant finality, driven by the upcoming Savanna consensus algorithm, marks a major leap forward for the EOS network. For users, instant finality means transactions will be confirmed and settled in seconds, as the Layer-1 network claims.
In stark contrast, at the time of writing, finality on Ethereum took about 13 minutes, while on Bitcoin, it could take up to an hour.
Following Leap 6, users won’t have to wait for multiple confirmations and can access funds or services almost immediately. It will also enhance user confidence in the reliability and responsiveness of the EOS blockchain, fostering increased adoption among dApps and end users.
On the other hand, Savanna will open up new avenues for real-time applications and services for dApps on EOS. With transactions reaching finality in seconds, dApps can offer instant updates, execute complex smart contracts with minimal latency, and facilitate seamless user interactions.
This enables a wide range of applications, including decentralized exchanges, blockchain games, on-chain social media platforms, and supply chain management, to operate more efficiently and deliver a superior user experience.
On the Flipside
- EOS ran one of the most successful crowdfunding campaigns in the crypto industry, raising $4.1 billion during its ICO.
- Initially, Block.One managed the network until the investor ran into legal troubles for trying to misappropriate the funds from the ICO. As a result, control of the network shifted to its community members.
- At one stage, EOS humorously earned the moniker “Ethereum on Steroids” from crypto enthusiasts.
Why This Matters
EOS’ Leap 6 hard fork is set to redefine the narrative surrounding the Layer-1. This upgrade promises to elevate the competitiveness and utility of EOS dApps in the broader blockchain ecosystem thanks to its trailblazing technology.
Find out what SBF, Tether, and Bahamas have in common:
SBF, Tether, and Bahamas Bank, Accused of Secretly Colluding
Why is Coinbase’s payment portal dropping Bitcoin?:
Coinbase Crypto Payment Portal Drops Bitcoin Support
