EOS Network upgrades to bring 1-second transaction finality

EOS Network has successfully completed its Spring 1.0 upgrade, a hard fork that has introduced 1-second transaction finality to the blockchain network.

On Sept. 25, the EOS Network (EOS) announced that the upgrade to Antelope Spring 1.0 is a major development for the network and the broader crypto industry. With the hard fork introducing the Savanna consensus algorithm, EOS now boasts transaction finality that is 100 times faster than its previous iteration.

Notable feat

According to the EOS team, the upgrade brings more than just improved network performance, speed, security, and reliability. The 1-second transaction finality means EOS joins only a handful of layer 1 blockchains that have successfully changed their core consensus mechanism.

Ethereum (ETH), which switched from a proof-of-work consensus algorithm to proof-of-stake, is the most notable blockchain to undertake such an upgrade.

Bart Wyatt, chief technology officer at the EOS Network Foundation, called the Spring 1.0 upgrade and the 1-second finality “a massive leap forward.” Wyatt noted that this technical milestone allows the EOS community to take full ownership of the path to further decentralization.

Yves La Rose, chief executive officer of the EOS Network Foundation, said the EOS ecosystem is now set for the “next-generation decentralized applications.”

EOS Network’s past hiccups

EOS Network launched in January 2018 following a record $4 billion initial coin offering in 2017.

The third generation blockchain platform, launched by Block.one, attracted a lot of attention after its launch. Some considered it an “Ethereum killer.” However, it soon hit a lot of controversy, including EOS block producers freezing the vesting of tokens set for Block.one.

The EOS Foundation also instituted legal proceedings against Block.one, with the native EOS token seeing its price decline sharply as it slipped out of the top 10 coins by market cap. The upgrade and recent developments such as the launch of a 250 million staking program.

EOS’ upgrade also means users can tap into web2 speeds for web3 experiences, including instant settlement and interoperability.