EOS Network Ventures (ENV) has made a formal commitment to investing $20M directly into $EOS EVM and GameFi projects. Also, with the new development EOS is officially open for business, Yves La Rose, CEO of EOS Network Foundation tweeted in the early hours of Monday. He added that EOS is “BY FAR the fastest EVM, alongside, EOS EVM will have the most funding available for builders.”
Yves La Rose claims “EOS EVM is 25x faster than AVAX, and 3x faster than Solana or BNB.” EVM- Ethereum Virtual Machine is an environment for building decentralized applications on the Ethereum network.
The project is expected to launch on April 14th, and is aimed at “establishing EOS EVM as the market leader” and providing more than just tech for people in the industry. The EOS Network is a Delegated Proof of Stake (DPoS), a consensus mechanism used in blockchain technology, and the EOS Network utilizes this approach. DPoS allows for more democratic control over network operations by allowing token holders to vote democratically on who they want to block producers.
In contrast to other models such as PoW (Proof-of-Work), which rewards miners with tokens for solving complex mathematical problems, or PoS (Proof-of-Stake model), where node validators have already invested cryptocurrency into their nodes before being selected at random; DPoS takes another path altogether: it combines both elements involving voting stakeholders directly participating in electing those responsible for verifying transactions within blocks on behalf of everyone else using an open-source platform that encourages transparency and accountability among all participants.
In September 2022, Yves announced the hard fork of the EOS Blockchain saying “we liberate the code, not for a privileged few, but for an open future, built on an open-source foundation”. This was a result of an internal conflict in the EOS community where members expressed dissatisfaction with how BlockOne operated the network. This led to the establishment of the EOS Network Foundation that pushed for the Antelope upgrade.
The $20 million Fund provides financial resources for developers and encourages them to build on the EOS network. “With $20M up for grabs for EVM projects, we expect a massive influx of developers who want to take advantage of the funding opportunities,” La Rose said. He mentioned that EOS as well aims to ‘attract the industry’s best developers and teams to build on $EOS EVM.”
Following the announcement, EOS said it has “always had the best technology but lagged behind the competition due to a lack of investment. With this $20M commitment from EOS network ventures, EOS will attract the leading EVM and GameFi developers to build on EOS.”
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