EOS Network upgrades to bring 1-second transaction finality

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

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

Major success

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

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

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

Yves La Rose, CEO of the EOS Network Foundation, said that the EOS ecosystem is now ready for the “next generation of decentralized applications.”

EOS Network’s past disruptions

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

The third-generation blockchain platform launched by Block.one has garnered a lot of attention since its launch, with some calling it an “Ethereum killer.” However, it has quickly sparked a lot of controversy, including EOS block producers freezing the transfer of tokens destined for Block.one.

The EOS Foundation has also taken legal action against Block.one, with the native EOS token seeing a sharp drop in price as it fell out of the top 10 coins by market cap. Recent developments include an upgrade and the launch of a 250 million staking program.

EOS’s upgrade also means users can leverage web2 speeds for web3 experiences like instant payments and interoperability.