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

Major Upgrade Announcement

On Sept. 25, the EOS Network announced that the upgrade to Antelope Spring 1.0 is a significant development for both the network and the broader crypto industry. With the introduction of the Savanna consensus algorithm, EOS now boasts transaction finality that is 100 times faster than its previous iteration.

Notable Achievement

According to the EOS team, the upgrade enhances network performance, speed, security, and reliability. The 1-second transaction finality places EOS among a select few layer 1 blockchains that have successfully altered their core consensus mechanism.

Ethereum, which transitioned from a proof-of-work consensus algorithm to proof-of-stake, is one of the most notable blockchains 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.”

Historical Challenges

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 significant attention post-launch. Some considered it an “Ethereum killer.” However, it soon faced several controversies, including EOS block producers freezing the vesting of tokens allocated for Block.one.

The EOS Foundation also initiated legal proceedings against Block.one, resulting in a sharp decline in the price of the native EOS token, causing it to slip out of the top 10 coins by market cap.

Future Prospects

The recent upgrade and developments, such as the launch of a 250 million staking program, indicate a positive trajectory for EOS. The upgrade also enables users to experience web2 speeds for web3 applications, including instant settlement and interoperability.

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