EOS Network Achieves Major Upgrade with 1-Second Transaction Finality

24-09-26 00:02

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On September 25, 2024, the EOS network announced the successful completion of the landmark Spring 1.0 upgrade. The upgrade introduced the Savanna consensus algorithm, marking a new era of network performance, reliability, and speed. By increasing transaction finality to 1 second, EOS has achieved more than 100 times improvement over previous iterations. Rapid advances in speed, security, and scalability lay the foundation for future cryptographic breakthroughs.

The upgrade reflects the shared vision and dedication of the EOS global decentralized community, underscoring its commitment to pioneering blockchain innovation.

EOS Network Foundation CTO Bart Wyatt elaborated on the significance of this strategic development: “With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we have achieved something rare in the blockchain world: changing our core consensus algorithm. Very few layer 1 blockchains have ever done this. There are only a few I can think of – Ethereum being the most notable. In doing so, we are standing on hallowed ground. By bringing EOS to industry-leading 1-second finality, we are taking a huge step forward and placing EOS at the forefront of blockchain innovation. This is more than just a technical achievement – this is about complete ownership by the EOS community.”

The EOS network has completed its transition to Antelope Spring 1.0, providing a non-contentious upgrade path. This process has demonstrated a collaborative effort within the EOS community, including extensive beta testing and distributed activations by global block producers (BPs).

The Savanna consensus algorithm revolutionizes blockchain efficiency. By integrating advanced cryptography such as aggregated BLS signatures, Savanna ensures fast, irreversible transactions, improving network security and scalability, and unlocking new use cases for the blockchain industry.

“Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with 1-second instant finality through cutting-edge BLS cryptographic advances,” said Yves La Rose, CEO of the EOS Network Foundation. “This upgrade delivers unparalleled transaction speed, reliability, and security, laying the foundation for the next generation of decentralized applications to flourish. Achieving this was a feat of combined efforts from both internal teams and external partners, positioning EOS as one of the most technologically advanced platforms.”

As a transformative phase, Spring 1.0 brings new growth opportunities and adoption to the ecosystem. It unlocks unprecedented value for developers and anyone invested in the long-term potential of blockchain innovation. With mature technology and strong infrastructure, the future holds endless possibilities as EOS drives the industry forward"

As the EOS network advances in Spring 1.0, it lays the foundation for continued innovation and community growth. This major technological leap unlocks a host of new use cases and strengthens the EOS ecosystem.

Areg Hayrapetian, Director of Engineering at the EOS Network Foundation and Chief Architect of the Savanna Consensus Algorithm:

“A more rigorous approach was taken to the development of the Savanna consensus algorithm, which replaced EOS’s previously unnamed legacy consensus algorithm. We used proofs of concept to discover and fix design flaws early, conducted multiple iterations of testing, and applied mathematical analysis to ensure the algorithm maintained critical liveness and safety - core elements of any blockchain we want to implement: it is available when needed, and when a transaction is marked as final, it cannot be undone. By doing the right thing on Savanna, EOS users can take these things for granted and enjoy a dramatic reduction in finality times - from minutes to just one second.”

Follow EOS on Twitter and Telegram network to learn about the latest enhancements, updates, and upgrades to the network.

EOS Network Foundation

The EOS Network Foundation (ENF) was founded on a vision of a prosperous and decentralized future. Through our key stakeholder engagement, community initiatives, ecosystem grants, and support for open technology ecosystems, ENF is transforming Web3. Founded in 2021, ENF is at the center of the EOS Network, a leading open-source platform with a stable set of frameworks, tools, and libraries for blockchain deployments. Together, we bring community-built innovations and are committed to creating a better future for all.