The Telos EVM (tEVM)
EVM (Ethereum Virtual Machine) is referred to as the runtime environment for smart contracts in Ethereum enabling the execution of Solidity smart contracts. Although this technology has opened a new universe of dAPPs, the key constraint remains the transaction costs and block times of the Ethereum blockchain. Due to the nature of smart contracts, gas fees are dependent on the complexity, which is especially critical for DeFi transactions. Users have the opportunity to pay a larger gas fee to increase their transaction priority.
Telos does not offer the feature to adjust gas fees to prioritize transactions, as is common on Ethereum and other chains. Frontrunning or miner extracted value (MEV) are not a known issue on tEVM due to its first-in-first-out mempool and fee structure. On Telos, all block producers must process transactions on a first-in-first-out basis, as they receive them. Transactions cannot be reordered for profit, which applies to native as well as for tEVM.
Telos has implemented tEVM as a smart contract on the native network. All activities that would normally be run by the EVM on an Ethereum node are run by a smart contract on the Telos blockchain. An Ethereum compatibility JSON-RPC server provides the API Ethereum applications are expecting. It accomplishes this by translating the native Telos state from the EVM smart contract to Ethereum expected format.
Transactions on tEVM utilize a fee model that is compatible with native Ethereum gas based on standard Opcodes defining GWEI for each transaction type. As opposed to other EVMs, our tEVM cost is not directly related to the rewards of block providers. Based on our architecture, RAM availability and utilization determines the cost basis to operate the network, which allows for significantly lower transaction costs as on many other blockchains. In addition, the relationship of our token price with transaction cost is under full control of Telos.
Telos EVM fees are fixed at < 0.1% of Ethereum gas fees for identical transactions.
Additional Facts About tEVM:
Since the tEVM is just another smart contract on the Telos blockchain, multiple tEVMs could exist on the same chain at the same time. They are differentiated by their Telos account name.
While Ethereum nodes provide the built-in eth_getLogs call to query logs providing overhead, Telos has logs query/streaming and history management as an external service called Hyperion, which is utilized for Telos native and tEVM.
EVM transactions pay native TLOS fees for transactions. This process is managed by the Ethereum-compatible JSON-RPC server that has a native Telos account associated with it. This account is used for broadcasting transactions to the EVM contract.
The EVM smart contract uses the native TLOS token as gas instead of ETH, which makes microtransactions a reality.
The tEVM was meticulously audited and approved by Sentnl (read more here). The audit conducted by Sentnl on the tEVM led to the discovery of a security vulnerability in the original Go Ethereum (Geth) code, illustrating the quality control involved in developing the tEVM.
To learn more about Telos EVM why it is the most powerful smart contract platform that is existing today, click here.
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