EOS, Telos, WAX and UX Network Blockchains Pledge $8 Million in Annual Funding for EOSIO Development

Ushering EOSIO into a new era of blockchain development

EOS, Telos, WAX, and UX Network, four EOSIO protocol-based blockchains, have pooled their development efforts to drive the execution of the EOSIO protocol core code that underpins each of these blockchains. In 2022, this consortium has committed an annual budget of $8 million for core development and developer engagement. Despite the fact that the blockchains are separate, they will collaborate to rebrand the EOSIO technological stack and add more security and new features to the protocol's core code. All of the group's code shall be open source and freely accessible for use in any EOSIO protocol-based project. Anyone in the EOSIO blockchain community may submit priority areas, but the coalition will make the final choices.

EOSIO is a third-generation blockchain protocol with great speed, capacity, and customizability. Block speeds of half a second, capacity tested at over 10,000 transactions per second (TPS), and minimal to no transaction fees are all features of blockchains based on the protocol. Block.one launched EOSIO after the blockchain industry's largest ICO, which collected about $4 billion in 2017, with $1 billion promised to sustain the EOSIO blockchain ecosystem and the promise of 10 years of core code development. In mid-2021, Block.one stopped sponsoring EOSIO protocol development, which resulted in EOS dismissing them due to suspending a vesting payout schedule. The future of EOSIO protocol development was unknown until EOS, Telos, WAX, and UX Network came together to take responsibility for it. The group has also hired a professional branding firm to develop a new name and branding for the EOSIO protocol, emphasising its multi-chain nature while separating it from Block.one.

The procedure of forming the EOSIO blockchain coalition started in January 2022 and included multiple different EOSIO protocol projects at various periods, including Ultra, Proton, FIO, EVA, and even Block.one's exchange and NFT initiatives. During weekly video-recorded Zoom sessions, the different teams explored models for collaboration, decision-making, financial assistance, and development objectives over the course of many weeks. On March 24th, EOS and Telos, represented by the EOS Network Foundation (ENF) headed by Yves La Rose and the Telos Core Developers (TCD) led by Douglas Horn, committed to working together to develop the core protocol code. WAX and UX Network decided to join the alliance on March 31st. Other organisations may decide to enter the alliance in the future to contribute and have a stronger influence on development decisions.

Douglas Horn, Chief Architect of Telos, said:

This is a watershed moment for the EOSIO protocol. Finally, development is in the hands of the users instead of Block.one. Finally, developers will have communication about priorities and code releases so they can make their own development plans.

Priorities outlined by the previous group have been implemented immediately. More than seventy-five ideas to improve EOSIO were outlined in the four "Blue Papers" commissioned by the ENF, which provide a comprehensive assessment of EOSIO's current situation. For the first time in the protocol's history, coalition members will select which individual ideas are most important and should get funding. SDKs for developers to make EOSIO development simpler, wallet enhancements, and sub-second transaction finality may be the first things consumers experience.

What is EOS?

The EOS VM was specifically designed to provide the best possible web3 user and developer experiences. The EOS Network Foundation serves as the driving force behind multi-chain cooperation and public goods financing for tools and infrastructure on the EOS blockchain as the protocol's financial and administrative hub (ENF).

The EOS Network is a third-generation blockchain platform driven by the EOS VM, a low-latency, high-performance, and extensible WebAssembly engine for predictable execution of near-feeless transactions built to provide the best web3 user and developer experiences.

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Image credits: Fotis Fotopoulos and Markus Spiske.