On the 28th of November, a groundbreaking announcement was made by EOS Labs about their collaboration with a cryptocurrency exchange to form the Turkey Web3 Industry Lab. This alliance aims to revitalize the Turkish blockchain landscape, channeling blockchain's potential to aid in Turkey’s digital enhancement and industrial modernization. CoinTR At the media event heralding the foundation of the Turkey Web3 Industry Lab, Zack Gall, the visionary behind and Chief Communications Officer for the EOS Network Foundation, delivered insights into “EOS Network—An Enterprise-Grade Blockchain Operating System.”
Zack elaborated, “EOS EVM is a pioneering structure under the EOS Network Foundation, designed to make Ethereum compatibility a reality for EOS. Since its introduction in April 2023, it has showcased exemplary performance standards, introduced a deflationary mechanism for burning gas fees, and facilitated comprehensive cross-system messaging between EOS EVM and EOS Native, hence creating a bridge that unites the two virtual machines. With EOS EVM, interoperability between EOS and Ethereum is enhanced, paving the way for a broader spectrum of applications that can be developed within the EOS framework.”
Moreover, Zack highlighted that their collaborator in Japan, PassPay, has successfully secured a virtual asset service license from the Japanese Financial Services Agency and is set to launch a Japanese stablecoin, JPYW, leveraging the EOS EVM platform.
Presented below is the complete transcript of the address.
As one of the pioneering third-generation layer 1 blockchains, the EOS Network has consistently demonstrated its robust and reliable nature since its inception in 2018. Impressively, it boasts uninterrupted service, even amidst peak traffic, positioning itself as a prime choice for enterprises seeking a trustworthy blockchain platform for their applications.
At the vanguard of the Web3 initiative, EOS transcends being merely a blockchain network, presenting itself as an avant-garde operating system for a decentralized internet. Its superior speed, unmatched scalability, and intuitive interface have redefined the benchmarks within the blockchain sphere.
EOS is revolutionizing various domains like gaming and finance with its proficiency to manage thousands of transactions each second. It heralds a new age for decentralized gaming, bestowing true digital asset ownership upon players and ensuring secure, transparent in-game transactions. In the financial realm, EOS is reshaping transaction processes, ranging from simple money transfers to dealing with elaborate financial instruments.
EOS EVM, an early project of the EOS Network Foundation, infuses Ethereum compatibility into EOS. Rolled out in April 2023, it showcases exemplary efficiency, a deflationary gas fee burning protocol, and universal cross-platform messaging between EOS EVM and EOS Native, effectively creating a bridge, fostering interoperability between EOS and Ethereum and widening the array of applications possible on EOS.
EOS has also consolidated a partnership with the Japanese firm PassPay, the sole entity in Japan holding a sanctioned license for a stablecoin pegged to the Yen. This partnership highlights EOS's prowess in the stablecoin realm, enhancing everyday banking functionalities. Through its alliance with PassPay, EOS underscores its commitment to broadening its impact within the financial sector, anticipating an increase in its utility and user adoption across its network.
Within the EOS ecosystem, several thriving GameFi apps, such as Upland and PlayZap, stand out. These applications effectively simplify complex blockchain elements like key and resource management for users, providing a Web2 gaming experience within a Web3 context. These dApps, along with forthcoming developments from partner companies, spotlight EOS's vast potential and capabilities. They are not only reshaping digital interactions but also crafting novel opportunities for businesses and developers alike.
EOS serves not only as a platform fostering digital innovation but also as a catalyst for transformation and growth. As global adoption of this technology continues, EOS positions itself as a gateway to a future where digital economies flourish, financial inclusivity becomes accessible, and nations like Turkey take the lead in the international digital scene. This is not just an opportunity for EOS; it is a global invitation to unleash the full power of decentralized systems and tap into the advantages they present.
The managing editor of Blockonomi and founder of Kooc Media, a UK-based online media company, is a staunch advocate of open-source software, blockchain technology, and a universally free and equitable internet.
