EVM (Ethereum Virtual Machine)
Developers are currently working on addressing congestion within the Ethereum blockchain ecosystem. Ethereum hosts a vast array of decentralized applications and the transition to the Ethereum 2.0 scalability solution is a significant step forward. After the implementation of Bitcoin, developers realized that Ethereum had the potential to be used beyond a peer-to-peer protocol. Ethereum became the first virtual machine for decentralized applications to run robust use cases in the industry today.
What is an EVM?
The Ethereum Virtual Machine (EVM) is a decentralized computer that processes and executes code written in compatible languages, like Solidity, on the Ethereum blockchain. It operates on the global network of Ethereum nodes, maintaining the state and executing smart contracts. The EVM compiles smart contract code into a readable format called ‘Bytecode’, allowing Ethereum nodes to recognize smart contracts deployed on EVM-compatible chains like Polygon or Avalanche. This enables developers to port their dapps or tokens between Ethereum and other EVM-compatible chains. The EVM also incurs gas fees to ensure network security and decentralization.
What are the other types of virtual machines?
RVM (Risk Virtual Machine)
The Bitcoin network, built on Ethereum, utilizes the Rootstock (RSK) protocol for smart contract creation. The RSK Virtual Machine (RVM) is a Turing-complete virtual machine that confirms transactions in less than 30 seconds, enhancing security and scalability.
NeoVM (Neo Virtual Machine)
It offers enhanced performance and development capabilities through a simplified technical architecture and innovative features like NeoFS and NeoID. NeoVM supports interoperability with other chains and encourages cross-platform functionality through its smart contract protocol, NeoContract.
Types of EVM
While the EVM is a single entity, different types of EVMs cater to various use cases and requirements.
Ethereum EVM: Responsible for executing smart contracts and maintaining the state of the blockchain in the mainnet.
Layer 2 EVMs: These EVMs are built on top of the Ethereum mainnet and offer improved scalability, security, and usability. Examples include optimistic rollups and zk-rollups.
Sidechain EVMs: These EVMs are separate from the Ethereum mainnet and operate independently, often with their own token economies and use cases. Examples include Binance Smart Chain and Polygon.
Hybrid EVMs: These EVMs combine elements of both Layer 2 and sidechain EVMs, offering a balance between scalability and decentralization. Examples include Polkadot and Cosmos.
Testnet EVM: Testnet EVMs are Ethereum Virtual Machines that run on Ethereum test networks (testnets) such as Ropsten, Rinkeby, and Goerli. These testnets mimic the behaviour of the mainnet EVM but are used for testing purposes.
Advantages of EVM
Smart Contract Execution: EVM enables the execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
Open and Permissionless: EVM is open source and permissionless, allowing anyone to build and deploy smart contracts and DApps on the Ethereum blockchain.
Flexibility: EVM allows developers to build smart contracts in any programming language, making it a versatile tool for creating a wide range of decentralized applications.
Decentralized execution: The EVM executes smart contracts and transactions on a decentralized network of nodes, ensuring the execution is transparent, secure, and tamper-proof.
EVM-compatible blockchains: The EVM is the engine that powers the Ethereum blockchain, and its compatibility with other blockchains allows for the creation of EVM-compatible blockchains, enabling the execution of smart contracts and decentralized applications across different blockchain networks.
Timely transactions: The EVM enables timely transactions, allowing for fast and secure execution of smart contracts and decentralized applications.
Future scope of EVM
As the blockchain landscape continues to evolve, the future scope of EVM in blockchain is expected to expand and diversify.
Application-Specific EVMs: Future application-specific EVMs will enable developers to create customized blockchain solutions for specific applications, extending beyond Ethereum and encompassing other blockchains, like ReFi.
EVM Rollups and Interoperability: EVM rollups merge multiple blockchains into a single, scalable system, promoting interoperability and enabling developers to build and deploy applications across various blockchains, enhancing overall efficiency.
EVM as a Service: Smart contracts are managed and standardized across multiple blockchains, eliminating the need to worry about the underlying infrastructure.
Hybrid and Cross-Chain Solutions: The hybrid blockchain landscape is increasingly leveraging the strengths of various ecosystems to create applications that span multiple blockchains.
Conclusion
The Ethereum Virtual Machine (EVM) is vital for secure and decentralized execution of smart contracts and applications. Ongoing research will improve its scalability, efficiency, security, and compatibility with other blockchain networks. As the Ethereum community innovates with DApps, the EVM remains at the forefront of advancements, serving as the backbone of the decentralized web. Its open architecture empowers developers worldwide to build next-gen decentralized applications.
About Phyken Network
RWA tokenization and fractionalization protocol focused on bringing green and renewable energy assets on-chain.
