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What is Ethereum Virtual Machine (EVM)?


Jan 16, 2023

What is Ethereum Virtual Machine (EVM)?

The concept of Ethereum Virtual Machine set out in the Yellow Paper in 2015 the co -founder of Ethereum and the technical director of Ethereum Foundation Gavin Wood. He also developed the Solidity programming language, with which they create smart contracts on the Ethereum blockchain. In 2016, Wood left Ethereum to engage in the development of a new project – Polkadot.

What is Ethereum Virtual Machine for

EVM can be represented as many distributed computers engaged in calculating according to the same rules in one network that do not have a centralized governing body.

Unlike the Bitcoin protocol, presented as a distributed register, Ethereum presents a large structure of data, which EVM is responsible for the processing and change. Any code recorded in the Ethereum block is executed on each of the tens of thousands of virtual machines independently of each other.

EVM guarantees that all transactions and smart contracts in the Ethereum blockchain will be made in accordance with the established rules in accordance with the smart contract code. It is the EVM that serves as a platform for performing operations with tokens on the Ethereum network, causing smart contracts, changing addresses of addresses and applications status.

The value of “gas” for EVM

GAZ (Gwei) in Ethereum performs the function of internal currency used as payment for the operation conducted on EVM. 1 gwei is 0.000000001 ETH. “Gas” in Ethereum is an analogue of automobile fuel, which the user must “refuel” the translation before the start of movement.

The gas limit for each transaction will vary depending on the complexity of the operation and the load of the Ethereum network. For example, in mid-2021, against the background of the agricultural demand for Shiba Inu, the average transaction commission in Ethereum reached $ 60, the UNISWAP swap cost $ 135, and the replenishment of the deposit in Compound-more than $ 200. The main reason for this was the high load on the blockchain – a large number of users simultaneously performed operations with Shiba Inu.

If the operation turns out to be too complicated, the amount of gas limit may not be enough, and EVM will cease to process the transaction without writing it into the Ethereum blockchain.

The lack of gas as a payment for the work of the EVM could lead to infinitely complex calculations that can stop the network due to overload. Thus, gas in Ethereum performs the function of protecting against attackers and blockchain attacks.

Where EVM is used

Despite the fact that many crypto projects use their own virtual machines, Ethereum blockchain is not the only platform working on EVM. Here are some blockchain platforms using this development:

    . Platform for creating and performing smart contracts based on the consensus algorithm Proof-off -work.
    . Blockchain built on the consensus mechanism Proof-OF-Abority.
    . Platform for smart contracts using a directed acyclical column (DAG), fully compatible with EVM.
    . The network of protocols and blockchains deployed on top of Ethereum.

EVM-compatible blockchains

Ethereum virtual machine has a number of disadvantages, including the high cost of data storage, low scalability, high gas price during Ethereum overloads and significant restrictions for programming smart contracts.

EVM-compatible networks can act as a solution to these problems, which use the environment for the execution of code, similar to the Ethereum virtual machine, but at the same time much cheaper transactions due to special scaling solutions. This allows the developers of decentralized applications in the Ethereum ecosystem without any problems to migrate into more scalable blockchains without the need to write smart contracts from scratch.

One group of such solutions is called Sidchans. They can use individual blockchains with their consensus algorithm and blocks of blocking, but EVM-compatible virtual machine. Among the examples of Ethereum sides – Matic (Polygon POS), GNOSIS Chain or Loom Network.

Another option is the solution of the second level (Layer 2) working on the basis of Rollups technology. One of the examples of L2 projects is the Optimism platform using the Optimistic Rollups protocol. Smart contracts in this blockchain controls EVM, the Rollap Protocol conducts calculations and storage of the state of contracts in a separate virtual machine Optimistic Virtual Machine.

Development https://gagarin.news/news/the-overview-of-the-biggest-hacker-attacks-in-2022/ Ethereum Virtual Machine (EVM)

Over the next few years, a number of large updates should take place in Ethereum, the first of which should be The Merge-the transition of the blockchain to the new Proof-OF-STAKE consensus algorithm.

In July 2022, Vitalik Buterin presented a phased plan for developing the Ethereum blockchain. One of these main stages should be the change of Ethereum Virtual Machine to a new virtual machine – Ethereum Webassembly (Ewasm).

Although there is no final and detailed EWASM documentation yet, the developers identify its following advantages:

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