Understanding EVM-Compatible Blockchains and Their Growing Importance
Jessie A Ellis Sep 17, 2024 09:34
Explore the significance of EVM-compatible blockchains, their characteristics, and how they enhance scalability and interoperability in the crypto ecosystem.
EVM-compatible blockchains are blockchain networks that can run Ethereum-based smart contracts with minimal changes, offering lower costs and greater scalability than Ethereum, according to the BNB Chain Blog.
What Is An EVM?
The Ethereum Virtual Machine (EVM) is a Turing-complete runtime environment responsible for executing smart contracts on the Ethereum network. It processes and executes all transactions and operations on the blockchain using a stack-based architecture and a gas system to manage network resources. The EVM can execute any computational task within gas limits, ensuring security and predictability. It interprets smart contracts written in Vyper or Solidity and converts them into bytecode for execution.
What Is An EVM-Compatible Blockchain?
EVM-compatible blockchains adhere to the same standards and protocols as the Ethereum blockchain, enabling developers to leverage Ethereum and its tools to create and deploy applications on multiple networks. These blockchains can run Ethereum-based smart contracts and dApps without requiring modifications, using the same consensus mechanisms and programming languages as Ethereum.
Characteristics Of EVM-Compatible Blockchains
Scalability
Scalability is a crucial characteristic of EVM-compatible blockchains. They are designed to address Ethereum's scalability issues, offering faster transaction speeds at lower costs to meet the demand for efficient blockchain solutions.
Developer-Friendly
These blockchains provide a familiar environment for developers experienced with Ethereum, making it easy to adapt and use. This encourages developers to explore and build on these chains actively.
Interoperability
Interoperability enables seamless interactions within the Ethereum ecosystem, creating a network of interconnected blockchains. Users can conduct transactions, share data, and transfer assets across chains.
Low Cost
EVM-compatible blockchains reduce costs by offering a standardized environment where developers can write code once and deploy it across multiple chains without needing separate codebases. The use of Solidity also lowers the learning curve for developers.
BNB Smart Chain (BSC)– An EVM-Compatible Chain
BNB Smart Chain (BSC) is a leading EVM-compatible chain, known for several innovations and infrastructure choices.
EVM Client Diversification
BSC relies on three clients: Geth, Erigon, and Reth. Erigon's advanced storage model enhances network reliability by identifying potential bugs in Geth's implementation. The Rust-based Reth client offers increased security, improved efficiency, and greater decentralization.
Fast Finality
BNB Smart Chain (BSC) improves transaction finality with Fast Finality, introduced with the BEP-126 update. Combining Proof-of-Stake Authority (PoSA) with Byzantine Fault Tolerance (BFT), BSC finalizes transactions in approximately 7.5 seconds, enhancing security and user experience.
Parallel EVM
BSC's parallel EVM enhances scalability by enabling simultaneous transaction execution. Developed with NodeReal, this approach allows multiple EVM instances to process transactions concurrently. The implementation involves three phases: establishing the framework, improving efficiency, and optimizing transaction handling.
EVM-compatible blockchains are beneficial for their efficiency, scalability, interoperability, and lower costs. BSC's EVM innovations significantly enhance network performance and resource optimization, helping onboard the next billion users into Web3.
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