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THE CRITICAL ROLE OF EVM TO BLOCKCHAIN
The Ethereum Virtual Machine (EVM) is an initial solution to develop interoperability, applied by many major blockchains today such as Binance Smart Chain, Avalanche, Fantom Opera, etc. Let’s learn the Importance of EVM to Blockchain with BHO Network through this article.
What is EVM?
EVM stands for Ethereum Virtual Machine, which is the core of the Ethereum network and the heart of smart contract implementation and execution. The Ethereum Virtual Machine (EVM) was designed by Gavin Wood while still working at Ethereum. Written in C++ and using the LLVM Project compiler, EVM is a special state machine that operates continuously, and its immutable rules determine the state of each block in the Ethereum blockchain.
The EVM not only governs what nodes can or cannot do to the distributed ledger maintained by the Ethereum blockchain, but also defines specific rules about changing state from one block to another. The second function is to enable smart contract execution and deployment.
The importance of EVM
Since the EVM determines certain ground rules on the blockchain and smart contracts, the platform of the EVM-compatible blockchain can process transactions in an Ethereum-like environment. Also, the tokens will be essentially the same, just on different networks because they are using the same standard (ERC20). This allows easy bridging and provides cross-chain interoperability. This is an important factor to enhance the user experience.
The Ethereum network was the first to implement smart contracts, and is still considered the standard among competing blockchains. But due to its massive size and number of users, it has gotten to the point where its scalability became an issue.
Other blockchains were quick to find ways to address that problem by offering lower gas fees and faster transactions. Most of these blockchains are fully open source and are primarily a fork of Ethereum, but use a more efficient consensus mechanism. Instead of developing a new way to deploy smart contracts, developers are simply copying certain parts of the Ethereum network. This approach turned out to be more profitable than developing from scratch. By creating an environment similar to Ethereum, developers do not need to build solutions and protocols from zero. Conversely, they can build smart contracts and DApps, and deploy them to the blockchain faster.
Most projects today are built on EVM-compatible blockchains, which shows the popularity and advantages of EVM. Although EVM still has some weaknesses in terms of creativity due to its rule of immutability, the advantages offered by EVM still far outweigh the limitations, and EVM will still play a large role in the development of Blockchain in the near future.
BHO Network is an ecosystem that includes many products applying blockchain technology such as: BHO Chain, BHO Pad, 3S Wallet, BHO DEX, and BHO NFT Marketplace. BHO Network was built and developed with the ideal of "Bring blockchain to life", promoting applications and bringing blockchain to real life! BHO Network's mission is to support any business that sees blockchain as a productivity solution. BHO Network is built on BHO Chain, a blockchain network built on the foundation of Substrate, with high scalability and EVM compatibility. These are essential properties that facilitate the development of the BHO Network ecosystem and its applications.
Published on March 03, 2023
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