What is a Blockchain EVM?
An Ethereum Virtual Machine (EVM) is a runtime environment that executes smart contracts on the Ethereum blockchain. A smart contract is a self-executing contract that contains the terms of the agreement between the parties involved. Smart contracts are stored on the blockchain and are executed automatically when specific conditions are met.
The EVM is a Turing-complete virtual machine that can execute any code that can be expressed in bytecode. It is designed to be a completely isolated environment, which means that code running on the EVM cannot access the network or the file system of the computer running it.
The EVM executes code using a stack-based architecture, where data is stored in a stack. The EVM also has its own programming language, called Solidity. Solidity is similar to JavaScript and is used to write smart contracts on the Ethereum blockchain.
Why are EVMs important?
EVMs are crucial in the world of blockchain because they enable the execution of smart contracts. Smart contracts are self-executing contracts that eliminate the need for intermediaries, such as lawyers or banks, to verify and execute agreements. This makes transactions faster, cheaper, and more transparent.
EVMs also provide a secure and decentralized platform for executing smart contracts. Since the EVM is a completely isolated environment, it is resistant to attacks and cannot be compromised. This means that smart contracts executed on the EVM are secure and tamper-proof.
Furthermore, EVMs allow for the creation of decentralized applications (DApps) that run on the blockchain. DApps are applications that run on a decentralized network of computers rather than a centralized server. This makes them more resistant to censorship, hacking, and other forms of interference.
But what's the best thing about EVMs?
Though the E in EVM stands for Ethereum it’s not exclusive to Ethereum. Ethereum is a great blockchain but its gas fees make it impractical for many applications so you can use EVMs on Etheium layer 2 blockchains as well as lots of other blockchains that are EVM compatible.
The great thing about EVM-compatible blockchains is that if you want to migrate to another EVM-compatible blockchain it is reasonably straightforward to migrate your tech stack & smart contracts. Just like in the early 90’s you could buy an IBM PC or an IMB-compatible PC, both did the exact same job only one was a fraction of the price.
Right now there are over 50 EVM-compatible blockchains including Binance Smart Chain, Avalanche, Polygon, Fantom & EOS. So if you are going to build something I’d highly recommend it be EVM compatible so if the need to switch to a different blockchain due to cost, scalability, speed, or security you will be in a position to do so quickly and not have to spend weeks building something from scratch.
