Defection of “Ethereum Killer”: Interpretation of EVM Ecological Development

The Ethereum Virtual Machine (EVM) is the de facto standard among blockchain developers, and it has a huge community behind it. This led to other ETH-VM compatible blockchains starting to explore the system, and non-ETH-VM compatible blockchains to build an ETH-VM compatibility layer on top of it.

Irons, let’s take a deeper look at the compatibility of the Ethereum virtual machine!

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

After the limited success of the launch, so-called “Ethereum killers” are building solutions on-chain to further support the Ethereum Virtual Machine. For example, Polkadot’s Moonbeam, NEAR Protocol’s Aurora, Cosmo’s Evmos, and Solana’s Neon.

What is EVM?

The Ethereum Virtual Machine is responsible for defining the rules for calculating new valid states from block to block. The Ethereum Virtual Machine is a powerful sandboxed virtual stack within each Ethereum node that is responsible for the execution of contract bytecodes.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Currently, Ethereum developers are leading the development of Web3, with around 4000+ monthly active developers.Ethereum continues to have the largest ecosystem of tools, applications and protocols at 2.8 times the size of the second largest ecosystem. One in every five new Web3 developers builds on Ethereum.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Solidity and the Ethereum Virtual Machine are the de facto standards for blockchains.

Ethereum was the first blockchain to allow on-chain smart contract execution, and to that end, they released Solidity, a coding language compatible with the Ethereum Virtual Machine. Almost all successful decentralized applications (dApps) use Solidity and the Ethereum Virtual Machine to execute smart contracts.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

As Ethereum started to gain more usage and attention, many different tools emerged on the network to ease and speed up the execution and deployment of smart contracts on Ethereum (and the Ethereum Virtual Machine). You probably know protocols like Truffle, Ganache, Infura, OpenZeppelin, Hardhat, etc.

In addition to this, Ethereum was the first network to deploy smart contracts, and today it remains the gold standard among competing chains. But due to its size and huge number of users, the scalability of Ethereum is now an issue that cannot be ignored.

EVM Compatible Chain

Other permissionless blockchains responded quickly to the current problems on Ethereum by offering lower gas fees and faster transactions. But instead of developing new ways to implement smart contracts, the developers of these blockchains simply copied parts of the Ethereum network.

What do these competing chains of Ethereum offer?

For consumers, Ethereum Virtual Machine compatible chains offer cheaper gas prices, faster transactions and the same address format as Ethereum, which provides a user-friendly environment. It accelerates traffic and ecosystem expansion as users of Ethereum can easily transition to other chains.

For developers, a chain compatible with the Ethereum Virtual Machine establishes a code execution environment equivalent to that of the Ethereum Virtual Machine. This means that Ethereum developers can quickly and easily deploy the protocol to other competing chains without having to create code from scratch.

Currently, a huge ecosystem has developed around Ethereum Virtual Machine compatible chains such as Avalance, Binance Smart Chain, Fantom, and second layer solutions such as Arbitrum and Optimism. You can see the comparison of smart contract platforms based on the Ethereum virtual machine from the following figure:

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Non-EVM Compatible Chains

Various blockchains stepped in to solve the scalability problem of Ethereum, which does not support the Ethereum Virtual Machine and uses a different virtual machine standard such as CosmWasm. Popular examples of these blockchains are Solana, Cosmos, Near Protocol, and Polkadot.

EVM enabled on non-EVM blockchains

Initially, those released blockchains that were not compatible with the Ethereum Virtual Machine had superior designs, such as popular programming languages ​​and speed. After including Ethereum Virtual Machine compatibility, these blockchains abandoned their original goal of developing an alternative technology stack to Ethereum.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Projects building EVM compatibility on non-EVM chains

– Aurora on NEAR Protocol

– Moonbeam on Polkadot

– Evmos on Cosmos

– Neon on Solana

– Oasis Emerald Paratime on Oasis Swao

– Plans announced by Algorand

Aurora is a technology that enables Ethereum contracts to execute in a higher performance environment, the NEAR blockchain, a contemporary layer 1 blockchain that is fast (2-3 seconds to complete transactions) , scalable and environmentally friendly.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Polkadot and Cosmos are multi-chain blockchains that support Moonbeam and Evmos respectively. They chose not to implement the Ethereum Virtual Machine alongside the main virtual machine, but to provide it with a subchain exclusively.

Moonbeam is a platform that supports Ethereum Virtual Machine compatibility and deploys decentralized applications on Polkadot. As projects continue to be deployed to Moonbeam, it has become the key to bringing utility and interoperability to the network.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Evmos on Cosmos is an application-agnostic chain that will interoperate with the Ethereum mainnet, Ethereum Virtual Machine Compatible Environment and other BFT (Byzantine Fault Tolerant) chains through IBC (Inter-Blockchain Communication), enabling users and developers People can easily transfer value between chains.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Neon is a virtual machine that allows developers to use Solana’s scalability, liquidity, and Ethereum tools. This means DApp developers get lower gas fees, faster transactions, parallel transaction processing, high throughput, and access to the Solana marketplace.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Emerald Paratime on the Oasis Network aims to reduce transaction costs by increasing throughput to over 1000 transactions per second. The Ethereum Virtual Machine supports decentralized applications including DeFi (Decentralized Finance), NFTs, Metaverse, and cryptocurrency gaming projects. Additionally, it enables cross-chain interoperability.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

Algorand recently announced $20 million in funding to accelerate the growth of its ecosystem. Its foundation officials said the $10 million grant will go to developers who can provide ethereum virtual machine compatibility solutions.

rollup with EVM compatibility

zkEVM is a virtual machine that can execute smart contracts in a way compatible with zero-knowledge proof computation.

Hermez zkEVM is an optimized zkEVM compatible technology that provides full OPCODE compatibility and the security of Ethereum.

Scroll ZK rollup is an Ethereum virtual machine compatible rollup, it has a strong network, a strong outsourcing mechanism, incentivizes users (rollers) to generate zero-knowledge proofs, and is compatible with all existing Ethereum infrastructure without the need for any modifications.

The environment of the Ethereum virtual machine can be used as the entry point for assets to enter these basic chains from the Ethereum virtual machine chain. Users will choose the bridge that is convenient and safe for them. The graphic below depicts the interaction of the Cosmos Hub and Evmos with the Ethereum Virtual Machine chain.

Defection of "Ethereum Killer": Interpretation of EVM Ecological Development

The Ethereum Virtual Machine is the de facto standard for smart contract execution. It facilitates the transfer of liquidity from the Ethereum blockchain to these faster, cheaper and scalable Ethereum Virtual Machine solutions. Additionally, as the developer community around the Ethereum Virtual Machine continues to grow, it will solve most of the problems of the Ethereum main chain.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/defection-of-ethereum-killer-interpretation-of-evm-ecological-development/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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