DeFiChain

<p>Everyone’s heard of the Ethereum Virtual Machine (EVM), the decentralized computer that makes the Ethereum network tick. The EVM is a decentralized virtual machine that executes smart contracts and computes the state of Ethereum network every time a new block is added to the chain. Sitting on top of Ethereum’s node network layer, EVM is what makes it possible for smart contracts on EVM-compatible chains to be recognized by Ethereum nodes. Smart contracts are able to store information, send money, and perform other functions without any human intervention.</p><p>But what does the EVM actually do and how? And why does its shadow loom so large, not only over Ethereum, but over scores of other blockchains too?</p><p>In this explainer we’ll cover:</p><ul><li>The origins of the EVM</li><li>How it works</li><li>Its capabilities and limitations</li><li>Why newer VMs can’t topple it</li></ul><p>Let’s begin.</p><h3 id="what-is-the-evm">What Is the EVM?</h3><p>To understand why we need an EVM, we have to begin with a little history lesson. When Ethereum was first conceived, it was envisioned as a platform for decentralized applications (dApps). The idea was that anyone could create their own dApp by writing some code, uploading it to the network, and then executing the code in their own custom runtime environment, which would be implemented by them or provided by someone else.</p><p>But there was one problem: if every developer had their own way of executing code, there would be no way for code written by one developer to interact with another developer&#39;s code without first making sure both were using compatible runtimes. And if there were multiple runtimes available…well, then how could developers know which ones were safe?</p><p>That’s where the EVM comes in: it provides a standardized runtime environment across any compatible blockchain so that developers can ensure that their code will work anywhere they want.</p><p>The EVM was created by Vitalik Buterin and Gavin Wood in 2014 as part of their efforts to build a decentralized platform for applications. They wanted to make it possible for people all around the world to build applications without having to rely on trusted third parties such as banks or governments.</p><h3 id="how-it-works">How It Works</h3><p>The EVM works by taking code written in Solidity and compiling it into bytecode which can then be executed by the virtual machine. This bytecode is stored in a contract storage area where it can be executed by anyone who has access to that contract storage area.</p><p>The EVM stores data in non-volatile memory (Random Access Memory aka RAM). Every transaction can carry additional information which is stored inside the RAM. If you run a program on Ethereum, the program can access the attached data inside the RAM memory and use it to execute more complex tasks. At that point, all of your transaction details are processed and recorded in Ethereum&#39;s public ledger.</p><p>Each node executes the script independently and returns the result to other nodes for verification. If all nodes agree, the script has been executed successfully and will be applied to the blockchain state.</p><p>You’ll often hear the EVM described as a Turing-complete virtual machine. Turing completeness describes the ability to solve every problem, as long as you have enough time. In other words: programmers are not limited in their execution. This is what makes Ethereum so powerful: the EVM can be used to create all sorts of applications, from games to financial systems to voting mechanisms. However, Ethereum’s architecture also introduces the potential for coding errors that result in loss of funds (more on that shortly). For this reason, some blockchains, such as <a href="https://defichain.com/white-paper" rel="noopener noreferrer nofollow">DeFiChain</a>, have opted for a non-Turing complete design, like Bitcoin!</p><h3 id="drawbacks-to-the-evm">Drawbacks to the EVM</h3><p>Ethereum was designed with the idea that any and all applications can be built on top of it. However, so far most of the applications being built on Ethereum are for payments or other financial transactions (DeFi). Instead of using a traditional programming language like C, C&#43;&#43; or Java, applications built for Ethereum use an entirely new language called Solidity (which is similar to JavaScript). This means that developers have to learn Solidity before they can build their apps on Ethereum.</p><p><a href="https://learn.microsoft.com/en-us/training/modules/blockchain-learning-solidity/" rel="noopener noreferrer nofollow">Solidity</a> is an unforgiving programming language. Which is to say that any mistakes introduced when coding are liable to be exploited when that smart contract is deployed. While libraries (blocks of pre-written and battle-tested code) are available to reduce attack vectors, it is impossible to eliminate every possible angle of attack. This isn’t just an EVM problem incidentally; plenty of non-EVM chains such as Solana are also exploited due to badly written code.</p><p>Ethereum’s success, however, as the world’s first and largest smart contract network has also made its EVM the most widely emulated. Other blockchains, keen to tap into Ethereum’s network effects and entice its users to bridge their funds, have released EVM-compatible versions. From <a href="https://www.avax.network/" rel="noopener noreferrer nofollow">Avalanche</a> to Harmony, the list of EVM-friendly blockchains is extensive.</p><p>Newer blockchains, such as Sui and Aptos, are built with newer programming languages – Move in this case – that aim to improve on the shortcomings of Solidity. While arguably better from a technical perspective, these blockchains and their infrastructure lack the developer adoption of Solidity and the EVM.</p><h3 id="conclusion">Conclusion</h3><p>Often emulated and arguably bettered, the Ethereum Virtual Machine has shrugged off challengers to remain the dominant blockchain computer. It’s converted more bytecode than any other VM and has been instrumental in the growth of DeFi, NFTs, and every other onchain use case that’s taken off in recent years. It’s a remarkably robust and battle-tested system for deploying code that works as intended on any machine. And that’s why, despite being eight years old and facing competition from a host of newer virtual machines, the EVM remains king. Without it, Ethereum would lose its edge.</p>

What Is the Ethereum Virtual Machine (EVM)?

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