Understanding EVM-Compatible Blockchains and Their Growing Importance

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.

Image
source:
Shutterstock