Ethereum Virtual Machine is designed to serve as a runtime environment for smart contracts based on Ethereum. As most cryptocurrency enthusiasts are well aware of, smart contracts are very popular these days. This technology can be used to automatically conduct transactions or perform specific actions on the Ethereum blockchain. Many people predict smart contracts will help revolutionize finance and other industries over the coming years.
Alright. Before going into Ethereum Virtual Machine, I’m going to divert your attention to Ethereum just for the sake of reference and to understand this special and unique type of Altcoin.
Ethereum is an open Blockchain platform which allows anyone, yes anyone who wants to bring a new flavour to the Ethereum Blockchain Network. Here people can use Decentralized applications that are specialised to run on the Blockchain technology. Yes, it is extremely cool and an innovative way to get people to invest their time and resource into the network. Ethereum is currently the 2nd best Cryptocurrency in the world. Like any other Cryptocurrency, no one can the central control neither anyone owns Ethereum. It is Decentralized and as it is open source, people can build a much-decentralized application from around the world in the network. On the other hand, it is extremely flexible and adaptable and has got an upper hand to the Bitcoin. It is the safest platform where people can easily create new applications on the Ethereum platform and anyone who gets into Ethereum Blockchain can have an access to these applications.
So what really is the Ethereum Virtual Machine in Ethereum?
Ethereum is a programmable Blockchain network that doesn’t have a leash on its users, meaning, it is completely opposite from the Bitcoin Blockchain Network where users have a set of pre-defined operation. With and In Ethereum, users can create the operations of their own and of any complexity (limitless possibilities). Ethereum is not limited to Cryptocurrency, it serves as a platform that is designed for several and different types of Decentralized Blockchain applications.
The process makes computation on Ethereum a lot slower than the user. It is often expected that the massive parallelisation of computing across the entire Ethereum network will make computation faster but in reality, it is quite the opposite. Ethereum isn’t just slower than on a “traditional computer” but also it is quite expensive. In order to maintain consensus across the Blockchain, Ethereum node run the EVM. On the other hand, the Decentralized consensus gives Ethereum an edge over fault tolerance, ensuring zero downtime and even makes the obvious data stored on the Blockchain unchangeable and along with this it also makes Ethereum censorship-resistant.
The Ethereum Virtual Machine is entirely focused on to provide security and execute untrustworthy code by computers all over the world. The EVM, on the other hand, ensures programs do not have access to each other’s state and this furthermore ensures that communication can be established even if there aren’t any potential interference.
You can search for Smart Contract in Askrypto and get an insight about what Smart Contract is.
The Ethereum Virtual Machine has been specifically designed to serve as a runtime environment for the Ethereum based Smart Contracts. Smart Contract has been a popular term among the Cryptocurrency enthusiasts ever since it came into being. One of the most curious stuff about Ethereum Virtual Machine which was a topic in the Yellow Paper which was drafted by Dr Gavin Wood says that the Ethereum project was built with an intention of introducing a sandbox type of an environment to sharpen the smart contract technology in the future. The entire thing is a clever and intuitive piece of design and coding and this might certainly help to elevate Ethereum and the smart contracts to the whole new level.
You’d be curious to know that the Ethereum Virtual Machine is entirely secluded as well as cut off from the rest of the main network to act as a perfect testing environment. So even if EVM is the heart and soul of the Ethereum it has its own job to conduct in the network itself. This is the reason why anyone who is willing to create a smart contract can make it happen using the EVM without anyone altering and affecting the main operations of the Ethereum Blockchain. This makes EVM a “learning environment” to build better, bigger and robust smart contracts.
Ethereum Virtual Machine has a bigger role to play in the future.