David Ma was born in 1980 in California, is a Vietnamese American, known as one of the entrepreneurs and investors in the field of cryptocurrency and stock market. In 2006, he graduated from Stanford University with honors and began his career in business.

July 8th, 2024

What is EVM (Ethereum Virtual Machine)? Operating model of EVM

If you are interested in the world of cryptocurrency, you have probably heard the term EVM (Ethereum Virtual Machine). This is an important concept in the Ethereum ecosystem and plays an important role in the execution of smart contracts.

In this article, let's learn with AZcoin what EVM is and how it works.

What is EVM (Ethereum Virtual Machine)?

EVM (Ethereum Virtual Machine) is an important virtual machine environment in the Ethereum ecosystem, designed to execute smart contracts and process transactions on Ethereum's main network (mainnet). EVM operates as a decentralized computing environment, ensuring consistency and security of operations on the Ethereum blockchain.

Operating model of EVM

Below is the operational model of the EVM:

💨 Virtual environment: EVM provides a virtual environment to execute smart contracts and process transactions on the Ethereum network.

💨 Programming language and bytecode: Developers write smart contracts using languages like Solidity. This source code is then compiled into bytecode, a machine language understood and executed by the EVM.

💨 Execution and validation: When users deploy a smart contract by sending a transaction, validators add this transaction to a block on the Ethereum blockchain. Each node in the network runs the EVM to execute contracts in this block, ensuring consensus on the result.

💨 Opcode: EVM uses opcodes to execute each step of the bytecode. Opcodes are basic instructions for executing computations and controls in smart contracts. EVM uses a stack for temporary computations and memory to store data during execution.

💨 Decentralization and consensus: Each node running EVM ensures decentralization and consensus across the Ethereum network. All nodes execute the same bytecode and produce the same result, ensuring the consistency of the blockchain state.

Advantages and limitations of EVM

Advantages

🎠 Independence: Mentioned above, independence is one of the most outstanding advantages of EVM. This makes it possible for smart contracts to be executed correctly and reliably without being affected by external factors.

🎠 Simplicity: EVM uses a very simple stack-based model, making the execution of smart contracts easier for developers.

🎠 Scalability: EVM can scale to thousands of nodes in the Ethereum network, making transaction processing fast and efficient.

Disadvantages

🌁 High costs: Executing transactions and smart contracts on EVM is more expensive than other platforms, as each executed order requires a fee.

🌁 No absolute security: Although EVM has been designed to ensure security, security vulnerabilities can still occur during the execution of smart contracts.

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Use cases of EVM

EVM can be used in many different scenarios, but the 4 main ones are:

🌞🌞 Smart Contracts: EVM is an ideal environment for deploying and executing smart contracts. Smart contracts are self-executing programs on the blockchain that eliminate intermediaries and automate complex processes. Common use cases for smart contracts include:

📤 DeFi: Allows users to borrow, lend, trade and manage assets in a decentralized manner without traditional banking intermediaries.

📤 Supply chain management: Helps track product origins, ensures transparency and facilitates supply chain traceability.

📤 Decentralized Identity (DID): Provides users with secure and private control over their digital identities.

📤 Gaming: Builds blockchain games with unique features and earning potentials for players.

📤 Elections: Enables decentralized, transparent and secure elections.

🌝🌝 Decentralized Applications (DApps): EVM supports the development of various types of DApps to serve diverse needs and use cases. Some common examples of DApps include:

🎮 DEX: Allows users to trade cryptocurrencies in a decentralized manner without relying on centralized exchange intermediaries.

🎮 NFT marketplaces: Create, buy, sell and trade unique digital assets like NFTs.

🎮 Gaming applications: Develops blockchain games with unique features and earning potentials for players.

🎮 Decentralized social networks: Provides users with control over their data and enables decentralized interactions.

🎮 Decentralized storage solutions: Safely store data in a decentralized manner, eliminating the need for centralized storage services.

🌜🌜 Web3 Infrastructure: EVM plays a crucial role in building the infrastructure for Web3, a decentralized internet focused on users. Use cases in this field include:

🌏 Decentralized storage systems: Provides decentralized, secure and scalable data storage solutions.

🌏 Identity verification solutions: Safely verifies user identities in a decentralized manner.

🌏 Oracle infrastructure: Provides reliable data feeds for DApps operating on the blockchain.

🌏 Identity management solutions: Helps users securely manage their digital identities.

🎗️🎗️ Development Platform: EVM provides a robust development platform for developers to create innovative DApps and services. Diverse development tools and frameworks make building DApps on Ethereum easier and more efficient.

Future development of EVM

EVM is still in the process of development and has great potential for further growth in the future. Currently, Ethereum is gaining significant attention from the community and has attracted interest from many large companies and organizations worldwide. Therefore, we can expect that EVM will continue to evolve and improve to meet the increasing demand for decentralized applications.

Developers are also working to enhance the performance of EVM, especially in reducing costs for transactions and smart contracts. If successful, this will make deploying decentralized applications on Ethereum easier and more cost-effective.

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Summary

Above is some basic information about EVM and how it works. Hopefully this article has helped you better understand an important concept in the world of cryptocurrency. Thanks for reading!

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