When we hear or read something about EVM, many questions arise, including what it is and what it is for? In other words, it is a kind of platform for a secure blockchain-based coding process. The Ethereum network is the foundation for using the EVM virtual machine and is one of the key innovations. Today, there are a number of EVM-compatible blockchain networks that expand the horizons of decentralized technologies, offering users a wide range of choices and opportunities. Blockchains such as Polygon, Avalanche, and Fantom combine EVM compatibility with unique features and benefits, making them attractive for a variety of developer and user needs.
More about Ethereum Virtual Machine compatible blockchains
The Ethereum Virtual Machine (EVM) is a virtual computer that underpins the Ethereum blockchain. It provides an environment for processes related to the execution of smart contracts stored on the blockchain. The EVM ensures the secure and decentralized execution of these contracts, making Ethereum a powerful platform for decentralized applications (dApps). The advantages of EVM-compatible blockchains are the speed of transactions, lower fees, which are beneficial for large-scale applications, and a wide range of options for creating dApps and storing crypto. According to Shardeum.org, there are many EVM-compatible blockchains, including Avalanche, Fantom, Shardeum, and others.
Avalanche is another powerful blockchain platform that stands out for its lightning-fast transaction speed, low fees, and scalability. Its unique consensus protocol ensures fast transaction confirmation without compromising security.
Designed to support a wide range of decentralized applications (dApps) and special blockchain networks, Avalanche is known for its compatibility and flexible infrastructure. These qualities make it a favorite in areas such as DeFi, gaming, and enterprise blockchain solutions. Avalanche allows for the creation of multiple subnets, enabling different blockchains to coexist and interact within the ecosystem. The emphasis on speed and reliability eliminates many of the common problems faced by other blockchain networks. Companies like KKR, Deloitte, and MasterCard are already using Avalanche for their operations.
Fantom is another EVM-compatible blockchain that seeks to address the problems of scalability and efficiency. Fantom uses a consensus mechanism called Lachesis, which provides near-instantaneous transaction completion, making it ideal for DeFi and other applications. Its structure not only supports smart contracts but also ensures Ethereum compatibility, allowing developers to seamlessly port their applications and leverage the growing Ethereum ecosystem, as does the Hacken audit project and Verichains, a world-class security guarantor.
Shardeum is an innovative layer-1 blockchain designed to address three key challenges: scalability, decentralization, and security. Through dynamic state sharding, Shardeum can process a high volume of transactions with low gas fees. This unique technology makes Shardeum the first smart contract platform where TPS (transactions per second) grows proportionally with the number of nodes. The platform can dynamically expand or contract based on network load, providing both linear and automatic scaling without compromising transaction speed. Shardeum strives to become the foundation for Web3, offering a decentralized user interface (UX) that rivals, if not surpasses, its centralized counterparts. The platform has the potential to accelerate the mass adoption of decentralized technologies and open up new possibilities for people around the world. Some of the most well-known Shardeum projects include the new gaming metaverse Zuraverse, the P2P file-sharing protocol FileMarket, and the Web3 gaming platform FusionwaveAI.
Aurora is another interesting blockchain and ecosystem that is also EVM-compatible. It works as a layer 2 blockchain protocol on NEAR. Its EVM compatibility makes it an attractive platform for developers familiar with Ethereum. One of the features of Near Protocol is its internal structural scaling solution, Nightshade. Thanks to Nightshade, Near Protocol can handle a large volume of transactions with low fees while maintaining a high level of decentralization and security. The Aurora Cloud special development expands Aurora's capabilities, allowing multiple instances of the EVM (Ethereum Virtual Machine) to be deployed on NEAR. These instances, known as Aurora Chains, are united into a network that dynamically interacts thanks to XCC (cross-contract calls) on the NEAR base layer.
This can be represented schematically:
source: doc.aurora.dev
Aurora is relevant for many cryptocurrency exchange transactions and uses ETH as the base currency for transactions. Additionally, the ecosystem is compatible with a wide range of Ethereum ecosystem tools, such as MetaMask, Foundry, Truffle, Hardhat, and Remix. Aurora is available on many cryptocurrency exchanges, including MEXC, BingX, and WhiteBIT.
Current price on 05/24
Source: WhiteBIT Trading View
Conclusion
The blockchain landscape is rapidly evolving, with new players emerging and introducing innovative solutions that expand the realm of possibilities. Among these advancements, EVM (Ethereum Virtual Machine)-compatible blockchains stand out as a transformative trend, marking a significant leap forward in this technological revolution.
These blockchains, in essence, are modern interpretations of Ethereum technology, maintaining compatibility with its thriving ecosystem while simultaneously introducing a range of enhancements and unique capabilities. This opens up a world of possibilities for developers and users alike, seamlessly blending the familiarity of Ethereum with the advantages of a new frontier.
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