Blockchain technology has disrupted the entire online ecosystem spreading its legs across sectors worldwide. Not only in the financial sector, but it has emerged as a decentralized technology to bring speed, transparency, and efficiency to businesses. Amid the rising penetration of blockchain technology, Ethereum Virtual Machine (EVM) has spread its support to other blockchain platforms, enabling developers to build more sophisticated and efficient applications for businesses. Making decentralized finance (DeFi) more accessible to the users, with the evolution of EVMs crypto enthusiasts see it as an opportunity for democratization in the financial sector.
If you are a cryptocurrency investor or a dApp developer interested in knowing about emerging blockchain technologies, continue reading this blog, where we will cover the topics including what is an Ethereum Virtual Machine (EVM) and which are the best EVM blockchains 2022.
What is an EVM Blockchain?
Ethereum Virtual Machine (EVM) is a sophisticated software virtual stack, integrated into each Ethereum node, that executes a bytecode compiled form of smart contracts. It enables developers to create decentralized applications (dApps) and smart contracts on the Ethereum blockchain. EVM smart contracts are written in a programming language like Solidity and then converted into EVM bytecode, making the machine code isolated from the host network. EVM is a component of the Ethereum network that facilitates the deployment and functioning of smart contracts. With the launch of Ethereum 2.0, EVM will be replaced by eWASM which will support faster deployment and execution of smart contracts using WebAssembly. Due to its ability to execute machine-level instructions, EVM is also known as Turing complete.
What is Turing Completeness?
Classified as a system of instructions and rules, Turing Complete is a computer or virtual machine that can solve any computational problem. Coined by prominent computer scientist Alan Turing, “Turning machines” referred to a hypothetical device that originated the concept of machine thinking run by algorithms, capable of focusing its attention on one “state” at a time.
5 Best EVM Blockchains
Let’s check out the 5 best EVM blockchains 2022:
Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain that has another blockchain Binance Chain, built on Cosmos ADK. Based on the code fork of the Ethereum blockchain, BSC was launched in September 2020. BSC supports Proof-of-Stake (DPoS) consensus mechanism to validate the transactions and new blocks. Binance Coin (BNB) is its native currency. BSC supports smart contracts with the Ethereum Virtual Machine (EVM), which the Binance chain does not support. The EVM-compatible blockchain supports a wide range of Ethereum tools and decentralized apps (dApps), enabling users to transfer their projects across Ethereum. With these various dApps such as MetaMask which can be easily configured with the Binance Smart Chain blockchain, BSC has the capacity to process over 12 million transactions per day.
Avalanche C-Cain
Blockchain Avalanche C-Chain works as the best EVM to enhance the capability of decentralized apps running on Ethereum virtual machine, which has low performance and has various restrictions on the developers of smart contracts. Avalanche virtual machines (AVMs) make it easy for developers to create dApps on blockchain who don’t know Solidity, the programming language used by Ethereum. C-Chain allows the developers to deploy the smart contracts with the Avalanche network that are built on the Ethereum blockchain, making it perform tasks quickly and efficiently.
Fantom
Fantom is a network of networks made of an infinite number of decentralized computers independent from each other despite sharing the same logic. Lachesis (Fantom Consensus Algorithm) and Opera mainnet make Fantom compatible with Ethereum Virtual Machine (EVM). Fantom supports Solidity, the programming language of Ethereum’s programming language making it compatible with EVM to run smart contracts. This facilitates easy migration of dApps developed on the Ethereum blockchain to Fantom within a few minutes. Some of the popular Ethereum dApps compatible with Fantom include Curve, Aave, Yearn Finance, SushiSwap, Popsicle Finance, etc.
Polygon (formerly MATIC)
Previously known as Matic Network, Polygon is a protocol and framework that runs on the Ethereum blockchain and enables networks to connect with Ethereum-based decentralized applications (dApps). Compatible with Ethereum Virtual Machine (EVM), Polygon increases the speed, flexibility, scalability, and efficiency of the apps that run on the platform. Launched as Matic Network in 2017 it supports building and connecting blockchain networks of solutions compatible with the Ethereum ecosystem. It works as a layer-2 scaling solution for Ethereum to address the problem of processing speed and high gas transactions.
TRON
Launched in 2017 by the Tron Foundation, a Singapore-based non-profit organization, Tron is a decentralized smart contract blockchain with its native cryptocurrency TRX (Tronix). Compatible with Ethereum Virtual Machine (EVM) Tron allows the developers to build dApps and DeFi products such as cryptocurrency tokens on the network. Among one of the best EVM blockchains 2022, it also supports smooth migration of dApps built on Ethereum and other compatible blockchains to Tron.
Conclusion
Ethereum has become one of the largest blockchain platforms supporting the development and functioning of numerous dApps and DeFi products worldwide. Platforms such as Binance Smart Chain, Avalanche C-Cain, Fantom, Polygon (formerly MATIC), and TRON are improvising their algorithm to be compatible with the Ethereum Virtual Machine (EVM) to support portability between different blockchain apps across the ecosystem.