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Everything you need to know about Ethereum Virtual Machine (EVM)

Bhumika Dutta
Mar 26, 2022

The second-largest blockchain project, Ethereum is a well-known name in the cryptocurrency sector. If you know a little bit about ethereum, you'll know that it's more than just money; it's a decentralized network that allows users to do a variety of things on the platform.

It's fairly typical for individuals to mix up ether (ETH) with Ethereum (ETH). However, there is a difference between ETH, the cryptocurrency, and Ethereum, the network. Ethereum, like most cryptocurrencies, combines a digital asset with a blockchain. The Ethereum network is a smart contract-focused blockchain.

We are going to talk about Ethereum Virtual Machine (EVM), but before that, it is very important to understand the concept of smart contracts.

What are Smart Contracts?

On the Ethereum blockchain, smart contracts are programs that operate. The contract is a set of data and code that exists at an Ethereum address. It's a sort of Ethereum account that exists. They may transmit transactions via the network just like any other account, but they are released to the network and operate according to their programming rather than being managed by a user.

The smart contract may then be interacted with by user accounts. This entails sending transactions that carry out the contract's specified functions. Smart contracts have a few characteristics in common: they use code to enforce pre-determined rules, they can't be erased, and transactions with them can't be reversed.

Here comes the concept of EVM. If you are trying to develop a smart contract on the Ethereum blockchain, you need to be familiar with the term Ethereum Virtual Machine (EVM). Virtual machines, in general, create a layer of abstraction between the running code and the running machine. This layer is required to increase software portability and to ensure that programs are isolated from one another and their host.

What is the Ethereum Virtual Machine (EVM)?

The Ethereum Virtual Machine (EVM) is a complex, dedicated software virtual stack that executes contract bytecode and is integrated into each entire Ethereum node. Simply said, EVM is a software framework that allows developers to construct Ethereum-based decentralized applications (DApps). All Ethereum accounts and smart contracts are stored on this virtual computer.

Contracts are usually authored in high-level languages like Solidity and then compiled into EVM bytecode. This implies that the machine code is separated from the host computer's network, disc, and other operations. Every node in the Ethereum network runs an EVM instance, allowing them to agree on the same set of instructions to be executed.

The EVM is Turing complete, which means that it can perform any logical step in a computational function. Before we proceed, let us understand more about Turing completeness.

What is Turing completeness?

Alan Turing, a well-known computer scientist, coined the term “Turning machines”. He came up with concepts about what a hypothetical computer or thinking machine would be capable of. He claimed that computers do not think or process thoughts in the same way that humans do, but instead solve issues using a set of data processing principles.

A Turing machine, often known as an automatic machine, is a hypothetical machine that represents Turing's idea of non-human or machine thinking. Algorithms are used to guide the cognitive process. Turing stated in his article that such a computer would have to process a reel of tape with a line of symbols or functions that could be shifted back and forth. A read/write head might also be used to switch between these functions. As a result, the machine would be capable of digesting or modifying a symbol. A machine like this could only focus on one "state" at a time.

These concepts are essential to comprehending Ethereum Virtual Machine since they form the foundation of its concept and architecture.

How does the Ethereum Virtual Machine (EVM) work?

The EVM's goal is to figure out what Ethereum's overall state will be for each block on the blockchain. Ethereum, like other blockchain-based networks, has its own native money (ETH) and employs a distributed ledger to keep track of transactions while imposing particular rules for how users can interact with the network. Ethereum, on the other hand, offers an additional layer of functionality thanks to its smart contract capabilities.

A "distributed state machine" is the name given to the second layer. At its most basic level, Ethereum's state consists of a massive database including all ETH accounts and balances. At the same time, Ethereum's state is a machine state, capable of altering each new block and executing any type of machine code according to a set of specified rules. The Ethereum Virtual Machine defines the particular rules that control how the machine will change state during each new block.

The EVM is a critical component of the Ethereum Protocol and the Ethereum system's consensus engine. It enables anybody to run code in a trustless ecosystem where the outcome of execution may be guaranteed and is entirely predictable (i.e., smart contract execution). A system that keeps track of execution costs assigns an associated cost in Gas units to each instruction implemented on the EVM.

How is the Gas fee related to the performance of EVM?

An ETH transaction is a representation of every operation performed on Ethereum. Fees are required for transactions. Fees are referred to as Gas on Ethereum, as in the gas that drives decentralized apps.

Two key difficulties are addressed by employing the Gas mechanism: Even if the execution fails, a validator is assured to get the original pre-paid amount. An execution cannot go longer than the money paid in advance. Rather than looping endlessly, the execution would stop when it ran out of Gas.

The EVM achieves Turing Completeness by allowing for a system that costs per software instruction rather than per money transaction, as Bitcoin does. You have a form of fee for running programs instead of a transaction cost.

What are the benefits of EVM?

Here are the benefits of EVM listed below:

There are no security barriers or restrictions, as the EVM allows anyone to create their decentralized application.

If you are familiar with NFTs or Non-Fungible Tokens that are recently getting a lot of popularity in the cryptocurrency market, these are created with the help of EVMs. Anyone may make digital art and sell it on a decentralized marketplace by using NFTs. This democratizes virtual access to the art market, which was previously unavailable.

What are the drawbacks of EVM?

Here are the drawbacks of EVM:

Although the EVM network is decentralized, it is not completely decentralized. The vast majority of Ethereum nodes are housed on Amazon Web Services, centralized cloud servers. If the owners of these services decide they don't like Ethereum for any reason, the nodes might be simply turned down, causing the network to be damaged or destroyed. This has happened before, for example, with some social networking applications.

The EVM necessitates some technical expertise. The EVM is limited to those who do not know how to code. The development of more user-friendly interfaces is still ongoing. Again, there are applications with graphical user interfaces (GUIs) that allow nearly anybody to develop NFTs and utilize related markets.

During times of network congestion, there are high gas expenses. This might be a significant disadvantage for Ethereum users. While individuals making big transactions may be unaffected, those sending smaller transactions may be unable to access the network for some time. This is particularly problematic for decentralized apps. When a large number of users engage with the DApps' smart contracts and make a large number of transactions, things might slow down or even cease operating if gas prices get too expensive.

Conclusion:

Ethereum provides a decentralized ecosystem for developers to use Solidity and the EVM to create amazing things. Although using smart contracts to connect with the EVM is more expensive than executing applications on traditional servers, there are many use cases where decentralization is preferred above cost. We addressed the definition and operation of EVM, as well as its benefits and drawbacks, in this article.

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Everything you need to know about Ethereum Virtual Machine (EVM)

What are Smart Contracts?

What is the Ethereum Virtual Machine (EVM)?

What is Turing completeness?

How does the Ethereum Virtual Machine (EVM) work?

How is the Gas fee related to the performance of EVM?

What are the benefits of EVM?

What are the drawbacks of EVM?

Conclusion:

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