What is EVM?
The Ethereum Virtual Machine (EVM) is a crucial component of Ethereum, a blockchain platform introduced by Vitalik Buterin in 2015. Serving as the decentralized computing engine of Ethereum, the EVM allows developers to create and deploy smart contracts, which are self-executing contracts with the terms directly written into code. The EVM is designed to execute scripts using an international network of public nodes, ensuring that the smart contracts operate exactly as programmed without any possibility of downtime, fraud, or third-party interference.
Applications of EVM
The EVM plays a vital role in the blockchain ecosystem. It enables developers to build decentralized applications (DApps) on Ethereum, providing a secure and transparent environment for executing complex logic. These DApps can be used in various industries such as finance (DeFi), supply chain management, gaming, and more. The EVM's versatility has led to the creation of numerous tokens, such as USDT and USDC, that operate seamlessly on the Ethereum network.
Heads Up and Suggestions
When using the EVM, it's important to understand the costs associated with executing smart contracts, known as "gas fees," which can vary depending on network congestion. Developers should also be aware of the security considerations, as poorly written smart contracts can be vulnerable to attacks. It is advisable to use well-audited contracts and follow best practices in smart contract development.
EVM-Compatible Chains
- Binance Smart Chain (BSC)
- Polygon (Matic)
- Avalanche (C-Chain)
- Fantom
- Arbitrum
- Optimism
- .. etc
These chains are compatible with Ethereum addresses and support tokens like USDT and USDC.