Exploring the EVM blockchain and its advantages
An EVM chain, short for Ethereum Virtual Machine, is a family of blockchains that are compatible with the EVM. Most of us are familiar with Ethereum and its versatility, but as the popularity of smart contracts and decentralized applications rises, EVM chain is becoming the standard for web3 chains.
EVM compatibility enables developers to quickly create decentralized applications as the same technologies can be used on all EVM compatible blockchains. The user experience is also simplified, as wallets generally behave the same way on all EVM compatible chains.
The use cases of EVM compatibility are growing as tech leaders continue to innovate and this article will go over some of the benefits of using this technology whether you’re a company or a really enthusiastic individual.
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The Ethereum Virtual Machine
As mentioned, an EVM compatible blockchain implements what we call the Ethereum Virtual Machine. If you’ve used a virtual machine before, you know that it’s essentially a computer that’s running on top of another computer. The EVM is a computer running on top of a blockchain.
The Ethereum Virtual Machine functions in similar ways, such as acting as a runtime environment to the Ethereum network. Like any virtual machine, the EVM is a computer – some call it the world computer and it stores immutable data on Ethereum and executes the codes in smart contracts. Those smart contracts could be tokens, NFTs, governance dApps, gaming dApps, etc.
EVM compatibility simplifies smart contracts
One of the key advantage of the EVM is it allows users to create and execute smart contracts. These are software used to make secure transactions, mint non-fungible tokens (NFT), work on decentralized applications and much more.
Smart contracts are known for their wide range of purposes and are what makes blockchains valuable as a new computing tool. They operate on a conditional basis and will only execute when all conditions are met, i.e. only send Bob the token when Anna sent the ETH.
dApps and decentralized financial systems on EVM chains
The continued evolution of web3 calls for high usage of decentralization applications, such as DeFi exchanges and stablecoins, this requires faster transactions for lower costs. The rise of EVM compatible layer-2 scaling solution is another advantage of the EVM compatibility.
An EVM blockchain is decentralized and supported by contributing computer networks, or nodes, making it transparent and immutable. This means that once data is recorded on the blockchain, it cannot be altered or removed. It creates a trustless environment for participants and therefore provides a higher level of security.
Bring your EVM blockchain to atato custody
Using an EVM chain can expedite your work and opens a window to innovation, and atato is here for it.
Atato is one of the first custodians where you can get support for any EVM-compatible blockchain in seconds. This process is fast and easy and you never need to make a direct request.
Simply head to the atato custody page and get started on your financial journey.
Here are some of the popular EVM blockchains you may have heard of:
Ethereum is so well-known most people don’t even realize it’s a lot more than just a cryptocurrency. It is a massive network that serves as the underlying foundation for a majority of the web3 elements, such as dApps, DEX and NFTs. Your EVM blockchain will have come from this platform.
Binance Smart Chain (BSC)
This EVM blockchain is built by Binance, the largest crypto exchange via its Binance Smart Chain. It’s very popular among DeFi projects and decentralized exchanges for its fast and low-cost transactions.
Polygon is popularly known as the Layer2 solution for Ethereum. This EVM chain is built on top of the Ethereum network to increase scalability and allow transactions and workloads from the main net to flow more smoothly and efficiently.
Tron EVM chain is an advocate of a decentralized internet and is building a highly scalable infrastructure that can accommodate a growing user base. Some may also know TRON through the dApp Chain, a sidechain of the main network.
Avalanche is a multi-chain network that offers fairly high throughput and low latency, allowing for fast and low-cost transactions. It has a consensus mechanism called Avalanche-X that can further enhance the user experience.