To EVM or not to EVM is the question! Did we do Hamlet in blockchain? But don’t the developers face the ‘Hamlet’s dilemma’ when choosing between EVM and non-EVM chains?
Yes, for blockchain developers, it is often hard to determine whether to go for an EVM-compatible network or a non-EVM-compatible network. Well, we decided to put up a case for both and let you be the better judge of which one to choose. Here are the key differences between EVM vs. Non-EVM chains to answer your questions.
What is Ethereum Virtual Machine (EVM) and How is it Important?
The Ethereum Virtual Machine (EVM) can be called the heart and soul of the Ethereum network. It is also the platform for the deployment and execution of smart contracts. The physical instantiation of the EVM cannot be described in the same way as a cloud or an ocean wave, but it exists as a single entity maintained by thousands of connected computers running an Ethereum client.
There are other blockchains that have taken a different path than EVM compatibility. However, not being EVM-compatible can be both an advantage and a disadvantage. Notably, given its speed and low fees, Algorand could have been a thriving DeFi ecosystem. However, only two DApps have been deployed on Algorand thus far. Despite this fact, it is evident that non-EVM chains have more room for innovation because the limitations of Ethereum do not constrain them.
What is the Difference Between EVM and Non-EVM Chains?
The debate over EVM vs. Non-EVM chains has been going on for quite some time. Although EVM virtual machines and EVM chains appear to be the clear winners, the presence of non-EVM chains such as Solana makes the fight worth watching. The primary requirement for evaluating a public chain platform is EVM compatibility.
Non-EVM compatible chains, on the other hand, are more likely to grow in trending categories and niches where new ideas are emerging. Diverse public chains can thrive in areas such as NFTs, GameFi, and payments. Let’s look at each of their pros and cons to understand the actual scenario in Ethereum Virtual Machine vs. Non-Ethereum Virtual Machine-compatible.
Pros and Cons of EVM Compatible
Pros of EVM Compatible Chains
The Ethereum Virtual Machine is the software platform that allows developers to build decentralized applications (DApps) on Ethereum. All Ethereum accounts and smart contracts are stored on this virtual machine. EVM is easily scalable and migratable from the Ether ecosystem. Users have easier access to projects here. Every project is working to speed up transactions, add multi-chain functionality, and do other things. For example, Polkadot has added Moonbeam and NEAR has launched Aurora.
Cons of EVM Compatible
EVM is too complex to be safe due to the stiffness of its bytecode language and native functionality, and it lacks sufficient features of a proper virtual machine to be safe by design. Furthermore, because of Ethereum and EVM rules, it is less innovative. Many features and critical components of the EVM’s execution model are left unhandled, forcing language designers to implement them manually.
Pros of Non-EVM Compatible Chains
Non-EVM allows developers to reach a larger user base and expand their applications. For example, projects like Raydium and Serum in the Solana chain are unique to Solana. Terra, on the other hand, is a unique public chain focused on connecting on-chain and off-chain payments. Furthermore, non-EVM-compatible platforms can offer end users fast transaction speeds and low transaction costs.
Cons of Non-EVM Compatible Chains
Non-EVM compatible chains have disadvantages such as high developer costs, high entry barriers, difficult project migration, and so on. Developers want EVM compatibility so they can quickly replicate and deploy to new chains, and the disadvantage of non-EVM compatible chains in terms of project count is obvious.
So, who emerged victorious in the war between EVM vs. non-EVM chains? None can definitively choose one over the other. Each case is unique, and developers must choose a public chain that corresponds to their project’s development path. EVM compatibility can help developers to drive traffic acquisition and ecosystem expansion. This is due to the reason that Ethereum users can quickly migrate to new chains. In the meantime, non-EVM compatibility will undoubtedly allow developers to experiment.
Frequently Asked Questions (FAQs)
1. What Does EVM Crypto Mean?
Ethereum Virtual Machine (EVM) is a computation engine at the core of all of the Ethereum network. It executes smart contracts on the network and computes the state of the network after a new block has been added to the blockchain. All the crypto platforms compatible with this computation engine can be considered a part of the EVM crypto network. In the whole EVM vs. Non-EVM chains debate, EVM compatible blockchains have gotten a lot of appreciation from the blockchain community because of the interoperability of the smart contracts implemented upon them.
2. What Does It Mean To Be EVM Compatible?
EVM compatibility refers to a blockchain having the power to write and deploy smart contacts that are compatible with the EVM or the Ethereum Virtual Machine and are thus recognized by nodes within the Ethereum network. EVM compatibility allows many blockchains like Polygon, Avalanche, Binance Smart Chain, Harmony and Fantom to lower the entry barrier for developers and deploy smart contracts on the new chains since their underlying codes are compatible with Ethereum. Therefore, EVM chains can provide solutions to enable interoperability between the blockchain networks and the DApps based on the Ethereum principles.
3. Which Blockchain is not EVM Compatible?
When it comes to Non-EVM blockchains, experts suggest that they offer faster transactions at lower transaction costs. Non EVM blockchains are the ones that do not follow the Ethereum principles and do not require continuous monitoring from a computation engine for executing smart contracts or other protocol procedures. Projects like Raydium, Serum, and Terra are Non EVM blockchains which have allowed the developers to reach a larger user base and expand their applications since they are not bound by Ethereum standards. Non EVM blockchains can thrive in various categories like NFTs, Gamefi, payments and many more as they allow for innovation and experimentation amongst the community.
4. Which Crypto Has EVM?
There are quite a few EVM compatible blockchains that are performing great in the community. Avalanche, Tron, Cardano and the Polygon network are some of the examples of crypto that have EVM compatibility. These networks allow better interoperability with the Ethereum blockchain so that the users can enjoy the effortless movement of assets from one chain to another. Such chains also allow for lower entry barriers to the Ethereum developers. The blockchains with EVM compatibility can be considered as ones that will promote DApps and interoperation between various blockchain networks.
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