Top 9 Things You Should Know About Ethereum Virtual Machine
Most crypto traders, investors and enthusiasts are familiar with ether and ethereum. And for many, simply trading them for profits is sufficient particularly when their value was pretty high.
But, with the current bearish market and rapidly falling price of ethereum, many are bailing and selling off their ethers. This might be a bad decision seeing as ethereum is likely to rebound in value.
This is why understanding the technology behind any cryptocurrency is important. This way, you know that even if there’s a massive dip in price, you can still HODL for as long as necessary.
A key part of ethereum is a tech called Ethereum Virtual Machine (EVM). This is the algorithm that powers and runs the ethereum platform. It is often called the operating system of the technology and is responsible for running the thousands of computing equipment spread across the world.
Considered the Heart of Ethereum
The Ethereum Virtual Machine is considered the nerve center of the platform. It is the program that connects all the computers or nodes across the world and acts as the engine the drives the platform.
Through its unique algorithm, it helps maintain the decentralized network, ensuring that the network is self-regulatory. Its distinct performance ensures consistent uptime, fast transactions and excellent user friendliness.
Helps Users Run Scripts
With the rising popularity of blockchain comes the growing importance of blockchain based apps. Developing these apps from scratch implies learning how to code on the blockchain as well as learning other programming languages.
This is incredibly hard and slow in this era of speed. Thanks to EVM, that’s no longer necessary as it essentially eliminates the need for blockchain app development from scratch.
The scripts available for use on the platform serve as a foundation of sorts, thus enabling developers build apps fast based on their specifications. This means saved time in learning curves and the ability to roll out new decentralized apps faster than ever.
Executes Smart Contracts
Smart contracts are considered the future of agreements and contract in the future. With these in place, contracts become automated, fast and super effective. For instance, landlords need not physically remind tenants of rent.
Smart contracts can be set up to set reminders a week before tenant rent is due. If the tenant defaults, the smart contract can kick in by simply locking the tenant out of the house –through the resetting of passcodes maybe or notifying the nearest locksmith to change the locks.
EVM is responsible for the running and maintenance of these smart contracts. It is the bedrock on which smart contracts were/are built.
While smart contracts are currently in their infancy and are able to deploy 2-5 actions at once, we know that as EVM becomes more sophisticated, they can be used for more complex agreements involving many actions at once.
Provides Security for the Ethereum Platform
As with all cryptocurrencies, hackers often attempt to hack the platforms and steal cryptocurrencies. While they have been able to do that with a few other cryptos, they haven’t been able to do that with the ethereum platform.
Why? Because of Ethereum Virtual Machine. This does an excellent job of securing the platform so that it’s immune to Distributed Denial of Service (DDoS) attacks.
It secures the firewalls, eliminates bugs and reinforces security measures, thus ensuring that the platform, its tokens and transactions on the network stay safe and encrypted.
EVM May Become Very Simple to Use
While EVM is quite complex to deploy and code now, no thanks the stack-based bytecode, developers are able to make it readable through the ability to write smart contracts in Serpent and Solidity.
These codes makes it easier and simpler for people to use and understand. Future uses imply that it might be even easier as it gains worldwide acceptance and the codes becomes easier to learn and master.
Might Play a Role in Revolutionizing Major Sectors
Ethereum is seen as a considerable force that’s capable of disrupting many sectors. But, what many people don’t know is how ethereum can do this. Well, it’s through EVM.
As a revolutionary technology, this is what will serve as the bedrock that will most likely cause significant disruptions in major traditional industries like finance and healthcare.
Since it runs the ethereum platform, it will transform these sectors once it attains its full potential.
Isolated from the Ethereum Network
In the same manner as a virtual machine on your PC, it is sandboxed and isolated from the network, whilst still being a part of it. This isolation is what makes it impervious to hack attacks and corruption, essentially fortifying it.
Prevents Double Spending
EVM runs the smart contracts and algorithm that prevents users from double spending –a process where people use the same money to buy multiple items. So, once transactions are made, the copies of the transactions are spread across and registered on thousands of nodes across the network, thus ensuring that double spending is essentially nonexistent.
Ethereum Virtual Machine is amazing and has incredible potential. If the developers and programmers continue working on it, we should soon see a new platform that’ll transform the world as we know it if it gains worldwide acceptance.
So, if you had second thoughts about ethereum, now you know it is an amazing cryptocurrency and has more use case than bitcoin.