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Here Are The Best EVMs of 2022 to Watch Out For

source-logo  cryptoknowmics.com 24 January 2022 09:07, UTC

The Ethereum Virtual Machine (EVM) is a computation engine that functions as a decentralized computer with millions of applications that may be executed. The EVM's job is to add a few new features to the Blockchain so that consumers have fewer problems with the distributed ledger.   Every Ethereum node runs on the EVM to maintain consensus across the blockchain. Ethereum facilitates something called smart contracts, a piece of code running on Ethereum.  EVM is completely isolated, meaning the code inside the EVM has no access to the network, file system, or other processes.  Ethereum has two types of accounts: Externally Owned Accounts (EOA) and Contract Accounts, both of which are treated equally under the EVM. EVM facilitates the execution of smart contracts (solidity) on any machine (OS agnostic). EVM is an intermediary layer between a smart contract and the operating system installed on the machine (operating system). EVM can read and execute Solidity code once compiled to bytecode. The JVM (Java Virtual Machine) might help you comprehend things better if you're a programmer. If we don't have EVM, we'll have to create compilers for each operating system separately. The Ethereum Virtual Machine (EVM) makes the Ethereum ecosystem more efficient and compatible.

Let’s check out some EVMs to watch out for in 2022

Telos EVM

The Telos EVM is an Ethereum virtual machine (EVM) that, like Ethereum, runs current Solidity and Vyper contracts without modification. The Telos EVM is a non-fork of the Ethereum virtual machine (EVM) that runs Ethereum-like Solidity and Vyper contracts without modification. However, it has 30 times the speed, 100 times the capacity, and only a fraction of the price of Ethereum’s gas fees. In addition, the energy usage per transaction is almost 31mm times less. Telos EVM, widely regarded as the future of both large-scale and micro trading, addresses issues left unaddressed by Ethereum 2.0, such as large-scale traders' ability to trade shielded from front runners. Front running is a continual activity of entering into an equity trade, option, futures contract, derivative, or security-based swap by Ethereum miners and trader bots to maximize their spread. Telos's governance structure allows developers and members more influence over the platform than competing platforms. Any Telos developer who wants to employ governance functions in their DApps can do so.

Substrate EVM

 Substrate EVM will enable unmodified Solidity code to be deployed on Substrate-based blockchains (including Polkadot parachains), allowing Substrate and Polkadot to connect to Ethereum mainnet through bridges. Since its inception, Polkadot has been envisioned as a network of distinct but interconnected blockchains, with compatibility and interoperability at its core. Polkadot opens the groundwork for a future of decentralized networks and DApps that are interconnected. This comprises Polkadot-built public, private, and consortium blockchains and pre-existing networks.  Substrate EVM is just one part of a more considerable effort to bring Polkadot and Ethereum together. A Polkadot-Ethereum public bridge, first proposed in the original Polkadot whitepaper, will connect Polkadot parachains to Ethereum mainnet for essential interoperability. In contrast, a Substrate to Parity-Ethereum POA bridge will connect any Ethereum POA blockchain built on Parity Ethereum and a Substrate SRML module (thereby gaining potential access to the Polkadot network).\

 Avalanche C-chain (Avalanche)

 The Ethereum virtual machine performance is low and imposes various restrictions on smart contract developers. Most programmers are unfamiliar with Solidity and the other few languages which are used for developing Ethereum smart contracts. Avalanche virtual machines (AVMs) make it easy to develop a blockchain-based decentralized application.  The C-Chain is the network's built-in proprietary contract chain. The C-Chain is essentially a clone of the Ethereum Virtual Machine (EVM), allowing developers to deploy smart contracts that were built on ethereum on Avalanche network easily. The Exchange Chain and the Platform Chain are the other blockchains that exist alongside the C-Chain in the avalanche network. The network becomes considerably faster and more scalable as each chain has its own specific jobs rather than a single blockchain performing all the functions. The C-Chain enables Avalanche to achieve its goal of becoming the global asset exchange. The chain manages the network's validators, keeps track of active subnets, and is responsible for creating new subnets.

Aurora (NEAR Protocol) 

 Aurora’s Ethereum Virtual Machine was designed by the NEAR Protocol team. The network was created as a solution for developers that wish to run their decentralized applications on a platform that is Ethereum-compatible, high-throughput, scalable, and future-proof. The Aurora network inherits the performance of the NEAR Protocol because it runs on it. This allows the network to provide extraordinarily fast transactions but also low-cost transactions at the same time. Aurora's base currency is also a significant benefit. Aurora's basic currency is Ethereum's native token ETH, unlike other Layer1 EVM compatible networks which offer their own native token as a base currency. The Aurora Bridge, which is part of the NEAR Rainbow Bridge, allows users to move their Ethereum assets in a completely trustless environment. Users can move their assets from Ethereum in a trustless environment enabled by Aurora Bridge. Aurora is a separate entity but they share the team and technology behind NEAR Protocol, It runs as a self-funded, independent venture. The network is run by a decentralized autonomous organization (DAO), making it one of the few EVMs which gives control to the community. 

Evmos (Cosmos)

 Evmos is an application chain that is interoperable with the Ethereum mainnet as well as other Byzantine fault tolerance (BFT) and EVM-compatible environments. This compatibility is possible due to its integration with the Inter-Blockchain Communication protocol (IBC), which makes it simple for users and developers to move value between chains.  This platform is the first IBC-compatible, EVM-based chain on Cosmos, which makes use of the Cosmos SDK to give users the composability, interoperability, and quick finality that is currently missing in Ethereum. Now developers can launch their Ethereum based applications on the Cosmos ecosystem without rewriting their dapps code. Evmos will be responsible for a large number of projects migrating to the cosmos network and as a result, the Cosmos ecosystem will become much bigger.  EVMOS, the platform’s native coin will be airdropped to users of the cosmos ecosystem, Ethereum dapps, and EVM bridges. After seeing Binance Smart Chain and Polygon growth, when they launched their own EVMs, it is expected that Evmos will put cosmos at the forefront of DeFi. 

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