Ethereum Virtual Machine (EVM) and Its Innovations

EVM and Solidity

Smart contract development is a core skill for blockchain engineers. Developers typically use high-level languages like Solidity to write contract logic, but the EVM cannot directly understand these codes. They need to be compiled into low-level operation codes executable by the Virtual Machine. Although there are tools that can automate this process, understanding the underlying mechanisms helps optimize performance.

Experienced engineers can directly write program logic using opcodes to achieve maximum efficiency and reduce gas costs. For example, a well-known NFT trading protocol makes extensive use of inline assembly to minimize users' gas expenses.

Standards and Implementations of EVM

As the "execution layer", the EVM is the final place where compiled smart contracts run. The bytecode defined by the EVM is the industry standard, enabling developers to efficiently deploy contracts across multiple compatible networks.

Although it follows the EVM bytecode standard, the specific implementations can vary greatly. For example, one mainstream Ethereum client implements the EVM in Go language, while another team maintains a C++ version. This diversity allows for different optimizations and customizations.

Parallel EVM Technology

Historically, the blockchain community has primarily focused on innovations in consensus algorithms. Some high-performance public chains are known for their consensus mechanisms, but their execution layer innovations are often overlooked. In reality, high-performance blockchains require innovative consensus and optimized execution layers.

Public chains that only improve the consensus of the EVM often require more powerful nodes to enhance performance. For example, a well-known smart chain needs configurations several times higher than Ethereum full nodes under high TPS. Although another well-known Layer 2 theoretically supports very high TPS, its actual performance often falls short of expectations.

Demand for parallel processing

Most blockchain systems execute transactions sequentially, similar to a single-core CPU. This approach is simple but difficult to scale. Switching to a parallel Virtual Machine can process multiple transactions simultaneously, significantly increasing throughput.

Parallel execution brings engineering challenges, such as handling conflicts when concurrent transactions write to the same contract. However, parallel processing of unrelated contracts can increase throughput according to the number of threads.

Innovation of Parallel EVM

The parallel EVM represents a series of execution layer optimization innovations. Taking a certain emerging project as an example, its key innovations include:

• Parallel transaction execution: Using an optimistic parallel algorithm, allowing multiple transactions to be processed simultaneously.
• Delayed Execution: Postpone the execution of transactions to independent channels, maximizing the utilization of block time.
• Custom State Database: Store Merkle trees directly on the SSD to optimize state access.
• High-performance consensus mechanism: Improved HotStuff, supporting large-scale distributed operations.

Technical Challenges

Parallel execution introduces potential state conflicts, requiring conflict detection and resolution mechanisms. Teams often need to redesign the state database and develop compatible consensus algorithms.

The main challenges include the long-term engineering value capture of Ethereum and node centralization. Rapid ecological development is key to maintaining a competitive advantage. A balance must be struck between decentralization and performance.

Parallel EVM Architecture

The parallel EVM mainly involves EVM-compatible networks. There are currently three types:

1. Upgrade to support parallel execution of existing EVM public chains
2. The new EVM public chain that natively supports parallel execution
3. Layer 2 networks using non-EVM parallel technology

Typical Projects

A leading parallel EVM project

The project aims to address the EVM scalability issue by optimizing parallel execution, targeting 10,000 TPS. Recently completed large-scale financing, with a valuation reaching billions of dollars. The founding team comes from top market makers, and the internal testnet has been launched.

A specialized public chain for transactions

The Layer 1 network, originally focused on trading, has recently upgraded to a high-performance parallel EVM, with TPS increased to 12,500. The testnet is now live, supporting one-click migration of EVM applications.

A dual Virtual Machine enhancement project

By building EVM++(EVM + WASM), performance and execution efficiency are enhanced. The core team comes from well-known blockchain projects, and the public test network is now online.

a certain Cosmos ecosystem EVM public chain

An EVM-compatible Layer 1 built on the Cosmos SDK has recently announced the introduction of a parallel EVM technology plan.

a Solana EVM compatible solution

The first Solana EVM compatible solution, supporting Solidity developers to deploy to Solana with one click. TPS exceeds 2,000.

A certain Ethereum Layer 2 with SVM introduced

Using the Solana Virtual Machine ( SVM ) as the execution layer, but a Layer 2 solution settled on Ethereum. Recently completed large-scale financing.

Some Modular VM Layer 2

Built on OP Stack, supporting various high-performance VMs as execution layers, using Ethereum or Bitcoin as settlement layers.

Summary

Innovations such as parallel EVM and other execution layers provide promising solutions to improve blockchain performance and scalability. The development of these technologies will drive further progress and application of the blockchain ecosystem.