Ethereum Virtual Machine (EVM): Features, Purpose And Benefits

The Ethereum Virtual Machine (EVM) is a computation engine which functions as a decentralised computer with abundant applications that can be implemented. It is the central framework in the Ethereum blockchain. The EVM is one entity upheld by numerous connected computers that perform instructions in large numbers. Every instruction comprises an operator and its operands.

What is the EVM? 

The Ethereum Virtual Machine (EVM) is a dynamic and isolated virtual stack implanted entirely throughout the Ethereum node. It is responsible for implementing contract bytecode. After writing them in complex languages, like Solidity, contracts are compiled to EVM bytecode. Many programming languages like C++, Java, JavaScript, Ruby, and Python execute Ethereum Virtual Machines efficiently. 

Features of EVM

The following are the essential features of the Ethereum Virtual Machine. They are:

• EVM acts as a virtual machine and the foundation of the total operating system of Ethereum. 
• There are two types of accounts for Ethereum under the EVM. They are Contract Accounts and Externally Owned Accounts (EOA).
• The EVM arranges numerous additional utilities to the blockchain so users can enjoy hassle-free running on the system. 
• All nodes of Ethereum perform on EVM to keep consensus throughout the blockchain.
• EVM enables a special code to run on Ethereum, known as smart contracts.
• The code inside EVM is entirely inaccessible to the system, network, or other areas. 
• It is a part of the Ethereum network that focuses on executing transactions alongside smart contract deployment. In the meantime, smart contracts keep contract accounts in smart wallets. 

What is the purpose of the EVM? 

The main power of EVM is to decide the comprehensive state of Ethereum for every block in a blockchain. Ethereum is quite similar to other blockchain-based networks. It has its native cryptocurrency (Ether) and uses a distributed ledger that includes autonomous computers (nodes) for recording, synchronising and running transactions in particular electronic ledgers.

However, Ethereum retains some special functions due to its smart contract capability. In other words, the state of Ethereum is a huge database that records every Ether (ETH) account and balance. 

How is gas related to the performance of EVM?

Any transaction on Ethereum symbolises an Ether (ETH) transaction. Transactions require fees. When it comes to Ethereum, it denotes its fees as gas, which fuels decentralised applications.

In case of high networking activity, gas fees increase. However, if the execution fails, you can stay sure of getting the pre-paid amount. An execution will end soon if it runs out of gas.

Benefits of EVM

There are certain benefits of the Ethereum Virtual Machine. They are:

• Anyone can create their decentralised application via EVM as it has no involvement of security obstacles.
• Nowadays, NFTs or Non-Fungible Tokens, are gaining a lot of fame in cryptocurrency. With adequate knowledge about these financial securities, you can create digital art and sell it on a decentralised market using EVMs. 

Drawbacks of EVM

Unlike advantages, there are some disadvantages of the Ethereum virtual machine. Let’s see them too:

• If the owners of these services discontinue using Ethereum, the nodes will stop doing any function, thereby crumbling the entire network.
• Using an EVM requires certain technical proficiency. Hence, it is limited to those who do not know to code. Only a few applications have Graphical User Interfaces (GUIs) that only enable some selected individuals to gain the advantage of NFTs. 

Ethereum is also called a ‘global/world computer’ as all Ethereum network nodes successfully run the EVM and implement similar instructions. It makes all other nodes reach a consensus about the system's state.