The Blockchain is the backbone of all cryptocurrencies. And now it is growing too fast throughout the world. Hence, there are many applications or projects that run blockchain or solve human problems. As a crypto enthusiast, you may have come across concepts like smart contracts and Ethereum Virtual Machine (EVM).
But, smartness shows if you have a clear idea or not about them. If you are smart, then you must think about what they are? How do they come? How do they operate? And blah blah blah.
Unfortunately, many people still do not know about the underlying technology of Blockchain. So, let’s start with the Ethereum Blockchain. And we will highly focus on Ethereum Virtual Machine (EVM) as an Ethereum Blockchain.
What is Ethereum Virtual Machine (EVM)?
Ethereum Virtual Machine (EVM) processes and executes smart contracts. It is one kind of blockchain’s underlying technology, which connects the transactions to the network. Simply to say, it is the Ethereum Blockchain.
To ensure security as well as maintain trust, software on the computer is running by Ethereum leverages on multiple nodes just like all Blockchains. Each node that operates software by taking part in the Ethereum Protocol by using their computer is known as Ethereum Virtual Machine (EVM).
It’s only the definition of EVM, but, you must know about its key role. Firstly, it ensures security by preventing Denial-of-service attacks. In the present world, Denial-of-service is the most emerging challenge in the crypto industry.
Secondly, Ethereum Virtual Machine interprets and executes smart contracts as well as the Ethereum programming language. At the same time, it guarantees communication without any interference.
What does EVM exactly do?
Generally, EVM executes the transactions on the Ethereum Blockchain. Here we discuss some activities of the EVM:
Firstly, EVM confirms the transaction with the validity of the signature, the correct number of values as well as nonce matches’ transaction of the particular transaction account. If the transaction mismatch, then it will return as an error.
Secondly, gay payment with the Ether calculates the transaction fee required and initializes.
Finally, it executes the transfer of funds of digital assets to the nominated or assigned address.
Please note that, before making any transaction, be sure that you have enough Gas or Ether. If you do not put enough Ether, the transaction will roll back out. As a result, you will lose the transaction fee. Because the transaction fee is not refundable. miner accepts it as payment.
Moreover, you may have thought if the recipient’s address is incorrect, should a transaction be unsuccessful? In the answer to this question, it doesn’t do any harm. EVM refunds the amount sent as well as the transaction fee.
However, I would like to say, unsuccessful transaction was due to an error on the recipient’s address no miner is paid.
EVM Key Features and Advantages
Here are the key features and advantages of Ethereum Virtual Machine (EVM):
- Considered as the heart of Ethereum
- Helping users run scripts
- Executing smart contracts
- Providing security for the Ethereum Platform
- It is very simple to use
- Play a role in revolutionizing major sectors
- Prevents double spending
In the end, I want to say, Ethereum Blockchain is programmable. It allows its users to create their own operations. Moreover, it allows developers to create more decentralized applications. They all include cryptocurrency. But, their function is not limited there. such as DApps like Metamask and others.
So, if you are interested in knowing more about it at an advanced level. Get updated with our new fore-coming articles. On the other hand, you can find out our other articles.