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The term “EVM” stands for Ethereum Virtual Machine, which is a fundamental aspect of the Ethereum blockchain. It is a powerful, software-based environment where smart contracts are executed and where every Ethereum account and transaction are kept track of. This decentralized computation engine effectively enables developers to create applications that leverage the security and trust benefits of blockchain technology.
Smart contracts, the self-executing contracts with the terms directly written into code, run on the EVM and are integral to Ethereum’s functionality. They operate without downtime, censorship, fraud or third-party interference. These contracts are written in a programming language such as Solidity, then compiled into bytecode, which the machine can interpret and execute.
The necessity of ‘gas’ for conducting transactions and running smart contracts on the Ethereum network is one of the key features of the EVM. ‘Gas’ refers to the unit that measures the computational effort required to execute operations. Each action that takes place within the EVM, be it a transaction or a smart contract execution, requires a certain amount of gas. The gas ensures that the network compensates for the computational resources used, and also safeguards against spam transactions and inefficient code.
EVM Basics
In the context of cryptocurrency, the Ethereum Virtual Machine (EVM) is a cornerstone of Ethereum’s blockchain, enabling it to execute smart contracts and maintain a unified state across the network.
Definition of EVM
EVM stands for Ethereum Virtual Machine. It is a decentralized computational engine at the heart of Ethereum’s protocol, capable of executing code known as smart contracts. The EVM is not a physical device but a virtual state machine that exists across a distributed network of computers.
Role in Ethereum
The primary role of the machine in Ethereum is to provide a runtime environment for smart contracts. It allows for the processing and automatic execution of agreements without intermediaries. This functionality is integral to Ethereum’s aim of being a platform for decentralized applications (dApps).
How EVM Works
The EVM operates on a simple mechanism: it reads a series of bytecodes, which are instructions derived from smart contracts written in high-level programming languages, such as Solidity. When a user initiates a transaction that interacts with a contract, every node in the Ethereum network processes it through the EVM to maintain consensus. The process includes:
Verification: Each transaction is verified for correct signatures and nonce.
Execution: The machine executes the smart contract code with its current state and the input from the transaction.
Consensus: Nodes agree on the outcome of the execution, which is then recorded on the Ethereum blockchain.
EVM and Smart Contracts
The Ethereum Virtual Machine is the environment in which smart contracts are executed within the Ethereum network. It ensures that smart contracts run precisely as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
Smart Contract Execution
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. Upon deployment, they exist as bytecode on the Ethereum blockchain. When a smart contract receives a message or transaction, the EVM comes into play. It reads and performs the instructions laid out in the contract’s bytecode, updating the blockchain’s state accordingly.
Compilation: Smart contracts are written in high-level languages, like Solidity, and then compiled into EVM bytecode.
Gas: Every operation in the EVM consumes gas, with costs proportional to the computational power required.
Determinism: The execution must be deterministic, producing the same output for anyone who runs it on any EVM-compatible node.
Development of DApps
The EVM is not just a smart contract executor; it also serves as the runtime environment for decentralized applications (DApps). DApps are applications that run on a peer-to-peer network of computers rather than a single computer.
Consensus: A DApp includes a user interface and smart contracts for back-end logic, with consensus reached across all nodes in the Ethereum network.
Interoperability: The EVM’s compatibility enables developers to create applications that interact seamlessly with other smart contracts and decentralized services.
Interactions with Cryptocurrencies
In the context of the Ethereum Virtual Machine (EVM), interactions with cryptocurrencies primarily involve the native token, Ether, and gas fees associated with transactions for executing smart contracts.
Ether Transactions
Ether (ETH) is the native cryptocurrency of the Ethereum platform. It serves as both a digital currency and a means to run applications on the EVM. When a user sends Ether, the transaction is recorded on the Ethereum blockchain. It is then updated to reflect the new balances after being verified by the network. Within the EVM, these transactions include not only direct transfers of Ether between accounts but also interactions with smart contracts that may result in conditional movement of Ether based on the contract’s code.
Gas and Transaction Costs
The concept of gas is fundamental to the functioning of the virtual machine and relates directly to the costs associated with transactions and smart contract operations. Every transaction on the Ethereum network requires computational resources to execute, and gas quantifies this computational effort as a fee. Users must pay gas fees in Ether, and the cost is determined by the complexity of the transaction and network congestion.
Simple ETH transfer: 21000 gas units
Smart contract interaction: Variable gas units
Transaction costs are calculated as:
Transaction Cost = Gas Units * Gas Price (typically measured in Gwei)
The gas price is set by the user and can be higher for faster transaction processing. However, if the price is too low, the transaction may not be processed promptly or might fail due to insufficient gas.
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