The crypto market this year has seen two big events: the Bitcoin halving and the introduction of Parallel EVM.
By introducing Parallelized EVM, the Ethereum network is poised for a significant performance upgrade. This innovation will accelerate transaction speeds and thus expand the network’s capacity, potentially stimulating broader adoption.
Want to know how it works? Read more details on this article!
What is Parallel EVM?
Parallel EVM emerges as an innovation aimed at enhancing the efficiency of transaction processing and smart contracts within blockchain networks. This becomes particularly relevant when compared to networks using conventional mechanisms.
In a standard Ethereum Virtual Machine, each transaction and smart contract execution follows a sequential pattern, forming a linear progression that is less than optimal. Eventually, as transaction volume increases, this approach can create a bottleneck, resulting in delays and increased gas fees.
Parallelized EVM introduces an improvement over the conventional concept currently widely used through the implementation of a parallel processing model. In this case, multiple transactions can be processed simultaneously, providing increased efficiency and scalability to the overall network.
Unlike some networks that rely on the conventional Ethereum Virtual Machine that processes transactions one by one, Parallel EVM allows for independent and asynchronous transaction processing.
This approach will result in increased network speed and throughput, thus making it better suited to handle larger transaction loads.
How Does it Work?
Transactions inside a block in the traditional EVM mechanism are usually linearly handled one after the other.
For instance, if Transaction B entails the execution of a smart contract and Transactions A and C are straightforward asset transfers that happen independently of Transaction B, they would be completed in the following order: A > B > C.
The groundbreaking method introduced by Parallel EVM, on the other hand, enables independent transactions to be executed concurrently, increasing block processing efficiency overall.
Now, since Transactions A and C are straightforward asset transfers that are independent of Transaction B, they can be carried out simultaneously without needing to follow a particular sequence.
This mechanism is a ground-breaking development in blockchain technology, especially in resolving the scalability issues that plague most blockchain networks today.
This technology improves the network’s ability to handle larger transaction volumes quickly and efficiently by enabling parallel transaction processing, which increases the network’s adaptability to a variety of applications.
Parallelized EVM Project
The following are some blockchain networks that have or will implement the Parallel EVM mechanism in their system structure: SEI and NEON.
SEI
SEI Network is one example of a blockchain network that has adopted the Parallel EVM mechanism. With this technology, the SEI development team has created a platform with superior scalability for decentralized finance (DeFi) applications.
The SEI network is an appealing platform for developers and users in the DeFi market since it processes different types of transactions at a significantly faster rate than blockchain networks that employ the traditional Ethereum Virtual Machine thanks to the use of Parallel EVM.
NEON
Another blockchain network that has Parallelized EVM included in its architecture is NEON. Through this connection, NEON’s Ethereum-compatible smart contracts may operate more efficiently and scale more easily.
By leveraging Parallel EVM, this network can execute various transactions from smart contracts more efficiently.
Conclusion
To improve a network’s efficiency and throughput, Parallel EVM proposes a parallel transaction processing mechanism, which is a very revolutionary development in the blockchain industry.
Parallel Ethereum Virtual Machine (EVM) reduces the processing time of each transaction by enabling independent transactions to be handled concurrently, as contrast to the traditional Ethereum Virtual Machine (EVM), which processes transactions sequentially.
All things considered, Parallelized EVM represents a major advancement in blockchain networks’ capacity to handle transactions more quickly. Networks are now better suited for a wider range of use cases and applications thanks to this breakthrough, particularly in terms of wider scalability.
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