The Ethereum virtual machine (EVM) is a decentralized computer on which thousands of connected computers run on the blockchain. Virtual Machines (VMs), popularly used in cloud computing, emulate a computer system by running bytecode to perform the same functions as a computer, like running programs, connecting to networks, and storing data. In the Ethereum network, each virtual computer serves as a node connected through an Ethereum client.
Like Bitcoin, the first blockchain, the EVM functions like a digital ledger that processes transactions in its native decentralized currency ether ($ETH) using cryptographic proofs to ensure the security and validity of data. The Ethereum protocol applies the same basic rules that have made blockchains the preferred infrastructure for peer-to-peer transactions to prevent double-spending and support transaction immutability, transparency, and traceability.
Ethereum added a powerful new function to the blockchain by implementing smart contract functionality to enable business logic automation. This smart contract protocol has enabled new decentralized business models from supply chains to automated market makers (AMMs). Parties can carry out trusted irreversible transactions based on shared business logic. Over 3,000 decentralized applications run on the Ethereum virtual machine.
Like other blockchains, the EVM is a state machine with only one canonical state, and new valid states are created block by block based on the rules defined by the EVM. The Ethereum Protocol sets the rules for the EVM to compute new valid states block to block while ensuring its continuous and immutable operation.
The EVM keeps track of the current state of the blockchain; that state can be changed through the execution of smart contracts. To access your favorite Ethereum programs like UniSwap or OpenSea, you must use a blockchain explorer. Developers write applications for the Ethereum Network in the Solidity programming language, which is then compiled into bytecode to run on all the computers connected to the EVM. The program is then uploaded to the Ethereum blockchain for you to use.
Let’s say you call a smart contract to swap ETH currency on Uniswap or buy an NFT on OpenSea. This smart contract transaction would change the state of the blockchain at each node on the network at the bytecode level. Remember, there is only one state, and each state change is transparent to all nodes on the blockchain. This one truth is maintained by the thousands of computers connected via the Ethereum client.
As Ethereum is the blockchain with the most applications, new generation blockchains are building for Ethereum-compatibility. Many projects like ParaState and the Algorand Virtual Machine are developing higher performance EVMs to support scalability, higher transaction speeds, cross-chain features, and other improvements. Ethereum’s upgrade to the interoperable ETH 2.0 this year will bring many of these improvements to the main chain.
A significant development in the Ethereum world is the arrival of Ethereum-flavoured WebAssembly (Ewasm) — WebAssembly optimized for the Ethereum Network. WebAssembly (Wasm) is the industry standard for creating applications for Web 3.0.
Interoperable VMs that can exchange data and smart contract functions are creating the backbone of the interconnected web called Web 3.0., also known as the world computer. With over 100 EVMs already launched, the Ethereum network is sure to have an essential presence in Web 3.0.
What Is the Ethereum Virtual Machine (EVM)? | SoFi
You may have heard of Ether (ETH), the second largest cryptocurrency by market cap. And if you use the terms ETH and Ethereum interchangeably in conversation, you're definitely not alone. But there's a distinction to be made between ETH, the crypto, and Ethereum, the network.
Ethereum Virtual Machine (EVM) | CoinMarketCap
A Turing-complete virtual machine that enables execution of code exactly as intended; it is the runtime environment for every smart contract. Ethereum Virtual Machine (EVM) is a computation engine which acts like a decentralized computer that has millions of executable projects. It acts as the virtual machine which is the bedrock of Ethereum's entire operating structure.