Ethereum has the largest and most diverse public blockchain ecosystem. This makes Ethereum Virtual Machine (EVM) compatibility one of the key ingredients for other blockchains to build a successful ecosystem. The EVM is a runtime environment that allows developers to create applications that can run on any Ethereum-compatible blockchain. This includes Horizen.
What Exactly is EVM?
At a high level, virtual machines create a level of abstraction between the executing code and the executing machine. All Ethereum accounts and smart contracts live on EVM. The protocol exists solely to keep this immutable state machine constantly running.
The EVM defines the rules for computing a valid state from one block to the next. EVM is a massive data structure called a modified Merkle Patricia Trie, which links all accounts with hashes, and is reducible to a root hash.
Programs send code to the EVM to process transactions in Ethereum. These EVM opcodes perform standard stack operations and blockchain-specific stack operations. When smart contracts are compiled, they turn into EVM opcodes.
Check out Horizen Academy to learn more about EVM.
Leveraging the Ethereum Developer Community
EVM allows new blockchains to leverage the existing Ethereum developer community. These developers are already familiar with EVM and have built a wealth of applications that can run on it. EVM compatibility enables Horizen to tap into the wealth of existing developers who are used to working with Solidity. It’s estimated that there are over 200,000 developers with experience in Solidity.
When it comes to blockchain development, it’s important to have as many choices as possible. By supporting EVM, Horizen is opening its platform up to a vast community of developers who can create applications that will drive its success..
Leveraging Existing DeFi Infrastructure
Another benefit of EVM compatibility is Ethereum’s defi infrastructure. There are well-established Ethereum smart contracts for an enormous range of blockchain-based products, such as automated market makers, decentralized exchanges, peer-to-peer lending protocols, stablecoins, and more.
By leveraging Ethereum’s defi infrastructure, new blockchains and dapps on Horizen can get up and running quickly and easily. This is important for their success, as it lowers the barriers to entry and allows them to focus on building great applications.
Building Interconnected Ecosystems
Ultimately, compatibility with the EVM allows new blockchains to build interconnected ecosystems. This is important as it allows them to tap into the resources of other blockchains and benefit from their success.
It also allows them to create a more diverse and inclusive blockchain community. Horizen is helping to build a more open and inclusive blockchain ecosystem that will benefit all participants through supporting EVM.
About Horizen’s EVM Sidechain
Horizen’s EVM sidechain is coming to testnet soon! Recently, we accomplished a major milestone of the EVM project. This is much more than just an interim step. This is a functioning sidechain, compatible with Ethereum tools and able to execute all Ethereum-compatible smart contracts.
To learn more about the sidechain, check out our EVM demo video. In this video, Victor and Alberto share some insights into the latest accomplishments with a demo of our EVM Alpha from Oleksandr showing ZEN on MetaMask and some of the basic functionality of the EVM chain.