The cryptocurrency market has recently seen growing interest in a emerging trend-the development of Parallelized Ethereum Virtual Machines (EVM). Parallel EVM The technology promises important improvements in blockchain scalability through parallel transaction processing. But is the hype justified or is this just another crypto fad?
Attention focused on parallel EVM trend
an electronic machine is the software that handles computing and data storage in the ethereum blockchain grid. EVM processes smart contract encodes and executes transactions on the network. However, Ethereum's EVM uses sequential transaction ordering, which limits its ability to climb.
Parallel EVMs seek to break this bottleneck by allowing parallel transaction execution on multiple processors. This allows for higher throughput and lower latency compared to sequential processing.
2024 will be the year of parallel evm: support to everyone working on this problem, incl. monad/sei/polygon and other teams that I forget.
We're also excited about our own internal efforts there and pushing the boundaries in database design.
โ Georgios Konstantopoulos (@gakonst) December 11, 2023
As co-founder of New York-based cryptocurrency investment firm DBA Jon Charbonneau explainsThere are two main approaches to building parallelized EVMs:deterministic and speculative parallel execution. The deterministic method uses a predefined transaction order to avoid conflicts, while speculative programming executes transactions in parallel, managing conflicts as they arise.
Proponents argue that parallelized EVMs can optimize blockchain performance and efficiency. By splitting workloads across multiple processors, these parallelized systems can handle much larger transaction volumes, allowing greater application scalabilityand reduce network congestion and high gas rates during peak use.
The promise of faster, more efficient blockchains
Parallel EVM projects have rapidly gained popularity as the crypto market focuses on their potential benefits. Leading projects such as BE and NEON We have seen increasing adoption and ratings this year.
The crypto community sees these technologies as crucial to addressing fundamental issues. limitations on blockchain scalability. As decentralized applications (DApps) and user bases expand, parallel execution is considered critical to meeting demands.
I think many established L1/L2s are now facing an existential crisis due to signup spam causing gases like $AVAX reach $50-$100 per tx, completely destroying their core values. This problem is only going to get worse and explains why $BE daily it has risen 10% while the alternatives are bombed. https://t.co/uUUN0NWxZh
โ Sell when finished | 9000.sei (@sell9000) December 18, 2023
Parallel EVMs can open the door to sophisticated solutions decentralized finance (DeFi) products are not feasible on current networks. By feeding faster and cheaper transactionsthese could enable the next generation of blockchain technology.
Technical obstacles and adoption risks
However, building parallel systems that work requires overcoming complex technical hurdles. Ensure predictable, conflict-free parallel execution on thousands of decentralized nodes It is a challenge.
There are also questions about ecosystem adoption. While Ethereum is transitioning to integrate an optimized rollup technologies, it can take time. And some applications can be difficult to migrate.
The rise of EVMs and parallelized rollups represents a key moment for blockchain technology. These innovations address innate limitations in sequential transaction processing which have had limited performance for a long time.
If successfully implemented, parallelized EVMs could future-proof blockchain networks. They could provide the path for Ethereum and other crypto networks to keep pace with growing demands.
While there are technical and adoption risks, the cryptocurrency market is betting on parallelized EVMs becoming the cornerstone of next-generation Web3 infrastructure. Its success could determine whether blockchains can truly scale to mainstream levels.
