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Ethereum virtual machine (EVM) compatibility with the VechainThor blockchain
Ethereum was the first programmable blockchain. Ethereum programability is achieved through the Ethereum Virtual Machine (EVM). Before Ethereum the only use case for blockchain was the Bitcoin blockchain and the use of it's native asset bitcoin as a form of digital money. The creation of Ethereum and the introduction of programability extended the use case of blockchain technology beyond digital money into use cases such as decentralized financial services (DeFi), games, social networks, the creation of non-fungible tokens (NFTs) and other applications that respect your privacy and cannot censor you.
The Ethereum Virtual Machine (EVM) is a key component of the Ethereum blockchain. The EVM can be considered the computational engine of the Ethereum blockchain. The EVM manages and maintains the state of the blockchain. For this reason it is often referred to as the "world computer". The EVM enables programability to exist and function on the Ethereum blockchain.
EVM compatibility is important because it enhances interoperability, developer adoption, network effects and code reusability across the entire blockchain ecosystem. This creates a more vibrant and collaborative environment for building decentralized applications and services.
EVM compatibility is important for several reasons:
- Interoperability: EVM compatibility enables different blockchain networks to communicate and interact with each other. This allows developers to build decentralized applications that can be used across multiple blockchain networks, which enhances the interoperability of the entire blockchain ecosystem.
- Developer Adoption: EVM compatibility makes it easier for developers to create and deploy smart contracts on the Ethereum blockchain and other EVM compatible blockchains. This is because developers can use familiar programming languages and tools which reduces the learning curve and makes it easier to build decentralized applications.
- Network Effects: EVM compatibility creates network effects, which means that as more blockchain networks become EVM compatible the value and utility of the blockchain ecosystem as a whole increases. This creates a virtuous cycle that attracts more developers and users to the network, which further enhances its value.
- Code Reusability: EVM compatibility allows developers to reuse code and smart contracts across multiple blockchain networks, which reduces development time and costs. This is particularly important for enterprise applications, where there may be multiple blockchain networks involved.
Vechain is EVM compatible. Vechain originated as a fork of Ethereum and the EVM and maintains a high level of EVM compatibility despite some modifications that were introduced into vechain to make it more enterprise friendly, scalable and sustainable.