In-depth Exploration of Parallel EVM and Its Ecosystem

Overview of EVM

Smart contract development is a fundamental skill for blockchain engineers. Developers typically write contract logic using high-level languages like Solidity. However, the EVM cannot directly interpret Solidity code, requiring it to be compiled into low-level opcodes executable by the virtual machine. Although this process incurs some overhead, engineers familiar with low-level coding can use opcodes directly in Solidity to optimize performance and reduce gas costs.

The EVM, as the "execution layer", is the final execution place of the compiled smart contract opcode. The bytecode defined by the EVM has become an industry standard, and achieving EVM compatibility allows developers to easily deploy smart contracts across multiple networks. Although they follow the same bytecode standard, different EVM implementations may have significant differences. For example, the Geth client of Ethereum implements the EVM in Go language, while the team at the Ethereum Foundation maintains a C++ version of the implementation.

Parallel EVM Technology

Historically, innovations in the blockchain field have mainly focused on consensus algorithms. However, high-performance blockchains require not only innovative consensus mechanisms but also an optimized execution layer. Simply improving the consensus algorithm of EVM blockchains often necessitates more powerful hardware to support performance enhancements.

demand for parallel processing

Traditional blockchain systems execute transactions sequentially, similar to the operation of a single-core CPU. This method, while simple, struggles to meet the demands of a large user base. Parallel virtual machines allow multiple transactions to be processed simultaneously, significantly increasing throughput. However, parallel execution also introduces new engineering challenges, such as handling write conflicts from concurrent transactions on the same smart contract.

Innovative Parallel EVM

Parallel EVM represents a series of innovations aimed at optimizing the blockchain execution layer. Taking a certain project as an example, its key innovations include:

• Parallel transaction execution: Uses an optimistic parallel execution algorithm that allows multiple transactions to be processed simultaneously.

• Delayed execution: In the consensus mechanism, nodes first reach consensus on the order of transactions without immediately executing the transactions.

• Custom State Database: Optimizing state storage and access by directly storing the Merkle tree on SSD.

• High-performance consensus mechanism: The improved consensus algorithm supports efficient synchronization among hundreds of globally distributed nodes.

Challenges and Considerations

The main challenges faced by parallel EVM include:

1. Technical Challenges: Parallel execution introduces potential state conflicts, requiring well-designed conflict detection and resolution mechanisms.

2. Long-term value capture: Innovation may be absorbed by other blockchain projects, and rapid ecosystem development has become key to maintaining competitive advantage.

3. Decentralization of Nodes: High-performance blockchains need to strike a balance between permissionless, trustless operations and performance requirements.

Overview of Parallel EVM Projects

Currently, the parallel EVM ecosystem mainly includes three types of projects:

1. EVM-compatible Layer 1 network supporting parallel execution through technological upgrades
2. EVM-compatible Layer 1 network that has adopted parallel execution technology since its design inception.
3. Layer 2 networks using non-EVM parallel execution technology

representative project

A certain parallel EVM project

The project aims to solve the scalability issues of traditional EVM by optimizing EVM parallel execution and pipeline architecture, with a goal of achieving 10,000 TPS. The project has completed large-scale financing, and the founding team members come from well-known fintech companies. The internal testnet has been launched, and the public testnet is about to be released.

An EVM network upgrade project

The project was originally a Layer 1 network focused on trading and has now announced a comprehensive upgrade to a high-performance parallel EVM, increasing TPS to 12,500. The testnet has been launched, supporting one-click migration of EVM applications. The mainnet is expected to go live in the first half of this year.

A certain dual virtual machine project

The project enhances EVM blockchain performance and network execution efficiency by building EVM++ (EVM + WASM). The public testnet is online, and the ecosystem incentive program has been launched.

A Solana EVM compatibility solution

This is the first Solana EVM compatibility solution that allows Solidity and Vyper developers to deploy DApps to the Solana network with one click. It wraps EVM-class transactions as Solana transaction executions, with a TPS exceeding 2,000.

A certain SVM introduces an Ethereum project

This is a Rollup Layer 2 solution supported by the Solana Virtual Machine (SVM). It settles transaction data on Ethereum, but the execution layer runs in the SVM environment. The project has completed large-scale financing, and the mainnet will soon be open to developers.

A modular VM Layer 2 project

This project is a modular VM Layer 2 network designed to bring high-performance virtual machines to existing Ethereum and Bitcoin Layer 2 networks. It supports using Ethereum or Bitcoin as the settlement layer, with the execution layer capable of parallel execution using various virtual machines.

Conclusion

Innovative technologies such as parallel EVM provide promising solutions to enhance blockchain performance and scalability. The development and implementation of these technologies will drive further growth of the blockchain ecosystem, supporting a wider range of application scenarios.