Velas EVM: The Cross-chain Compatibility Solution
Ethereum Virtual Machine it’s incorporation to the Velas Blockchain and how Velas proves to be better than others
The world of Blockchain has seen people understand the Bitcoin chain as a decentralized public ledger, ethereum on the other hand has a “state machine” this is what gives it the characteristic feature of being able to allow for two types of transactions. One is the “message calls” and the other is the smart contracts. These smart contracts built on the Ethereum blockchain allows for when message calls on the smart contracts to be executed with the coding of the smart contracts and not the Ethereum’s coding.
Many blockchains and projects have leveraged on this development to simply build on the Ethereum blockchain using the Ethereum Virtual Machine (EVM) making ether the native token to pay for gas fees. Velas leverages the EVM to be open source this gives it the ability to be fully decentralized.
If you look at the cryptocurrency space today there are many blockchains with almost similar components which include:
1. P2P communication layer
2. DPOS Consensus
3. Block/transaction processing and validation unit
4. Smart Contracts
But all these blockchains have their own peculiarities;
1. They have a separate standard; a blockchain coded with the C++ programming language can’t migrate to another until the codes have being re-written in another language example as in Ethereum and EOS
2. Independent; to run transactions on any of the blockchains you would need a wallet for that blockchain an explorer for the infrastructure just to provide basic functionality to the user
3. Each blockchain carry out separate work on compatibility with different blockchains. With the factors listed above blockchains are not interoperable and as a result will have to develop cross chain compatibility at the level of their application.
With all these in mind the need for an entirely new blockchain that integrates all these components as well as minimises the flaws there was a need for a shift from the thought of developing a Minimal Viable Product (MVP) to a Minimal Viable Change (MVC). This involves using the existing products to develop another, thus the Velas team came up with;
1. Fast; validate more than 30,000 transactions per second (TPS).
2. Security; resistance to all types of attacks
3. DPoS Consensus; which is built based on the VLX tokenomics.
4. Support for all types application built on the Ethereum blockchain by incorporating the EVM, solidity language and support for Metamask.
5. New level of cross-chain compatibility, a fully decentralised custodian and interaction with blockchains of different assets like Bitcoin, Ethereum and Zcash.
6. Decentralized and autonomous storage of user secrets and secrets managed by smart contracts.
In conclusion, the importance and integration of the EVM all comes down to the fact that blockchain developers are very conversant with the Solidity and write with it. This means the transition would be easier, and even with the need for a more scalable platform as Velas has proven to be, there wouldn’t be a need to learn something totally new.
At the moment, the Velas team had already passed the MVC stage for all the blockchain functions that has been described earlier and we have a sufficient level of confidence in their implementation. Therefore, the Velas blockchain is more open source than ever.
