Democratisation and decentralisation are the main goals behind blockchain technology. However, to fulfil the need for democratisation, we need to give people different options. The availability of options will lead to completion and hence innovation and enhancement. This holds true for the crypto and blockchain space also. Like in other industries, competition is the driving force that is pushing blockchain technology forward. As a result, developers construct new ecosystems to compete with current initiatives, and some of them achieve success. Syscoin’s NEVM is one such potential candidate. NEVM stands for Network- Enhanced Virtual Machine. Let us first understand what virtual machines are.
VMs (Virtual Machines)
A virtual machine is like any other real computer, such as a laptop, smartphone, or server. It features a CPU, RAM, and discs for storing your files, as well as the ability to connect to the internet if necessary. VMs are basically virtual computers or software-defined computers within physical servers. They exist solely as code. On the contrary, the elements that make up your computer are actual, physical, and tangible.
The technique of creating a software-based, or “virtual,” version of a computer is known as virtualization. It will have a dedicated CPU, memory, and storage that is “borrowed” from a physical host machine and/or a distant server. A virtual machine is a computer file, sometimes referred to as an image, that mimics the behaviour of a real computer. It can operate as a distinct computing environment in a window, frequently to run a different operating system. It can also serve as the user’s whole computer experience, as is common on many people’s work PCs. Because the virtual machine is not a part of the rest of the system, the programme running inside it cannot interact with the host computer’s main operating system.
Virtual machines have the benefit of being fully independent of one another and of the real host machine. A hypervisor is a virtual machine management software. It allows you to run several operating systems on many virtual machines at the same time. This allows you to run Linux on a Windows OS, or an older Windows OS on a more recent Windows OS. Because virtual machines are self-contained, they’re also quite portable. A VM on one hypervisor can move to another hypervisor on a separate computer nearly instantly.
Ethereum Virtual Engine
The Ethereum Virtual Engine, which is effectively the processing machine for Ethereum-based smart contracts. The EVM was the first to introduce the world to the notion of decentralised smart contracts and conditional transactions, which Bitcoin lacked. EVM elevated blockchain technology above its original use of safe value storage and transactionality to that of a decentralised computer.
However, there are certain faults with the EVM. The most obvious example is that it is not scalable owing to its architecture. As a result, the network will be unable to continually deliver fair transaction prices and fulfilment times as demand develops.
Syscoin’s NEVM and Binance Smart Chain
The Binance Smart Chain runs on the EVM, which is mostly used for smart contract and DApp interoperability. As a result, moving a project from Ethereum to BSC is quite simple. Furthermore, the network offers Binance Chain cross-chain interoperability, as well as “bridges” to other networks.
To build blocks and execute transactions, the blockchain’s consensus method requires network validators. Unfortunately, just a few validators exist, as eligibility demands a significant quantity of Binance coin. Furthermore, only a limited number of validators may exist at the same time, concentrating a great deal of power in the hands of a few entities. Additionally, it inherits the same problems as the EVM that we discussed above.
As a result, various solutions at the protocol level are very crucial. Developers should design applications without having to worry about such issues. Unfortunately, the majority of the most popular public blockchains lack those characteristics. It indicates the need for better alternatives. This is where Syscoin’s NEVM comes in.
Syscoin, unlike the BSC team, merged the best of Bitcoin and Ethereum into a single, powerful ecosystem. The combination of Bitcoin’s network security with Ethereum’s Turing-complete programmability is fascinating. Syscoin accomplishes scalability with Layer Two ZK-Rollup technology, which is more crucial. Furthermore, instead of using centralised validators, its network relies on masternodes as a source of bonded validators. As a result, besides block payments, masternode owners earn seniority benefits. Today, Syscoin has 2.455 masternodes, compared to 44 BSC validators, only 21 of which have real voting power.
Understanding Syscoin’s NEVM and what sets it apart?
Smart contracts and interoperability are a part of the Syscoin NEVM, which can grow to smart cities and beyond. Meanwhile, it continues to be cost-effective and efficient, with reliable decentralised settlements. Merge-mining protects the settlements, which is Bitcoin’s own proof-of-work security method. In addition, if Ethereum switches to proof-of-stake, other proof-of-stake computation platforms will become obsolete. However, Syscoin’s security will remain relevant. Syscoin’s NEVM will effectively merge the best features of Bitcoin and Ethereum into a new decentralised financial computation platform. Not only that, but Syscoin will also improve upon both elements.
The approach to regulatory compliance that Syscoin takes sets it apart from all other public blockchains. It contains opt-in regulatory features, for example, to help asset transfers without the need for third parties. Many projects’ compliance narratives are being changed by protocol-level capabilities like these, which are available on an opt-in basis. Furthermore, it provides a path for traditional securities to engage in decentralised finance, DEX trading, and other developing concepts.
