EVM Chain — a Catalyst for the Growth and Interoperability of Blockchain
a playground for developers to scale Ethereum and build on them
Hello Aurorarians!
What is something you know about Aurora and its true purpose?
The rise of EVM-based DeFi has had a profound impact on the cryptocurrency industry, allowing for greater accessibility and transparency in financial services. However, it has also brought about some challenges, such as high gas fees and the potential for smart contract exploits. Despite these challenges, the growth and development of EVM chains and DeFi continue to drive innovation and change in the cryptocurrency space.
Let us briefly explain the backend process and their use cases:
Introduction
The Ethereum Virtual Machine (EVM) is a powerful and flexible platform for building decentralized applications (dApps). It allows developers to write smart contracts that can be executed on the Ethereum blockchain. However, the scalability issues of the Ethereum network have led to the development of various EVM-compatible chains. In this blog, we will discuss the EVM chain and its use cases.
What is an EVM Chain?
An EVM chain is a blockchain that is compatible with the Ethereum Virtual Machine (EVM). It means that the chain can execute smart contracts written in Solidity, the programming language used for Ethereum smart contracts. EVM-compatible chains can be considered as alternative blockchain networks that offer similar functionalities to the Ethereum network. However, these chains have their own unique features, including faster transaction speeds, lower fees, and different consensus mechanisms.
There are several EVM-compatible chains in existence, including Binance Smart Chain, Polygon (previously Matic Network), and Fantom. These chains have gained popularity due to their ability to handle a high volume of transactions while maintaining low fees. They are also easier to develop on, as developers can use the same Solidity codebase as they do for Ethereum smart contracts.
Aurora — EVM chain
Aurora was created to address the scalability issues of the Ethereum network and provide an alternative platform for building dApps that can interact with the Ethereum network. Aurora is fully EVM-compatible, which means that it can execute smart contracts written in Solidity, the programming language used for Ethereum smart contracts.
How Aurora is Helping Developers to NEAR?
Aurora is helping NEAR in several ways. Firstly, Aurora is allowing NEAR to expand its reach by connecting to the Ethereum network. This allows NEAR to leverage the existing Ethereum ecosystem, which includes a large number of developers, dApps, and users. By connecting to the Ethereum network, NEAR is also able to tap into the liquidity of the Ethereum ecosystem, which is currently the largest in the decentralized finance (DeFi) space.
Use Cases of EVM Chains
- Decentralized Finance (DeFi)
DeFi is one of the primary use cases for EVM chains. DeFi applications allow users to lend, borrow, and trade cryptocurrencies without the need for intermediaries. These applications have gained popularity due to their ability to offer high returns on investments and low fees. However, the high transaction fees and slow confirmation times on the Ethereum network have limited the growth of DeFi. EVM chains, on the other hand, offer faster transaction times and lower fees, making them a more attractive option for DeFi applications. - Gaming
Gaming is another use case for EVM chains. Blockchain-based games allow players to own and trade in-game assets using cryptocurrencies. These assets are stored on the blockchain and can be transferred between players without the need for intermediaries. EVM chains offer a faster and more affordable way to execute transactions, making them a better option for gaming applications that require fast and frequent transactions. - NFTs
Non-fungible tokens (NFTs) are another use case for EVM chains. NFTs are unique digital assets that represent ownership of a specific item or piece of content. These assets have gained popularity in the art and music industries, where they are used to authenticate and trade digital art and music. EVM chains offer a secure and transparent way to track the ownership and authenticity of NFTs. - Supply Chain Management
Supply chain management is another use case for EVM chains. Blockchain technology can be used to track the movement of goods and ensure that they are authentic and have not been tampered with. EVM chains offer a more efficient and cost-effective way to track the movement of goods, reducing the risk of fraud and counterfeit products. - Identity Management
Identity management is another use case for EVM chains. Blockchain technology can be used to create a secure and decentralized identity management system. EVM chains offer a more efficient and cost-effective way to manage identities, reducing the risk of identity theft and fraud.
Conclusion
EVM chains are an important development in the blockchain ecosystem. They offer a more efficient and cost-effective way to execute transactions, making them a better option for a wide range of applications. DeFi, gaming, NFTs, supply chain management, and identity management are just some of the use cases for EVM chains. As the blockchain ecosystem continues to evolve, it is likely that we will see more EVM-compatible chains emerge, offering even more options for developers and users.
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