How Parallelized EVMs Are Revolutionizing Blockchain Speed and Scalability
Van Thanh Le•
Jan 3 2024
The Ethereum Bottleneck: Why We Need Parallelization
The Sei Network's recent triumph, marked by a 75% surge in SEI token value and a $228 million rise in futures open interest, exemplifies the impact of the Parallelized Ethereum Virtual Machine (EVM). This innovative approach, focusing on high-speed and low-cost transactions, is reshaping investor perspectives and redefining blockchain efficiency.
Ethereum's struggle with transaction congestion and high gas fees highlights a critical need for blockchain scalability solutions. The traditional sequential processing of transactions has become a significant bottleneck, impeding throughput and inflating costs. This is where the Parallelized EVM steps in, offering a much-needed performance optimization.
Parallelized EVMs represent a pivotal advancement in blockchain technology. By enabling simultaneous transaction processing, they significantly enhance Ethereum network enhancements, promising a scalable, efficient future for Ethereum-based applications and beyond. This technological leap is not just an upgrade; it's a transformation. Let’s see who are the top players in this game.
Unleashing the Power: How Parallelization Works
Under the Hood: Different Parallelization Approaches
Parallelized Ethereum Virtual Machines (EVMs) represent a leap in blockchain technology, offering enhanced scalability, efficiency, and throughput compared to traditional EVMs and Directed Acyclic Graph (DAG) technology.
Traditional EVMs process transactions sequentially, leading to bottlenecks. In contrast, parallelized EVMs enable concurrent transaction processing, boosting throughput and reducing latency. They maintain Ethereum's robust smart contract capabilities while being more energy-efficient, thereby lowering transaction fees and improving user experience.
However, implementing parallel execution is complex and requires smart contracts designed for parallel architecture. This approach addresses core blockchain challenges and can facilitate sophisticated DeFi products.
According to crypto investment firm DBA co-founder Jon Charbonneau, two main approaches define this evolution: deterministic and speculative parallel execution. The deterministic method predefines transaction ordering to sidestep conflicts, while speculative execution runs transactions in parallel, resolving conflicts as they emerge.
This innovative approach to EVM performance optimization is akin to shifting from a single-lane road to a multi-lane highway, where transactions travel in unison, accelerating the entire network's pace.
Breaking the Wall: Cross-Chain Compatibility and Interoperability
The advent of parallelized EVMs isn't just about speed; it's also about seamless integration. Maintaining compatibility with the Ethereum ecosystem is pivotal for these systems. This compatibility ensures that developers and users engaged in Ethereum-based applications can smoothly transition and integrate with these new systems.
By doing so, parallelized EVMs stand as a cornerstone for blockchain scalability solutions, bridging various blockchain networks. This interoperability is crucial in creating a more cohesive and efficient blockchain landscape, where different networks can communicate and operate in tandem without sacrificing their unique functionalities.
Security First: Preserving Trust in a Parallel World
In the realm of parallelized EVMs, security and trust remain paramount. These systems not only offer a more energy-efficient approach to transaction processing, thereby easing the workload on validators and the network, but they also uphold the integrity of the blockchain.
By enabling parallel transaction execution, these innovative blockchain projects ensure that the blockchain's decentralized and secure nature isn't compromised.
Meet the Pioneers: Notable Parallelized EVM Projects
1. L1 Chains
Sei Network and Neutron are at the forefront of integrating a parallelized Ethereum Virtual Machine (EVM), showcasing innovative blockchain projects that redefine efficiency and scalability.
1.1. Sei Network
Aiming to be “the first blockchain to integrate a parallelized EVM,” Sei Network combines Solana's speed with Ethereum's robustness, featuring Optimistic Parallelization for concurrent transaction processing. This approach significantly increases throughput and streamlines chain efficiency. SeiDB, an advanced storage structure, minimizes latency and disk usage.
With 390 ms block times and a capacity of 28,300 transactions per second, Sei Network offers a developer-friendly environment, ensuring backward compatibility for Ethereum smart contracts.
Neutron leverages the Cosmos SDK and CosmWasm for secure and enhanced blockchain application development. It stands out for its ability to integrate smart contracts into Cosmos-family blockchains, transforming them into appchains.
This facilitates cross-chain scalability and interchain transactions, with features like interchain accounts and customizable Interchain Queries (ICQs). Neutron's security is bolstered by using the Cosmos Hub's validator set, eliminating the need for a separate set.
1.3. Monad: High-Speed Transaction Processing
Monad's ambition is to achieve a staggering 10,000 transactions per second (TPS) with a block time of just one second. This feat is made possible by MonadBFT, its unique consensus mechanism, coupled with parallel execution and superscalar pipelining.
MonadDB, a specialized database, supports asynchronous I/O and parallel transaction execution, setting Monad apart in the EVM landscape. Its architecture, which separates transaction execution from consensus, allows for the full utilization of a block's gas limit for execution, thereby enhancing the transaction capacity per block and overall network scalability.
For more information on its way to Parallelized EVM, you can listen to this podcast.
1.4. Shardeum: Smart Sharding for Efficiency
Shardeum's approach to scalability is through intelligent sharding, directing transactions to specific validators. This method significantly improves efficiency compared to traditional EVM blockchains. In 2023, Shardeum's Betanet 'Sphinx' handled over 1.5 million transactions and 45,000 smart contracts, showcasing its scalability potential.
The network's ability to support a peak of over 35,000 validators and 5 million transactions highlights its robustness. Shardeum's parallel processing of identical logic contracts is particularly beneficial for applications like Automated Market Makers (AMMs), enhancing throughput and performance.
Velas boasts an impressive capability of handling over 75,000 TPS while maintaining minimal transaction costs. Its AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism not only bolsters scalability and security but also ensures optimal interoperability.
Velas provides a conducive environment for developers to migrate applications from Ethereum and other EVM-compatible chains, leveraging its high throughput and low cost. Its focus on environmental sustainability, through an efficient consensus system and carbon neutrality, further elevates its position in the blockchain space.
2. L2 Scaling Solutions
The emergence of Parallelized Ethereum Virtual Machines (EVMs) has opened new avenues for performance optimization. Here, we spotlight four trailblazing projects that are redefining the boundaries of blockchain scalability.
2.1. Neon: Merging Ethereum and Solana's Strengths
Neon EVM, ingeniously built on the Solana blockchain, exemplifies the fusion of Ethereum's robust ecosystem with Solana's high scalability. It introduces parallel transaction execution, a leap from the sequential processing norm. This innovation allows for simultaneous operations, drastically boosting network throughput.
For Ethereum dApps, this means they can now operate with Solana's enhanced speed and reduced costs, without extensive reconfiguration. Neon EVM's parallelized approach is a game-changer in EVM performance optimization, offering a seamless transition for developers seeking efficiency and scalability.
Scroll emerges as a trailblazer in blockchain tech, particularly as an Ethereum layer 2 solution. Its secret weapon? Cutting-edge zero-knowledge proofs (zk-proofs). Scroll's zkEVM is a marvel, offering bytecode-level compatibility with Ethereum. This means existing Ethereum apps can effortlessly migrate to Scroll's Layer 2 network.
The impact? A significant boost in transaction processing efficiency, all while upholding Ethereum's security integrity. Scroll's testnet phase was a spectacle, with over 6 million transactions, 900 thousand wallet creations, and a plethora of projects ranging from DeFi to gaming. Scroll's future includes further exploration into Parallel EVM, showcasing its commitment to innovation.
3. Alternative Approaches from Giants
Exploring the forefront of blockchain innovation, we delve into the transformative world of Parallelized Ethereum Virtual Machines, where projects like BNB Chain and Polygon are reshaping the landscape of blockchain scalability and efficiency.
3.1. BNB Chain
BNB Chain's leap into the future of blockchain technology is marked by its Parallel EVM 2.0 plan. This groundbreaking development aims to revolutionize blockchain performance by enabling concurrent transaction execution, a stark contrast to Ethereum's sequential processing.
The BNB Chain's journey begins with Phase 1.0, laying the groundwork for an innovative architecture and workflow. Phase 2.0 takes this further, focusing on enhancing performance. The roadmap doesn't end here; future phases promise even more advancements. This evolution is pivotal for the BNB Chain, targeting a significant boost in efficiency, stability, and scalability.
Polygon's study representing the exploration into Parallel EVM is a game-changer for its PoS chain. The goal? To double transaction speeds. The key player here is a parallelizing engine, adept at handling multiple transactions at once. Traditional blockchains struggle with this due to transaction dependencies.
Polygon's approach? A minimal metadata strategy. This records transaction dependencies as metadata, bypassing the need for revalidation across all nodes. The result? A 1.6x surge in gas throughput, with room for more acceleration. This upgrade is vital for Polygon's PoS chain, known for its high transaction volume and bustling ecosystem of dApps.
The Future is Parallel: What Lies Ahead for Parallelized EVMs
The advent of Parallelized Ethereum Virtual Machine (EVM) technology marks a pivotal moment, not just for Ethereum, but for the entire blockchain landscape. This innovation promises to transcend current limitations, offering scalability and efficiency to a variety of blockchain platforms. It's a leap towards a future where blockchain applications can flourish unhindered by technical constraints.
Embracing Parallelized EVMs brings a blend of challenges and opportunities. While promising enhanced performance for the Ethereum network, it necessitates balancing security and decentralization. This evolution in blockchain technology heralds a future of heightened efficiency and scalability, reshaping how networks operate and expand.
Conclusion: Buckle Up for the Ethereum Fast Lane
Embracing the era of the Parallelized Ethereum Virtual Machine marks a pivotal shift. This innovation promises to turbocharge the Ethereum ecosystem, offering unprecedented speed and scalability. It's a game-changer, not just for Ethereum, but for the broader blockchain landscape.
FAQs About Parallelized Ethereum Virtual Machine
1. What is a Parallelized Ethereum Virtual Machine (EVM)?
Parallelized EVMs represent a transformative approach to transaction execution in blockchain technology. They break away from the traditional sequential processing of transactions, allowing multiple operations to occur simultaneously. This results in increased throughput, reduced congestion, and improved scalability for blockchain applications.
2. How does parallel execution in EVMs enhance blockchain efficiency?
Parallel execution in EVMs, like Neon EVM built on Solana, leverages technologies such as Solana's Sealevel to execute transactions across multiple nodes concurrently. This significantly speeds up transaction processing, lowers costs, and enhances the overall user experience by reducing network congestion and energy consumption.
3. What are the challenges in implementing parallelized EVMs?
One of the main challenges in implementing parallelized EVMs is ensuring that smart contracts are designed with parallelization in mind. This involves understanding how to utilize data structures in a way that enables parallel transaction processing, which is crucial for maximizing the benefits of this technology.
4. Can parallelized EVMs maintain compatibility with existing Ethereum dApps?
Yes, parallelized EVMs like Neon EVM are designed to maintain compatibility with the existing Ethereum environment. This allows developers to scale Ethereum dApps using parallel execution architectures without significant modifications, leveraging platforms like Solana for settlement layers.
5. What impact do parallelized EVMs have on the future of blockchain technology?
Parallelized EVMs are poised to revolutionize the blockchain landscape by addressing key issues of scalability and efficiency. They open up new possibilities for complex applications and high-volume transaction environments, setting the stage for more advanced and diverse blockchain ecosystems.
This article has been refined and enhanced by ChatGPT.