Best EVM-Compatible Blockchains

Guide to EVM-Compatible Blockchains

EVM-compatible blockchains are a type of blockchain network that is specifically designed to be compatible with the Ethereum Virtual Machine (EVM). This means that they are able to support decentralized applications (DApps) and smart contracts written in Solidity, the programming language used for creating applications on the Ethereum blockchain. EVM-compatible blockchains offer an alternative to the main Ethereum network, allowing developers and users to leverage the benefits of blockchain technology without being subject to its limitations.

One of the key features of EVM-compatible blockchains is their ability to support smart contracts. Smart contracts are self-executing agreements that automatically execute when certain conditions are met. They can be used for a wide range of purposes such as crowdfunding, supply chain management, and digital identity verification. EVM-compatible blockchains provide developers with a secure and reliable platform to deploy their smart contracts, as well as access to a large community of experienced developers who can help troubleshoot any issues.

Another important aspect of EVM-compatible blockchains is their compatibility with existing Ethereum tools and infrastructure. This means that DApps and smart contracts developed on one EVM-compatible blockchain can easily be integrated into other networks without requiring significant changes or modifications. This interoperability allows for greater collaboration between different networks, leading to increased innovation in the space.

Since EVM-compatible blockchains share many similarities with the main Ethereum network, they also benefit from its robust security protocols. The underlying consensus mechanism for these networks is proof-of-work (PoW), which has proven to be resistant against attacks and fraud attempts. Additionally, these blockchains inherit all the security features provided by Ethereum's virtual machine architecture, making them a trusted platform for storing sensitive data and conducting transactions.

One potential limitation of EVM-compatible blockchains is their scalability. As we have seen with high-profile projects built on the Ethereum network such as CryptoKitties, heavy usage can cause congestion on the blockchain resulting in slow transaction times and high fees. To mitigate this issue, some EVM-compatible blockchains have implemented different consensus mechanisms such as proof-of-stake (PoS) or delegated proof-of-stake (DPoS), which aim to improve the network's scalability while maintaining a high level of security.

In addition to providing a platform for DApps and smart contracts, EVM-compatible blockchains also serve as an alternative investment opportunity for users interested in the cryptocurrency space. These networks often have their own native tokens that can be used for staking, participating in governance decisions, and earning rewards. This allows users to diversify their portfolio and potentially benefit from the growth of emerging blockchain projects.

It's worth noting that there are many EVM-compatible blockchains currently in existence, each with its own unique features and use cases. Some examples include Binance Smart Chain, Polygon (formerly Matic Network), and Harmony. While they all share compatibility with the EVM, each network has its own specific focus and target audience. This diversity provides developers with greater flexibility when choosing a platform on which to build their applications.

EVM-compatible blockchains offer an alternative to the main Ethereum network by providing a secure and reliable platform for deploying DApps and smart contracts. They benefit from existing Ethereum tools and infrastructure, offer interoperability between different networks, and provide potential investment opportunities for users interested in the crypto space. While they may face challenges such as scalability, these networks continue to evolve and innovate to meet the growing demands of the decentralized ecosystem.

EVM-Compatible Blockchains Features

EVM (Ethereum Virtual Machine) compatible blockchains refer to blockchain networks that are able to support and run smart contracts written in the Solidity programming language, which is the primary language used on the Ethereum platform. These blockchains have certain features that make them stand out from other blockchain networks, providing them with flexibility, scalability and interoperability.

Here are some of the main features provided by EVM-compatible blockchains:

• Smart Contract Execution: The EVM allows for the execution of smart contracts, which are self-executing digital agreements that can be programmed with conditions and automatically execute when those conditions are met. This feature enables a wide range of use cases such as decentralized finance (DeFi), supply chain management, gaming, and more.
• Turing Completeness: The EVM supports a concept known as "Turing completeness" which means that its code can perform any computation that a Turing machine can. This makes it possible to create complex and sophisticated smart contracts with intricate logic and calculations.
• Gas Model: EVM-compatible blockchains operate on a "gas" model where each operation or instruction in the code requires a certain amount of gas to be executed. This prevents malicious actors from congesting the network with infinite loops or other resource-intensive operations.
• Interoperability: As EVM is a widely used virtual machine, it allows for interoperability between different blockchain networks. Smart contracts written for one EVM-compatible blockchain can be deployed on another without major modifications. This promotes cross-chain compatibility and increases adoption by lowering development costs.
• Flexibility: Due to its open source nature, the EVM is constantly evolving with new updates and improvements being made regularly. This provides developers with flexibility in building their applications as they have access to cutting-edge tools and resources.
• Decentralized Applications: With the ability to execute smart contracts, developers can build DApps on top of EVM-compatible blockchains. These DApps can offer a wide range of functionalities, such as decentralized exchanges, prediction markets, and more.
• Compatibility with Ethereum Ecosystem: As EVM is the virtual machine used on the Ethereum blockchain, all tools, libraries, and frameworks developed for Ethereum can also be used on EVM-compatible blockchains. This provides developers with access to a rich ecosystem and community support.
• Security: EVM-compatible blockchains inherit the security features of the Ethereum network, including its robust hashing algorithm and use of public-key cryptography. Additionally, as smart contracts are immutable once deployed on the blockchain, they are resistant to censorship or tampering.
• Scalability: With advancements in layer 2 solutions such as side chains and state channels, EVM-compatible blockchains have become more scalable while maintaining compatibility with Ethereum's ecosystem. This allows for increased transactions per second (TPS), making these networks suitable for high-volume applications.

EVM-compatible blockchains offer a wide range of features that make them highly versatile and attractive for developers looking to build decentralized applications. With their ability to execute smart contracts and interoperability with other networks, they provide a solid foundation for building innovative solutions in various industries.

What Are the Different Types of EVM-Compatible Blockchains?

• Public blockchain: This type of blockchain is open to anyone to participate and view the transactions. It is decentralized, meaning there is no central authority controlling or governing it. Examples include Bitcoin and Ethereum.
• Private blockchain: In contrast to a public blockchain, a private blockchain restricts access to only authorized parties. It can be used by organizations for internal purposes such as supply chain management. Participants in a private blockchain typically require permission to join and have specific roles and permissions assigned to them.
• Consortium blockchain: A consortium blockchain is similar to a private one, but instead of being controlled by a single organization, it is managed by multiple organizations that have formed a consortium. These organizations work together to validate transactions on the network and maintain the integrity of the data stored on the blockchain.
• Permissioned vs permissionless: These are terms used to describe whether participants in a blockchain require permission from an authority or not. In a permissioned blockchain, participants require approval before joining, whereas in a permissionless one, anyone can join without any approval.
• Hybrid blockchains: A hybrid blockchain combines elements of both public and private blockchains. It allows for both open participation and restricted access depending on the use case. This type of blockchain offers greater flexibility as it can support various applications with varying levels of privacy and decentralization requirements.
• Sidechain: A sidechain is an independent chain that runs parallelly to the main chain. It enables users to transfer assets between different blockchains while maintaining compatibility with the parent chain's rules. Sidechains can help improve scalability and interoperability within an ecosystem.
• Federated/consortium chains: Federated blockchains are controlled by pre-selected entities that act as validators on behalf of respective organizations or individuals. Similar to consortium chains, federated chains enable multiple parties or organizations with established trust relationships to collaborate seamlessly.
• Sharding/blockchain scaling solutions: Sharding refers to breaking down large databases into smaller, more manageable parts. In the context of blockchain, sharding allows for parallel processing of transactions, increasing the network's throughput and scalability. Other scaling solutions include off-chain channels and state channels that enable faster and cheaper transactions by reducing the load on the main chain.
• Interoperable blockchains: Interoperability is a key challenge in the blockchain space as different chains often have their protocols and standards. To address this issue, interoperable blockchains are designed to communicate with each other seamlessly. This allows for data and asset transfer between different blockchains without the need for intermediaries or centralized exchanges.
• Enterprise/blockchain-as-a-service (BaaS): Enterprise or BaaS refers to blockchain platforms or services offered by large tech companies or cloud service providers. These platforms can help enterprises build their own blockchain applications without having to manage the underlying technical infrastructure.

There is a wide variety of EVM-compatible blockchains available today, each catering to specific use cases and varying levels of decentralization and privacy requirements. As the technology continues to evolve, we can expect to see even more diverse types of EVM-compatible blockchains in the future.

Benefits of EVM-Compatible Blockchains

• Interoperability: EVM (Ethereum Virtual Machine) compatibility allows for easy interoperability between different blockchains. This means that developers can easily port their DApps and smart contracts from one EVM-compatible blockchain to another, without having to rewrite or modify their code.
• Large Developer Community: Ethereum has the largest developer community in the blockchain space, due to its early adoption and popularity. By being EVM-compatible, other blockchains can tap into this community and benefit from the knowledge, expertise, and support of experienced developers.
• Familiar Programming Language: EVM-compatible blockchains use Solidity as their programming language, which is widely used by Ethereum developers. This provides a familiar framework for developers looking to build DApps on other blockchains, reducing the learning curve required when using a new programming language.
• DApps: Being EVM-compatible allows for seamless integration with existing DApps built on Ethereum. This opens up a wide range of possibilities for new DApps being developed on these blockchains by leveraging the already established ecosystem of DApps on Ethereum.
• Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts are an integral part of any blockchain-based system, and by being EVM-compatible, these smart contracts can be easily migrated and deployed onto other EVM-compatible blockchains.
• Accessibility: The compatibility with existing tools and frameworks used in developing DApps on Ethereum makes it easier for developers to create applications on other EVM-compatible blockchains without investing in new tools or technologies. This reduces barriers to entry for new developers and encourages innovation within the ecosystem.
• Security: The widespread use of Solidity also leads to increased security as it has been tested extensively by developers in various real-world situations. As a result, there are fewer bugs or vulnerabilities present within the language, making it a more secure option for building DApps.
• Network Effects: By being EVM-compatible, these blockchains can take advantage of the network effects that Ethereum has already established. This means that new projects launching on these blockchains have a higher chance of gaining users and adoption due to their compatibility with existing popular DApps and protocols.
• Scalability: EVM-compatible blockchains can also benefit from ongoing developments in Ethereum's scaling solutions such as sharding and layer 2 solutions like Plasma. As these solutions are implemented on Ethereum, they could potentially be adopted by other EVM-compatible blockchains, providing scalability benefits to them as well.
• Cross-chain Communication: With interoperability between different EVM-compatible blockchains, cross-chain communication becomes easier. This enables developers to build applications that utilize multiple blockchains and transfer assets seamlessly between them, creating a more interconnected ecosystem.

What Types of Users Use EVM-Compatible Blockchains?

• Developers: These are individuals or teams who build applications and smart contracts on EVM-compatible blockchains. They possess advanced programming skills and use languages such as Solidity to create DApps. Developers are constantly pushing the boundaries of what can be built on these platforms, allowing for innovation and growth within the ecosystem.
• Investors: Cryptocurrency investors often use EVM-compatible blockchains because they offer a wide variety of investment opportunities. By participating in Initial Coin Offerings (ICOs) or purchasing tokens on decentralized exchanges, investors can support promising projects and potentially earn profits from their investments.
• Decentralized Application Users: Also known as dApp users, these individuals utilize the DApps built on EVM-compatible blockchains for various purposes. This can include using decentralized finance (DeFi) applications for lending, borrowing, or trading cryptocurrencies, playing games, or engaging in other activities that leverage blockchain technology.
• Traders: Traders buy and sell cryptocurrency tokens on exchange platforms that operate on EVM-compatible blockchains. These traders take advantage of price fluctuations to make profits. The high liquidity of these platforms makes it an attractive option for traders.
• Node Operators: Nodes are essential for maintaining the decentralized nature of EVM-compatible blockchains. Node operators are responsible for validating transactions and adding them to the blockchain by running specialized software. In return, they earn rewards in the form of native tokens or transaction fees.
• Researchers: As with any new technology, there is a constant need for research to understand its potential impact fully. Researchers analyze data gathered from various sources within the blockchain ecosystem to identify trends and patterns that could help improve the efficiency and scalability of these networks.
• Blockchain Enthusiasts: Many individuals have a keen interest in blockchain technology but do not necessarily have a specific role within the ecosystem. They follow developments closely and engage with the community through online forums or social media platforms to share knowledge and ideas.
• Merchants: EVM-compatible blockchains offer a secure and cost-effective way for merchants to accept payments in cryptocurrencies. By using smart contracts, these transactions can be automated, reducing the risk of fraud and providing faster settlement times.
• Miners: Miners are individuals or groups who solve complex mathematical problems to validate transactions on EVM-compatible blockchains. They use specialized hardware and compete with each other to be the first to solve the problem and earn rewards in the form of native tokens.
• Governance Participants: Some EVM-compatible blockchains have a decentralized governance system where token holders can vote on proposals that impact the network's development. These participants actively engage in discussions and decision-making processes that shape the future of the blockchain ecosystem.
• Enterprise Users: Many businesses are exploring the potential use cases for blockchain technology, and some have chosen to build solutions on EVM-compatible blockchains. These enterprise users leverage the benefits of decentralization, such as increased transparency and security, to improve their operations.
• Regulators: As cryptocurrencies gain more mainstream adoption, regulators play an essential role in ensuring they operate within legal frameworks. Regulators monitor activities on EVM-compatible blockchains to prevent illicit activities such as money laundering and terrorism financing.

EVM-compatible blockchains attract a diverse group of users, each with their own unique roles within the ecosystem. This diverse user base is crucial for driving innovation and growth in this rapidly evolving industry.

How Much Do EVM-Compatible Blockchains Cost?

The cost of an EVM-compatible blockchain can vary greatly depending on a number of factors such as the desired functionality, network size, and security measures. Generally speaking, the cost can range from a few hundred dollars to millions of dollars.

One significant factor in determining the cost is the development process. Creating an EVM-compatible blockchain requires specialized knowledge and skills in areas such as programming languages like Solidity and design principles specific to decentralized systems. This expertise often comes at a premium, with experienced developers commanding high salaries or consulting fees.

In addition to development costs, there are also ongoing expenses for maintaining and updating the blockchain. This includes server costs for hosting nodes, software updates, and bug fixes. As the network grows in size and complexity, these costs can increase significantly.

Another crucial element in the cost of an EVM-compatible blockchain is its ability to handle transactions. The higher the transaction speed and capacity of a blockchain, the more expensive it will be to build and maintain. This is because faster networks require more computing power and resources to keep up with demand.

Security is also a significant consideration when it comes to cost. The more secure a blockchain is designed to be against potential attacks or vulnerabilities, the more expensive it will be to create. Security measures such as encryption protocols, smart contract audits, and continuous monitoring all add up in terms of time and resources required by developers.

Furthermore, regulatory compliance can also drive up costs for EVM-compatible blockchains. Depending on where they operate globally, they may need to adhere to specific regulations concerning data privacy protection or financial reporting requirements. Compliance with these regulations often means additional expenses for companies developing these blockchains.

Marketing and adoption efforts should not be overlooked when considering the overall cost of an EVM-compatible blockchain. Building a successful platform requires reaching out to potential users or partners through targeted marketing campaigns or partnerships with other companies and projects. These activities all come at their respective price tags and can significantly impact the overall cost of maintaining a thriving blockchain ecosystem.

EVM-compatible blockchains have varying costs depending on many factors, including development expertise, ongoing maintenance, transaction speed and capacity, security measures, regulatory compliance, and marketing efforts. It is essential to carefully consider these factors when budgeting for an EVM-compatible blockchain project to ensure its success in the long run.

What Software Can Integrate With EVM-Compatible Blockchains?

Software that utilizes blockchain technology can potentially integrate with EVM (Ethereum Virtual Machine)-compatible blockchains. This includes:

1. DApps: DApps are applications that run on the blockchain and can be accessed by anyone with an internet connection. These applications can be built to work with EVM-compatible blockchains, allowing for secure and decentralized execution of smart contracts.
2. Smart Contract Platforms: Platforms such as Ethereum, EOS, and Tron use EVM-compatible blockchains to enable the creation and deployment of smart contracts. These platforms provide developers with the tools to create and integrate their own software solutions on top of the blockchain.
3. Wallets: Cryptocurrency wallets serve as a secure way to store, send, and receive digital assets on the blockchain. Many wallets are compatible with EVM-based tokens, allowing users to manage their digital assets seamlessly.
4. Oracles: Oracles act as intermediaries between off-chain data sources and on-chain smart contracts, facilitating access to real-world data for decentralized applications. Some oracles are specifically designed for EVM-compatible blockchains, making it easier for DApps to access external data.
5. Crypto Exchanges: Exchanges facilitate trading between different cryptocurrencies and tokens, often using EVM-compatible blockchains for their transactions.
6. Identity Management Solutions: With self-sovereign identity management becoming increasingly important in the digital world, integrating with EVM-compatible blockchains allows for the secure storage of personal information on a decentralized network.
7. Supply Chain Management Software: Integrating supply chain management software with EVM-compatible blockchains can improve transparency and traceability in supply chains by recording immutable transaction records on the blockchain.
8. Gaming Platforms: Blockchain gaming is gaining popularity due to its ability to offer transparent gameplay and true ownership of in-game assets through integration with EVM-compatible blockchains.
9. Social Media Platforms: Social media platforms built on top of EVM-compatible blockchains can provide users with more control over their data and allow for fair distribution of content rewards.
10. IoT (Internet of Things) Devices and Services: Integrating EVM-compatible blockchains with IoT devices and services can enable secure communication between devices, automated transactions, and efficient data sharing in a decentralized manner.

Recent Trends Related to EVM-Compatible Blockchains

• EVM-compatible blockchains have gained significant traction in the cryptocurrency space due to their ability to support smart contracts and DApps.
• With the increasing popularity of Ethereum, which uses the Ethereum Virtual Machine (EVM), other blockchains have begun implementing compatibility with the EVM to tap into its thriving developer community.
• This trend has resulted in a growing number of blockchains offering interoperability with the EVM, providing developers with more options and flexibility when building DApps.
• As more projects adopt EVM compatibility, it is becoming the industry standard for smart contract functionality, making it easier for developers to write and deploy code on different blockchain platforms.
• These EVM-compatible blockchains include both public and private networks, allowing for a diverse range of use cases and adoption scenarios.
• The implementation of sharding techniques by some EVM-compatible blockchains has also improved scalability, addressing one of the major challenges faced by decentralized systems.
• Another trend related to EVM-compatible blockchains is their focus on providing better user experience through easy-to-use interfaces and developer tools. This has lowered the barrier to entry for new developers looking to build on these platforms.
• The rise in popularity of DeFi (Decentralized Finance) applications has further fueled the demand for EVM-compatible blockchains as they offer a robust platform for creating complex financial products such as lending, borrowing, and trading protocols.
• Some traditional enterprises are also exploring opportunities to leverage EVM-compatible blockchains for supply chain management, data storage, and other business use cases.
• The integration of popular programming languages like Solidity and Vyper with these blockchains has made it easier for developers already familiar with Ethereum to transition their skills onto other platforms, driving further adoption.

How To Select the Right EVM-Compatible Blockchain

EVM-compatible blockchains are a group of decentralized blockchain platforms that support the execution of smart contracts developed in the Ethereum Virtual Machine (EVM) programming language. These blockchains offer developers a wide range of opportunities to build DApps and launch new digital assets, making them an attractive choice for companies and individuals looking to enter the blockchain space.

However, with so many EVM-compatible blockchains available, it can be challenging to choose the right one for your project. Below are some key factors to consider when selecting an EVM-compatible blockchain.

1. Scalability: One of the main challenges facing popular EVM-compatible blockchains like Ethereum is scalability – their ability to handle a large number of transactions without slowing down or becoming congested. As such, it is crucial to select a blockchain that has implemented or has plans to implement solutions for scalability. This could include technologies such as sharding or layer-2 scaling solutions like Plasma or state channels.
2. Network Activity and Adoption:The level of activity and adoption on a blockchain network can greatly impact its value and potential success. Look for projects that have a large community, active development, and significant use cases. You can monitor this by following social media accounts, reading news articles, and checking developer forums.
3. Interoperability: Interoperability refers to the ability of different blockchains to communicate with each other seamlessly. With interoperability, developers can create DApps that can interact with different blockchains easily, expanding their functionalities and audience reach. Consider looking into platforms that have collaborations with other compatible chains or have plans for cross-chain communication capabilities.
4. Governance: Governance mechanisms play a crucial role in how decisions are made within a blockchain network. It is essential to choose one with effective governance procedures in place, ensuring transparency and fairness in decision-making processes.
5. Security: Security should be a top priority when selecting an EVM-compatible blockchain. DApps built on these platforms will store valuable assets and sensitive data, making them attractive targets for hackers. Ensure that the blockchain has robust security measures in place, such as regular security audits and bug bounty tools.
6. Developer Tools and Support: Having a vibrant developer community is crucial for the growth and success of a blockchain network. Look for platforms that offer comprehensive developer resources, including development tools, programming languages support, documentation, and tutorials. This will make it easier to build and launch your DApp successfully.

Selecting the right EVM-compatible blockchain requires careful consideration of scalability, network activity, interoperability, governance, security, and developer support. By keeping these factors in mind and conducting thorough research on potential options, you can find a suitable platform that aligns with your project's goals and requirements.

Utilize the tools given on this page to examine EVM-compatible blockchains in terms of price, features, integrations, user reviews, and more.