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What Will Be The Future Of EVM in 2023?

By December 20, 20223 minute read

The Ethereum Virtual Machine (EVM) is commonly called “the heart of Ethereum,” – and it sticks to its words. An EVM lets developers build smart contracts and Decentralized Applications (DApps) in the Solidity programming language, just like the heart pumps blood that carries oxygen and nutrition throughout the body. What sets it apart from Bitcoin and other distributed ledgers is that it’s responsible for the majority of DApps developed today.

In this article, let’s learn about what the future of EVM beholds.

A quick introduction to Ethereum Virtual Machine (EVM) & its purpose

The Ethereum Virtual Machine (EVM) is designed to function as the runtime environment for Ethereum’s smart contracts. It is isolated from the rest parts of the system and is sandboxed. This means that no matter how often you call a specific function on EVM, it should not in any way impact your data or programs.

The Ethereum Virtual Machine (EVM) is a Turing complete programmable machine that can run programs and create arbitrary results. It has enormous power and was created with the aim of serving as a “world computer.”

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  • In addition to executing code in smart contracts on the Ethereum network, it is the machine that saves data on the blockchain, similar to Bitcoin.
  • Any type of Crypto-contract that can be created on the Ethereum blockchain can be operated on this machine. It accomplishes this by using the Solidity programming language, which is compiled into the EVM for execution.
  • On the Ethereum network, programs and smart contracts are intended to be written with the goal of automatically carrying out tasks when specific conditions are met. The system can also carry out a term or condition in an “exit” function if it is not met.
  • For instance, if a system has been breached, the hacker cannot take money from it because they lack the resources or authority to do so.

A peep into the future of Ethereum Virtual Machine (EVM)

A lesser well-known fact about EVM is that it is not inherently related to Ethereum. It has already been deployed on several other blockchains. In light of this, here are two predictions for how the EVM space will expand and change over the next 12 months.

#1 EVMs will prioritize interoperability and composability

Vitalik Buterin’s Endgame vision for Ethereum includes a thriving multi-rollup ecosystem as a significant component. This may very well happen, but there will be much more involved than EVM rollups. Additionally, there will be a large number of different but compatible EVM blockchains, some of which, like Evmos, will create unique, expanded EVM functions.

When this growing collection of EVMs is completely composable, they will be diversified and experience maximum value creation. As a result, cross-chain “money legos” could be created by allowing dApps on one chain to interact and use dApps running on other chains.

#2 Ethermint will be the go-to library

The goal of developers is to find methods that make it simple to introduce additional EVM blockchains. That requirement is perfectly met by an open-source EVM library called Ethermint, which is designed for interoperability, a terrific developer experience, and extensibility.

Ethermint combines the EVM and the Cosmos SDK [Software Development Kit]. This implies that the fundamental Cosmos modules can be used by EVM smart contracts on blockchains created with Ethermint.

Bottom line

The future is promising for EVMs. Their number is increasing, and they are also adding more features. Years of infrastructural development will peak in 2023, when EVM apps will be more robust and connected than ever.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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