Network-Enhanced Virtual Machines: Bolstering Blockchain Performance
What is Network-Enhanced Virtual Machine?
The Network Enhanced Virtual Machine (NEVM) was developed by Syscoin (SYS) together with Blockchain Foundry. NEVM is an evolutionary computing protocol that combines the programmability of Ethereum and EVM, or Ethereum Virtual Machine, compatible smart contracts with the security provided by the Bitcoin network.
NEVM effectively transfers the functionality of smart contracts to the Bitcoin network. This is achieved by offering smart contracts with interoperability and scalability that can support global adoption while maintaining low transaction costs and facilitating decentralized settlement protected by the Bitcoin Proof-of-Work (PoW) security model.
With NEVM, developers and users can enjoy the dual benefits of each platform. The NEVM protocol eliminates a long-standing vulnerability in the Bitcoin network – “selfish mining.” At the same time, it also introduces zero-knowledge proof-of-concept to ensure high levels of trustless interoperability and scalability – all based on smart contracts.
Benefits of NEVM
NEVM as a computing protocol enables smart contracts to scale up to 210,000 transactions per second (TPS) while ensuring minimal associated transaction fees (gas).
NEVM solves a number of problems faced by blockchain projects in existing smart contract platforms, thanks to Syscoin. The protocol provides many new features – such as regulatory compliance for digital assets, hyper-secure transactions that can scale to support millions of users simultaneously, and fully interoperable toolkits for Web3, DeFi, Metaverse and NFT projects. Importantly, all new features are introduced without compromising key features such as decentralization and security.
Other benefits of NEVM include:
- The ability to scale to an arbitrary number of transactions while eliminating the need to re-execute evidence of one-off executions.
- High level of fault tolerance along with interactive data.
- Secure interoperability between individual circuits.