A Network-Enhanced Virtual Machine (NEVM) combines the best attributes of the Bitcoin (BTC) and Ethereum (ETH) networks.
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What Is Network-Enhanced Virtual Machine (NEVM)?
Developed by Syscoin (SYS) in conjunction with Blockchain Foundry, the NEVM (Network-Enhanced Virtual Machine) is an evolutionary computation protocol that fuses the programmability of Ethereum and EVM, or the Ethereum Virtual Machine, compatible smart contracts with the security offered by the Bitcoin network.
The NEVM effectively brings smart contract functionality onto the Bitcoin network. This is accomplished by offering smart contracts with interoperability and scalability that can support global adoption while maintaining low gas costs and facilitating decentralized settlements secured by bitcoin’s Proof-of-Work (PoW) security model.
This computational protocol combines the best of the Bitcoin network, their merge-mining hash rates, security model, UTXO efficiency, and compatibility, along with Ethereum’s broad range of smart contracts, all into a unified decentralized financial computation platform. With NEVM, users and developers can reap the dual benefits of each. First of all, the NEVM protocol eliminates the Bitcoin network’s long-standing “selfish mining” vulnerability. At the same time, it also introduces zero-knowledge proofs to ensure high levels of trustless interoperability and scalability, all on Turing-complete smart contracts.
The Advantages of NEVM
As a computational protocol, the NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) while ensuring that the accompanying gas costs remain as minimal as possible. With more upgrades due in the coming months, NEVM is projected to achieve four million TPS, the fastest throughput offered by any existing layer-1 or layer-2 solution.
With Syscoin’s product suite, NEVM solves a diverse range of problems that blockchain projects face in existing smart contract platforms. The protocol introduces many new features, including regulatory compliance for digital assets, hyper-secure transactions that can scale to support millions of users concurrently, and fully compliant toolkits for Web3, DeFi, Metaverse, and NFT projects – all without compromising core features like decentralization and security.
Other benefits include:
The ability to scale to an arbitrary number of transactions while eliminating the need for re-executing proofs of one-time executions
High levels of fault tolerance alongside interactive data
Trustless interoperability across individual chains
Jagdeep Sidhu, also known as Jag, is the chief core developer and co-founder of Syscoin, a complete Layer-1 and Layer-2 blockchain solution. Apart from leading the Syscoin project, Jag is also the CTO of Blockchain Foundry Inc., a publicly-traded company devoted to expanding the enterprise adoption of blockchain technology. In addition to his two decades of software development experience, his specialties include blockchain technology, Machine Learning (ML), and Artificial Intelligence (AI). He possesses degrees from the British Columbia Institute of Technology where he majored in AI and Digital Image Processing alongside a minor in Client & Server Computing.
Connect with Jag on Linkedin.