The Ethereum Foundation developed its EVM as a state machine, a unified decentralized computer capable of keeping track of changes on the network by way of changes in state enacted by transactions. The EVM is Turing Complete, meaning that it is a complete computer in its own right, even though it is decentralized.
A core, fundamental pillar of the Ethereum blockchain, the EVM is an important component in the network's success, which is now comfortably installed as the second-ranked cryptocurrency on the market.
The EVM is the framework that facilitates transactions on the Ethereum network. It is the computation engine that powers smart contract technology and, as such, powers DeFi, as well as all other on-chain activities. It is a core piece of infrastructure that allows the blockchain to function correctly.
Further to this, the EVM is key to the integration of Ethereum with other blockchains. Blockchains that are "EVM compatible" can deploy and execute smart contracts on their chain with no need to change the code. Such blockchains are infinitely more user-friendly and attractive to developers in general, many of whom are used to deploying smart contracts on the Ethereum blockchain.
Why the Bitfinity EVM Implementation Will Benefit the Internet Computer
This brings us back to the IC and the Bitfinity Network EVM. By creating and implementing the Bitfinity EVM on the IC network, a whole world of opportunities is opened up. There are many, many EVM-compatible chains in the cryptocurrency ecosystem, and the number is growing all the time. By implementing the Bitfinity EVM, the IC opens its doors to more users that are already familiar with the workflow of these chains.
In addition, implementing the Bitfinity EVM will showcase the impressive aspects of the IC that are already in existence, for example, the speed and scalability of the network.
Developers that test out the use of the IC blockchain after the Bitfinity EVM has been brought online will also have their eyes opened to features that are unique to the IC, such as decentralized storage, canisters, chain key cryptography, and the reverse gas model. The reverse gas model, in particular, should be impressive to new developers on the network, given that it solves the problem of out-of-control gas prices experienced by many on the Ethereum chain.
What's Gained from Having the Bitfinity EVM?
The IC is already in a great place and boasts some fantastic features and innovations, a loyal user base, and some pretty impressive deliverables to date. The IC is doing well without the Bitfinity EVM.
The deployment of the Bitfinity EVM, however, will improve the network and will make the IC more cross-chain compatible by opening up links with all the EVM-compatible blockchains that are out there. The number of developers and users on the blockchain should increase dramatically too.
It makes sense to implement the Bitfinity EVM on the IC blockchain because there is so much to be gained by doing so. Increasing adoption of the IC technology is key to the blockchain's growth, and the Bitfinity EVM is a powerful tool for doing just that.