What Is a 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 combines the programmability of Ethereum and EVM (Ethereum Virtual Machine) compatible smart contracts with the security provided by the Bitcoin network.
The NEVM brings smart contract functionality to the Bitcoin network, offering interoperability and scalability for global adoption.
It ensures low gas costs and facilitates decentralized settlements secured by Bitcoin’s Proof-of-Work (PoW) security model.
Bridging Bitcoin and Ethereum
This computational protocol integrates the strengths of the Bitcoin network, including merge-mining hash rates, security model, UTXO efficiency, and compatibility, with Ethereum’s wide range of smart contracts, creating a unified decentralized financial computation platform.
Users and developers benefit from both ecosystems.
The NEVM protocol addresses the Bitcoin network’s “selfish mining” vulnerability and introduces zero-knowledge proofs for trustless interoperability, scalability, and Turing-complete smart contracts.
The Advantages of NEVM
As a computational protocol, NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) while minimizing gas costs.
Further upgrades will achieve four million TPS, the fastest throughput among existing layer-1 or layer-2 solutions.
Syscoin’s NEVM solves various challenges blockchain projects face on existing smart contract platforms.
It introduces features like regulatory compliance for digital assets, hyper-secure scalable transactions, and fully compliant toolkits for Web3, DeFi, Metaverse, and NFT projects, all while maintaining core features such as decentralization and security.
Other benefits include:
- Scaling to an arbitrary number of transactions without re-executing proofs of one-time executions
- High fault tolerance and interactive data
- Trustless interoperability across individual chains