Gate.io Cryptopedia: DeFi Exploration with GateChain-EVM

This past fourth quarter of 2020, GateChain-EVM has entered beta testing, and it will soon be available to everyone. A chain built from the ground up with zero compromises in terms of scalability, security, and interoperability; featuring solutions never before seen in other public chains. And users will experience a new era of chain and smart contract interoperability without having to go through tedious migration procedures.

Make sure to pay attention as this article aims to better help you understand and use GateChain!

What is an EVM?

EVM is short for Ethereum Virtual Machine, which is used to run smart contracts and ute transactions on Ethereum. We need to understand the concept of “EVM” before using it!

*Virtual Machine: a simulation of an actual computer, an operating with complete hardware and software support simulated inside a computer, which is an independent operating . It is completely isolated from the actual computer’s operating . E.g: a MacOS computer that can also run Windows or Linux, without interfering with each other’s operations.

The Function of an EVM

Ethereum is a programmable blockchain, unlike Bitcoin which only gives users a defined set of operations, it allows users to create the operations they want. Everyone is able to develop decentralized applications and deploy directly on the Ethereum platform. Nodes in Ethereum run an Ethernet client on their respective computers, which contains the EVM.

The Ethereum Virtual Machine is a separate sandbox where the contract code is handled. A sandbox is a security mechanism that provides an isolated environment for running programs. Ethereum has been described as the “world computer” because at its core, the Ethereum Virtual Machine (EVM) can ute arbitrary algorithms and create applications that run on the EVM using programming languages such as Java and Python; while running without affecting the operations of the main blockchain, the EVM can be isolated from the rest of the main network.

Applications on Ethereum are called smart contracts (a computer program that formulates, disseminates, validates and utes conditions in digital form), and since Ethereum is a Turing-complete , users can use code on it to write smart contracts that ute any transaction.

Usually users will use the Solidity language to write a smart contract and then need to publish the contract’s bytecode to the Ethereum blockchain, while using a specific address to represent this contract (i.e. contract account). Once the contract is deployed on the blockchain, sending messages (i.e. transactions) to the contract account can trigger the automatic ution of the smart contract in the EVM.

In fact, the existence of the Ethereum virtual machine does not make computational processing more efficient. The real purpose is to maintain the consensus of the entire Ethereum blockchain, while keeping an extremely high fault tolerance to ensure zero downtime when performing tasks.

However, due to the increasing number of smart contracts deployed on Ethereum in recent years, the frequent rise in fees and network blockage have made the migration of smart contracts to public chains compatible with Ethereum’s virtual machine the preferred choice of most devs.

GateChain-EVM Will Be Launched Soon

In order to enable users and developers to seamlessly migrate ETH products to GateChain without any costs, we have upgraded the current GateChain account based on the Gatemint consensus and added a new EVM-Account type. An EVM-Account is synced with ETH in terms of usage, format, and security and users don’t even need to create a new account on GateChain.

While providing this convenient service, we also take the users’ high demands in terms of asset safety into consideration and have made security a top priority. EVM-Account allows direct transfers with GateChain’s native vault account, and then supports features such as revocable transactions and periodic liquidation to easily enjoy the highest level of security protection.

GateChain is fully compatible with Ethereum’s eco products such as MetaMask and other browser wallets, Remix and other development tools, which can be easily accessed to help users explore the world of DeFi stress-free. Any smart contract that runs normally on Ethereum can be seamlessly deployed to run on GateChain.

More about GateChain-EVM:
GateChain Testnet Meteora Goes Live
GateChain Development Update: February 2021 (EVM Pressure Test Completed, Mainnet to be Launched)
GateChain Development Update: February 2021 (EVM Pressure Test Completed, Mainnet to be Launched)

Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.

Gate.io Team