What is an EVM based Blockchain?
An EVM (Ethereum Virtual Machine) based blockchain is a type of blockchain platform that is built using the Ethereum blockchain technology. The Ethereum blockchain is an open-source, decentralized blockchain that is designed to support the creation of decentralized applications (dApps) and smart contracts.
The Ethereum Virtual Machine is a runtime environment for executing smart contracts and dApps on the Ethereum blockchain. It is a decentralized virtual machine that runs on every node in the Ethereum network and executes the same code in the same way, ensuring that the results are consistent across the network.
An EVM-based blockchain enables developers to create and deploy smart contracts and dApps using the Solidity programming language. Smart contracts are self-executing contracts that can be programmed to automatically execute when certain conditions are met. They can be used to automate a wide range of functions, from financial transactions to supply chain management to voting systems.
The Ethereum blockchain is also known for its support of ERC-20 tokens, which are a type of token that is built on top of the Ethereum blockchain and can be used to represent any asset or utility. ERC-20 tokens are fungible, meaning that they are interchangeable with one another and can be traded on cryptocurrency exchanges.
Overall, EVM-based blockchains like Ethereum have opened up new possibilities for building decentralized applications and implementing complex smart contracts on top of a secure, decentralized network.