Network-Enhanced Virtual Machine (NEVM)

What Is Network-Enhanced Virtual Machine (NEVM)?

Network-Enhanced Virtual Machine (NEVM) is a computation protocol created by Syscoin (SYS) in collaboration with Blockchain Foundry. It combines the programmability of Ethereum’s Ethereum Virtual Machine (EVM) with the compatibility of smart contracts and the security provided by the Bitcoin network.

The NEVM brings smart contract functionality to the Bitcoin network by offering interoperability, scalability, low gas costs, and decentralized settlements secured by Bitcoin’s Proof-of-Work (PoW) security model.

This computational protocol merges the best features of the Bitcoin network, including merge-mining hash rates, security model, UTXO efficiency, and compatibility, with Ethereum’s wide range of smart contracts. It creates a unified decentralized financial computation platform that allows users and developers to benefit from both networks.

The NEVM protocol eliminates the Bitcoin network’s vulnerability to “selfish mining” and introduces zero-knowledge proofs to ensure high levels of trustless interoperability and scalability on Turing-complete smart contracts.

The Advantages of NEVM

The NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) while keeping gas costs minimal. With upcoming upgrades, NEVM is expected to achieve four million TPS, making it the fastest throughput offered by any existing layer-1 or layer-2 solution.

With Syscoin’s product suite, NEVM addresses various challenges faced by blockchain projects on existing smart contract platforms. It introduces new features such as regulatory compliance for digital assets, hyper-secure transactions that can support millions of users concurrently, and fully compliant toolkits for Web3, DeFi, Metaverse, and NFT projects, all while maintaining core features like decentralization and security.

Other benefits of NEVM include:

• The ability to scale to an arbitrary number of transactions without re-executing proofs of one-time executions
• High levels of fault tolerance alongside interactive data
• Trustless interoperability across individual chains

Author Bio

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. He is also the CTO of Blockchain Foundry Inc., a publicly-traded company focused on expanding the enterprise adoption of blockchain technology. With two decades of software development experience, Jag specializes in blockchain technology, Machine Learning (ML), and Artificial Intelligence (AI). He holds degrees from the British Columbia Institute of Technology, majoring in AI and Digital Image Processing with a minor in Client & Server Computing.

Connect with Jag on Linkedin.