With the crypto market buzzing about parallelized EVMs, find out whether this trend is just a passing hype or a pivotal development for blockchain technology’s scalability and performance.
Crypto Market Focuses on Emergence of Parallel Execution EVM Projects
One of the hottest parts of the crypto market has been projects featuring parallel execution within their Virtual Machines (VMs), or more specifically, within projects that are compatible with the Ethereum Virtual Machine (EVM). This trend, driven by the promise of enhanced performance and scalability, has led to appreciation in the value of these projects. But what exactly is a parallelized EVM, is it all hype or will it be a cornerstone for the future of blockchain technology?
Parallelized EVMs
No one knows what it means but it sounds provocative https://t.co/ZKCwx8h4Z1 pic.twitter.com/O1re9fq3KT
— Hsaka (@HsakaTrades) December 19, 2023
Understanding Parallel Execution in Computing
Parallel execution, a concept with a long history in high-performance computing, involves running multiple operations or tasks simultaneously across various processors or cores. This method contrasts with the traditional sequential handling of tasks, offering potentially substantial gains in efficiency and throughput. Parallel processing has come to prominence ever since almost all of the CPU processing power improvements have come from increasing the number of cores as opposed to the power of each core. Software that doesn’t take advantage of parallelism loses out on almost all the modern gains in computing.
The Role of Parallel Execution in Blockchain Virtual Machines
Parallel execution in blockchain VMs addresses several key challenges that have constrained their performance and scalability. It can improve scalability by enabling transactions to be processed simultaneously, thereby reducing network congestion and transaction latency. This enhancement also can help in mitigating the high transaction fees (gas fees) typically associated with peak usage times, especially if techniques like local fee markets are implemented. For example, a particularly popular NFT mint might cause gas fees for the entire blockchain to spike as people vie to get their mint transaction included in the next block. However, activity across the rest of the network might be normal. Local fee markets limit the elevated gas fees to those parts with elevated activity.
Additionally, parallel execution allows for the development of more complex and efficient decentralized applications (dApps) by providing greater processing power and faster transaction times. Overall, this technological advancement optimizes computational resources, leading to a more efficient and responsive network, well-equipped to handle a growing user base and increasingly sophisticated applications.
Different Approaches to Parallel Execution
Borrowing terminology from Jon Charbonneau, there are two main methods of implementing parallel execution in blockchain VMs:
- Deterministic Parallel Execution: This method usually entails using predefined access lists to determine which transactions can be processed in parallel, avoiding conflicts and maintaining consistent outcomes. A transaction must declare what parts of the network it will modify. This method adds a level of complexity when creating transactions, which is largely borne by application makers such as wallet clients and DApps.
- Speculative Parallel Execution: This approach speculatively schedules transactions for parallel execution, increasing throughput but also introducing the risk of conflicts that need to be managed. A scheduler will, for example, assume that a transaction will only modify a certain area of the network and schedule it accordingly. This method, while less complete as deterministic execution, is more readily adoptable by currently operating virtual machines such as the Ethereum Virtual Machine (EVM).
The Future of Blockchain Technology
Parallel processing is quickly becoming a standard expectation for new blockchain projects. The growing popularity of parallel processing projects highlights their role in addressing real problems in blockchain scalability and efficiency. As blockchains continue to evolve and integrate into mainstream applications, the ability to process transactions efficiently at scale will be imperative.
These trending parallelized EVM projects aim to solve some of the weaknesses in Ethereum’s network. As such, parallelized EVMs are not just a fleeting trend in the crypto world. They represent a critical step forward in blockchain technology, addressing fundamental challenges in scalability and efficiency. This technological advancement is essential for the future of Ethereum and other blockchains, ensuring they can meet the needs of an expanding and increasingly demanding user base.
Aside from parallel execution, what are the main techniques being used to address blockchain scalability? Share your thoughts and opinions about this subject in the comments section below.
