Parallelized EVMs: Solving the Blockchain Trilemma with Risks Involved
Data from Fortune Business Insights predicts that the global blockchain technology market size will reach $469.49 billion by 2030. Although the potential behind blockchain technology is huge, a number of setbacks may hamper adoption however.
The Blockchain Trilemma Challenge
The blockchain trilemma continues to be one of the biggest challenges for Web3 developers and users alike. The blockchain trilemma refers to the notion that it may be impossible to achieve everything blockchain promises – which is decentralization, security, and scalability. This is because increasing one of these elements often leads to the weakening of another.
Can Parallelized EVMs Solve Blockchain Trilemma?
While the blockchain trilemma has existed for years, new solutions are being implemented to address these challenges.
- Parallelized Ethereum Virtual Machines (EVMs) are a recent development that seeks to fix scalability issues plaguing the Ethereum network.
- Traditional EVM networks require all transactions to be processed sequentially, limiting transaction throughput and not taking advantage of modern advances in multi-core processing.
- Parallelized EVMs attempt to reduce this problem by running transactions in parallel, which can theoretically significantly increase processing speed and lead to a faster blockchain.
- Platforms like Neon, Sei Network, and Monad are working on parallelized EVM solutions to make networks like Solana and Ethereum interoperable and more performant.
Neon Parallelized EVM to Bring dApps to Solana
Sukanya Parashar, Senior Integration Engineer at Neon, explained that Neon EVM is the first EVM live on Solana mainnet. Neon’s parallelized EVM solution enables concurrent transaction processing without compromising the security and decentralization of the network. This solution aims to solve scalability bottlenecks and allow for higher transaction throughput while maintaining decentralized consensus.
Neon EVM allows Ethereum-based dApps to be deployed on Solana without any code changes, enabling developers and users to leverage scalability and parallel processing from the Solana network. Multiple dApps spanning across decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming have already launched on Neon EVM.
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