Network-Enhanced Virtual Machine (NEVM): Smart Contracts and Bitcoin Security

Network-Enhanced Virtual Machine (NEVM) is a computing protocol developed by Syscoin (SYS) together with Blockchain Foundry. This protocol combines the programming advantages of Ethereum and the Ethereum Virtual Machine (EVM) with the security offered by the Bitcoin network.

Benefits of Network-Enhanced Virtual Machine (NEVM) in Blockchain Ecosystem

Network-Enhanced Virtual Machine brings smart contract functionality to the Bitcoin network by providing interoperability and scalability to support global adoption. This is done by keeping gas fees low and facilitating decentralized settlement secured by Bitcoin's Proof-of-Work (PoW) security model.

The Advantages Network-Enhanced Virtual Machine (NEVM)

1. High Scalability: NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) with minimal gas fees.
2. Security Improvements: NEVM eliminates the “selfish mining” vulnerability present in the Bitcoin network and introduces zero-knowledge proofs for greater interoperability and scalability.
3. Regulation and Compliance: NEVM provides regulatory compliance features for digital assets and super-secure transactions that can scale to support millions of concurrent users.
4. Comprehensive Toolkit: NEVM provides a complete and suitable toolkit for Web3, DeFi, Metaverse and NFT projects.

Network-Enhanced Virtual Machine enables transactions of up to 210,000 TPS with minimal gas fees, and is expected to reach four million TPS with upcoming updates. The protocol also introduces regulatory features for digital assets, secure transactions, and a comprehensive toolkit for blockchain projects.

NEVM enables trustless interoperability across individual chains, allowing users and developers to enjoy multiple benefits from each blockchain ecosystem.

In conclusion, Network-Enhanced Virtual Machine (NEVM) is an innovative computing protocol that combines the advantages of Ethereum and Bitcoin to bring smart contract functionality to the Bitcoin network. With the advantages of scalability, security, and interoperability, NEVM promises a bright future for the blockchain ecosystem.

Read More:

What's that Liquidity? Learn the explanation!

What is Flipping?

MANTA Ecosystem's Incredible Potential after Token Launch

What is FUD (2021)?

DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.