Fantom, which is running on the Ethereum Virtual Machine, announced earlier in 2022 that very soon it would be switching over to their new “Fantom Virtual Machine”. This makes Fantom a competitor to Ethereum in the smart contract and decentralized application landscape. Fantom states that the upgrade is intended to increase performance and features which could only be achieved if they created their own VM.
In this article, we are going to discuss some of the limitations of the EVM alongside some of the features that the FVM encompasses.
The Ethereum Virtual Machine is a virtual machine that executes the code of smart contracts. It is a Turing-complete system, meaning it can compute any function that a human programmer could write. The EVM was first implemented in the Ethereum network in July 2015. Even though the EVM is extremely advanced and efficient, it does have its limitations.
One limitation being that the EVM can only process around 18 transactions per second, which may seem like a lot but Fantom has goals of achieving considerably larger numbers.
The second limitation is that the EVM has not seen much evolution and upgradation since its inception. This could be limiting towards the growth and scalability of Fantom down the line when the use of their network increases.
As a result of these two minor drawbacks of the EVM, Fantom started working on the FVM.
Parallel Processing: Having parallel processing allows Fantom to increase their throughput as well as their transaction speeds. This will therefore allow them to increase their scalability and efficiency.
Bytecode- Compressed: This will make storing all data more efficient resulting in less storage needed. On the other hand this will also speed up the network due to less congestion.
Solidity Compatibility: Even though Fantom is running on the FVM, it is still compatible with the Solidity programming language which allows Dapps from Ethereum to be transferred on Fantom.
At the time of this article being released Fantom is the 73rd largest project by market cap, yet the technology it's developing and implementing is competing with the second largest organization in crypto. If the FVM lives up to its name and Fantoms smart contracts see a large increase in uses, Fantom could certainly see itself being one of the top and most innovative projects in the space. Fantom already has faster and cheaper transactions than almost all tokens which is a feat in itself.
Fantom strides itself as being scalable and that's definitely one of the most important factors in the long term success of a project.
We hope that you found this article informative.