Parallel EVM is a way of making the Ethereum network faster and more efficient by running multiple transactions at the same time.
To explain parallel EVM in a simple way, imagine you got some work to do, (example - cooking something for your party). So, you called your friend split the work, person A will go to market and bring stuff, Person B will Arrange the utensils & other stuff, Person C will cut the veggies and stuff and Person D will cook. So rather depending on one person the work is being split among 4 person and that reduce the time and bring efficiency.
How Parallel EVM Works ?
Parallel EVM is similar to this idea, Cooking, it uses computers and code. The Ethereum network is like your party cooking, where many people are working on different transactions that make up the blockchain. Each transaction has a specific function or purpose, such as sending money or creating tokens. The network assigns each transaction to a worker who can execute it on the Ethereum Virtual Machine (EVM), which is like a computer program that runs on the blockchain. The workers then send their results back to the network, where they are combined into one final block.
However, sometimes there are too many transactions for one person to handle alone. This can slow down the network and make it harder for people to use it. That’s why parallel EVM was created: to allow multiple person to work on different transactions at the same time . This way, the network can process more transactions in less time, and reduce the congestion and fees (in real world hassle & time).
Parallel EVM Challenges
Parallel EVM is not easy to implement or maintain. It requires unique design and testing to make sure that everything works well together. It also has some challenges and trade-offs that need to be considered . For example:
🔹Parallel EVM may increase the risk of conflicts between transactions that depend on each other. Parallel EVM may require more resources from the network nodes that run it.
🔹Parallel EVM may affect some features or applications that rely on sequential execution. Parallel EVM is still an experimental feature that is being developed by some projects in the Ethereum ecosystem .
🔹It may not be available or stable for everyone yet. But if it becomes widely adopted and improved, it could make Ethereum faster and more efficient for everyone.
Top Parallel EVM Projects
🔹 $SEI - SEI Network ( 0.30$)
In the Sei Blockchain, validators receive blocks and update the network’s state. They follow a specific order of operations: BeginBlock, DeliverTx, and EndBlock. These operations can be customized. In Sei, parallelization is used to improve performance during transaction processing.
🔹$NEON - NEON EVM ( 0.82$)
Neon EVM is an Ethereum Virtual Machine operating as a smart contract on Solana. It gives developers the power to directly deploy Ethereum dApps with no code change, while benefiting from Solana's technical advantages, and is all built with security, decentralization, and sustainability top of mind.
🔹 Monad - Token TBA
Monad is an innovative Layer 1 smart contract platform that marks a new generation in blockchain scaling. It offers rapid transaction processing, handling up to 10,000 transactions per second, with a remarkable one-second block time and instant finality.
Why Parallel EVM Getting Attention
🔹 Due to inscription trend, major networks getting outage and their transaction fees also skyrockets. But $SEI remain stable.
🔹 Parallel EVM can process multiple transactions simultaneously, which means that more users can interact with the network at the same time. This can enhance the user experience and reduce congestion on the network.
🔹 Parallel EVM can verify and finalize transactions faster than a sequential execution, which means that users do not have to wait for a long time to see their transactions reflected on the blockchain. This can also reduce gas fees and increase security.
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Parallel EVM indeed a giant leap in Blockchain Space. If it implemented properly it can reduce gas fees and somehow reduce network outage like we saw in inscription saga in major L1 & L2s. The narrative is fresh and needed proper attention. Make sure you researched well before investing in this category.
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