Evmos (EVMOS) Ecosystem | A Quick Guide
Dec 15, 20223 min read
The number of blockchain platforms today proves that technology plays a vital role in achieving a decentralized Internet, Web3, and this number continues to grow. In this case, the unhindered exchange of information and access to it in several blockchain networks without intermediaries is the most critical aspect of decentralization.
Fortunately, there are more and more projects aimed at solving the interoperability problem. One of these is Evmos, a blockchain that takes the best of two powerful ecosystems — Ethereum and Cosmos.
What Is Evmos?
Evmos is an innovative protocol designed to combine the best of the two ecosystems — Ethereum and Cosmos. Evmos is a Proof-of-Stake blockchain built on the Cosmos SDK using the Tendermint Core Byzantine Fault Tolerance engine. Thus, Evmos is a kind of copy of Ethereum in the Cosmos ecosystem. This allows Evmos to exchange data and access it across several blockchains (EVM-compatible and connected to the Cosmos Hub) using the declared protocols and technology as the Inter Blockchain Communication. This compatibility ensures better cooperation and fulfillment of tasks such as data access and sharing, execution of smart contracts, transfer of digital assets, and improvement of collaboration between blockchain networks.
Why Do We Need Evmos?
The main goal of Evmos is to make blockchain technology more accessible and establish a reliable way for its widespread adoption. Due to protocol incompatibility, existing blockchains cannot transfer information to each other.
Consequently, projects built on a particular blockchain cannot take advantage of other blockchains, which significantly affects the future of the technology. Different blockchains have different properties that distinguish them from each other. For example, Ethereum, the first platform for smart contracts, has a number of development tools and powerful developer community support, making it perhaps the most suitable platform for open-source development. However, its main disadvantages are high gas charges, network congestion, and limited logic of smart contracts. The Ethereum Virtual Machine uses smart contracts to build applications, which is great for simple applications requiring rigid command-execution-type. Still, it is not adapted for more complex and flexible applications.
On the other hand, Cosmos does not suffer from any of these disadvantages, having one of the fastest networks with significantly lower fees. In addition, Cosmos has a completely different architecture that is substantially different from Ethereum. Cosmos is a modular blockchain that does not use traditional virtual machines. Instead, within the framework of Cosmos, developers can use the Cosmos software development kit (SDK), which allows them to build complex custom applications.
Moreover, thanks to IBC, blockchains built using Cosmos SDK can scale horizontally. That is, Cosmos-based blockchains can initially interact with each other, providing applications with greater flexibility and an expanded user base. However, Cosmos does not enjoy the community support available on the Ethereum network.
Thus, Evmos is a kind of hybrid built on the Cosmos SDK and is fully EVM-compatible. This allows developers to easily build applications using a familiar Solidity programming language and benefit from the scalability, interoperability, and cost-effectiveness of the Cosmos.
The recent Evmos update v0.4 (namely, the addition of support for the ERC-20 module) allowed developers and users to seamlessly convert ERC-20 tokens into Cosmos Coins and vice versa. Using this module, developers can deploy smart contracts on Evmos and use the generated tokens in other applications in the Cosmos ecosystem.
This will allow developers to create projects that use multiple blockchains simultaneously, using the strengths of each of these blockchain ecosystems to provide better, simpler, and more complex blockchain services (such as DeFi protocols, Metaverses, and NFT platforms).
The compatibility of blockchains for transferring value is becoming increasingly important. For this reason, developing new services, products, and platforms that combine the strengths and advantages of multiple networks depends on network interoperability.
As the use of blockchains has grown in recent years, questions arise about their speed and scalability. All the advantages and potential of the blockchain may never be realized if the blockchain networks work independently. Evmos solves this problem by becoming the EVM Hub of Cosmos, allowing Ethereum, EVM-compatible chains, and BFT chains to seamlessly interact for maximum performance.