1. What is Parallel EVM?

Parallel Ethereum Virtual Machine (Parallel EVM) is an upgraded version of the traditional Ethereum Virtual Machine (EVM) that enhances blockchain transaction throughput by processing multiple non-conflicting transactions simultaneously, thereby increasing transaction processing speed and efficiency.

The Ethereum Virtual Machine (EVM) is the consensus and execution mechanism of the Ethereum network, responsible for processing and executing transactions. In the traditional EVM, transactions and smart contracts are executed sequentially. Each transaction must be processed one by one, forming a linear ordered process. While this method is simple, it can lead to bottlenecks, especially as transaction volumes increase. Each transaction has to wait for its turn, which can increase processing time, potentially causing delays and higher costs (in terms of gas fees). Parallel EVM significantly improves blockchain throughput and execution speed by processing multiple non-conflicting transactions simultaneously. For example, if Bob wants to swap, Alice wants to mint a new NFT, and Eric wants to stake funds to a validator, these transactions can be processed simultaneously instead of sequentially, reducing transaction processing time and costs. This parallel processing capability allows the blockchain to handle more transactions in a shorter time, solving the congestion issues of traditional blockchain systems.

2. How Does Parallel EVM Work?

In the current EVM architecture, the most granular read and write operations are sload and sstore, which are used to read and write the state trie, respectively. Therefore, ensuring that different threads do not conflict on these two operations is the direct entry point for implementing parallel/concurrent EVM. In fact, in Ethereum, there is a special type of transaction that includes a special structure called an “access list,” which allows transactions to carry the storage addresses they will read and modify. This provides a good starting point for implementing a scheduler-based concurrent approach. In terms of system implementation, there are three common forms of parallel/concurrent EVM:

1. Scheduler-based Concurrent Processing
   

• Access List: Before executing transactions, determine in advance the storage addresses that will be read and modified through the access list. The access list contains all the state information needed for each transaction.
• Scheduling Algorithm: The scheduling algorithm arranges transactions on different threads based on the access list, ensuring that transactions executed simultaneously do not access the same storage address, thus avoiding conflicts.
• Concurrent Execution: During actual execution, multiple transactions can be executed simultaneously on different threads, with the scheduling algorithm ensuring that these transactions do not have interdependencies or conflicts.

1. Multithreaded EVM Instances
   

• Instantiate Multiple EVMs: Create multiple EVM instances on a node, each of which can run independently and process transactions.
• Allocate Transactions: Distribute transactions to be processed according to some strategy (such as hash value, timestamp, etc.) to different EVM instances.
• Parallel Execution: Each EVM instance executes the transactions allocated to it in its own thread, with multiple instances running simultaneously to achieve parallel processing.

1. System-level Sharding
   

• Data Sharding: Divide the entire blockchain state into multiple shards, each containing a portion of the global state information.
• Shard Nodes: Run multiple nodes on each shard, with each node responsible for maintaining and processing transactions and states within that shard.
• Cross-shard Communication: Ensure data consistency and global transaction order between different shards through cross-shard communication protocols. Cross-shard communication can be implemented using cross-shard message passing and cross-shard locking mechanisms.
• Parallel Processing: Nodes within each shard can independently process transactions within that shard, while multiple shards can run in parallel, thus achieving parallel processing capability for the entire system.

3. Leading Projects

3.1 Monad: A Layer 1 with Built-in Parallel EVM

Monad is a Layer 1 blockchain project based on EVM, aimed at significantly enhancing blockchain scalability and transaction speed through its unique technological features. Monad processes up to 10,000 transactions per second and has a one-second block time with instant finality. This high performance is attributed to the unique Monadbft consensus mechanism and compatibility with the Ethereum Virtual Machine (EVM). The application of parallel EVM in Monad includes:

1.Implementation of Parallel Execution

• Optimistic Execution Method: This method involves starting subsequent transactions before earlier transactions in the block are completed, sometimes leading to incorrect execution results. To address this issue, Monad tracks the inputs used during transaction execution and compares them with the outputs of previous transactions. If discrepancies are found, the transactions need to be re-executed.
• Static Code Analysis: Monad uses a static code analyzer to predict dependencies between transactions during execution, avoiding ineffective parallel execution. In the best-case scenario, Monad can predict many dependencies in advance; in the worst-case scenario, Monad will revert to a simple execution mode.

1. Monadbft Consensus Mechanism

• Efficient Communication: The use of paired BLS signatures addresses scalability issues by allowing signatures to be progressively aggregated into a single signature, proving that a message has been signed by a shared public key.
• Hybrid Signature Scheme: BLS signatures are used only for aggregatable message types (such as votes and timeouts), while the integrity and authenticity of messages are still provided by ECDSA signatures.

1. Delayed Execution

• Greater Fault Tolerance: Since execution only needs to keep up with the speed of consensus, this method is more tolerant of variations in specific computation times.
• Merkle Root Delay: To ensure state machine replication, Monad includes a Merkle root delayed by d blocks in the block proposal. This ensures network consistency, even in the presence of node execution errors or malicious actions.

Currently, Monad’s parallel EVM supports processing 10,000 transactions per second, with a block time of only 1 second, using a PoS mechanism to enhance network security and energy efficiency. The mainnet is expected to launch in the third quarter of 2024. Monad’s official Twitter account has garnered 283,000 followers, leading an enthusiastic and active community. The Ethereum community, in particular, seems very excited about the upcoming Monad launch, positioning Monad to capture early hype and adoption. Regarding project background, Monad Labs has completed two rounds of funding, in February 2023 and April this year. On April 9, 2023, they completed a $225 million round led by Paradigm, with other investors including Electric Capital. In 2023, they completed a $19 million seed round led by Dragonfly Capital, with participation from Placeholder Capital, Lemniscap, Shima Capital, Finality Capital, and angel investors Naval Ravikant, Cobie, and Hasu.

The Monad team has a strong background, with members coming from top blockchain projects and possessing robust technical expertise and financial backing. Monad’s co-founder and CEO Keone Hon previously led a high-frequency trading department at Jump Trading. He graduated from MIT. Another co-founder, James Hunsaker, was a senior software engineer at Jump Trading and graduated from the University of Iowa. Additionally, Eunice Giarta is the co-founder and COO of Monad, with extensive experience in traditional fintech. Eunice previously led development teams at Shutterstock’s payment and infrastructure licensing section and built enterprise trading systems at Broadway Technology.

3.2 SEI Network: L1 with Built-in Parallel EVM, V2 Version to Introduce Parallel EVM

SEI Network is a Layer 1 blockchain focused on decentralized finance (DeFi) infrastructure, primarily emphasizing the development of order books. By adopting a parallel EVM mechanism, SEI Network performs order matching in parallel, achieving high speed, low fees, and specialized features to support various trading applications. SEI’s average block time is 0.46 seconds, with over 80 applications.

Application of Parallel EVM in SEI Network:

1. Intelligent Block Propagation and Optimistic Block Processing: By providing all relevant transaction hashes, it accelerates transaction processing time, reduces latency, and increases throughput.
2. Native Order Matching Engine: Unlike the commonly used automated market maker (AMM) systems, SEI uses an on-chain order book to match buy and sell orders at specific prices. All Cosmos-based decentralized applications (dApps) can access SEI’s order book and liquidity.
3. Frequent Batch Auctions (FBA): Combines transactions into batches and executes orders simultaneously within each block to prevent front-running and MEV.

SEI Network has already issued its native token, SEI. In the SEI Network ecosystem, the SEI token plays various roles, including:

1. Transaction Fees: SEI tokens are used to pay for transaction fees on the SEI network. These fees serve as incentives for validators and help secure the network.
2. Staking: Users can stake SEI tokens to earn rewards and enhance the overall security of the SEI network.
3. Governance: SEI token holders have the ability to actively participate in the governance of the SEI network. This participation includes voting on proposals and electing validators.

SEI’s total token supply is 10 billion, with 51% allocated to the SEI community. Of this, 48% is reserved for ecosystem reserves, rewarding stakers and contributors, validators, and developers. Another 3% (300 million SEI) is designated for the first season of airdrops, with the remaining portions allocated to private investors, the foundation, and the SEI team.

As of May 30th, the price of SEI tokens is $0.5049, with a market capitalization of $1,476,952,630, ranking 63rd on the cryptocurrency leaderboard. The 24-hour trading volume is $78,970,605, indicating high market participation. SEI Network’s current TVL (Total Value Locked) is 18 million, with a total of approximately $55 million in funding, and an FDV (Fully Diluted Valuation) of $8.2 billion. The official Twitter account has 666,000 followers. SEI Network’s co-founder Jeff Feng graduated from the University of California, Berkeley. Before joining Coatue Management’s venture capital, he worked as a technology investment banker at Goldman Sachs for three years. Another co-founder, Jayendra, graduated from the University of California, Los Angeles, and was a software engineering intern at Facebook.

3.3 Eclipse: A Middle Ground, Introducing SVM to the Ethereum Ecosystem as L2

Eclipse is a next-generation optimistic Layer 2 solution based on Ethereum, driven by the Solana Virtual Machine (SVM). By integrating SVM into Ethereum, it combines Ethereum’s settlement, Solana’s virtual machine execution, Celestia’s data availability, and RISC Zero’s zero-knowledge proofs, creating a highly parallel execution environment that allows multiple operations to occur simultaneously. This increases network throughput and efficiency while reducing congestion and transaction costs. With this structure, Eclipse aims to improve the scalability and user experience of dApps.

Key Features of Eclipse:

1. High Transaction Throughput: Eclipse leverages SVM and parallel execution technologies to achieve very high transaction processing capabilities, supporting the simultaneous processing of thousands of transactions.

2. Instant Finality: Through a pipelined consensus mechanism, it achieves instant completion and finality of transactions within each block.

3. Ethereum Compatibility: Eclipse is fully compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate existing Ethereum applications to Eclipse.

4. Data Availability: By utilizing Celestia’s data availability solutions, it ensures high throughput while maintaining data security and verifiability.

5. Zero-Knowledge Proofs: Adopting RISC Zero technology to implement zero-knowledge fraud proofs, enhancing system efficiency and security.

Application of parallel EVM in Eclipse

Eclipse integrates the Solana Virtual Machine (SVM) to achieve parallel EVM, significantly improving transaction processing speed and efficiency.

1. Parallel Execution：

• Technical Principle: Eclipse uses SVM’s Sealevel runtime, which allows transactions with non-overlapping states to execute in parallel rather than sequentially.
• Implementation: By explicitly describing all states that each transaction will read or write during execution, SVM can process transactions that do not involve overlapping states in parallel, significantly increasing throughput.

1. Ethereum Compatibility：

• Neon EVM Integration: To achieve EVM compatibility, Eclipse integrates Neon EVM. This enables the Eclipse mainnet to support Ethereum bytecode and Ethereum JSON-RPC.
• Local Fee Market: Each Neon EVM instance has its own local fee market, allowing applications to deploy their contracts and enjoy all the benefits of an application chain without compromising user experience, security, or liquidity.

1. Modular Rollup Design：

• Infrastructure Layer: Eclipse aims to be the infrastructure layer for the Layer 3 ecosystem, supporting high performance and scalability through dApp-specific Layer 3 rollups.
• Design Logic: Simply put, transaction execution occurs in Solana’s SVM, while transaction settlement remains on Ethereum.

In terms of project background, in September 2022, Eclipse completed a $15 million funding round with investors including Polychain, Polygon Ventures, Tribe Capital, Infinity Ventures Crypto, and CoinList. Additionally, on March 11th this year, it completed a $50 million Series A funding round led by Placeholder and Hack VC, bringing its total funding to $65 million. Eclipse’s co-founder and CEO, Neel Somani, has experience with companies like Airbnb, Two Sigma, and Oasis Labs, while Chief Business Officer Vijay previously served as the Head of Business Development for Uniswap and the dYdX team.

4. Challenge

1. Data competition and read-write conflicts: In a parallel processing environment, different threads simultaneously reading and modifying the same data can lead to data competition and read-write conflicts. This situation requires complex technical solutions to ensure data consistency and conflict-free operations.

2. Technical compatibility: New parallel processing methods need to be compatible with existing Ethereum Virtual Machine (EVM) standards and smart contract code. This compatibility requires developers to learn and use new tools and methods to fully leverage the advantages of parallel EVM.

3. Ecosystem adaptability: Users and developers need to adapt to the new interaction modes and performance characteristics brought by parallel processing, which requires participants in the entire ecosystem to have a sufficient understanding and adaptability to the new technology.

4. Increased system complexity: Parallel EVM requires efficient network communication to support data synchronization, increasing the complexity of system design. Intelligent management and allocation of computing resources is also an important challenge to ensure efficient resource utilization during parallel processing.

5. Security: Security vulnerabilities in a parallel execution environment can be amplified, as one security issue could affect multiple simultaneously executing transactions. Therefore, stricter security audits and testing processes are needed to ensure system security.

5. Future Prospects

1. Enhancing blockchain scalability and efficiency: Parallel EVM significantly increases blockchain throughput and processing speed by executing transactions simultaneously on multiple processors, breaking the limitations of traditional sequential processing. This will greatly improve the scalability and efficiency of blockchain networks.

2. Promoting the widespread adoption and development of blockchain technology: Despite technical challenges, parallel EVM has great potential to significantly enhance blockchain performance and user experience. Successful implementation and widespread adoption will promote the proliferation and development of blockchain technology.

3. Technological innovation and optimization: The development of parallel EVM will be accompanied by continuous technological innovation and optimization, including more efficient parallel processing algorithms, smarter resource management, and more secure execution environments. These innovations will further enhance the performance and reliability of parallel EVM.

4. Supporting more diverse and complex applications: Parallel EVM can support more complex and diverse decentralized applications (dApps), especially in scenarios requiring high-frequency transactions and low latency, such as decentralized finance (DeFi), gaming, and supply chain management.

Reference:https://www.coinlive.com/news/comprehensive-interpretation-of-parallel-evm-project-overview-and-future-prospectshttps://medium.com/alibertaysolak/what-is-parallel-evm-70451db5f327

statement:

1. This article is reproduced from [chain teahouse], the copyright belongs to the original author [ Waiter in the teahouse], if you have any objections to the reprint, please contact the Gate Learn team, and the team will handle it as soon as possible according to relevant procedures.

2. Disclaimer: The views and opinions expressed in this article represent only the author’s personal views and do not constitute any investment advice.

3. Other language versions of the article are translated by the Gate Learn team and are not mentioned in Gate.io, the translated article may not be reproduced, distributed or plagiarized.