The parallel narrative was initially mainly dedicated to solving the transactional performance and efficiency issues of Ethereum.
Author: Asher Zhang
In March of this year, the news of "Solana EVM solution Eclipse receiving a $30 million financing" caused dissatisfaction from Sei founder Jay, who questioned its excessive hype and the difficulty of ecological development. Sei founder's remarks sparked further discussions by Eclipse founder Neel Somani, Fantom founder AC, and others, making the "parallel EVM" narrative a focus of the community. Along with the recent launch of the hot project ZEUS, the parallel narrative has once again undergone new changes. So, what is parallel EVM? What new changes does the parallel narrative have? How will the parallel narrative in blockchain develop in the future?
What is parallel EVM?
Although parallel EVM has previously gained some popularity in the community, it is difficult to say that it has truly become a technology well-known and clear to the public. So, what exactly is parallel EVM? What is the significance of the appearance of parallel EVM?
"Parallel EVM" can be seen as the technical integration of "parallel + EVM compatibility," which is an optimization of the existing EVM network execution layer. Essentially, it is a specialized optimization of the performance of various components of EVM to increase the number of transactions (TPS) or computational tasks processed by the network per unit of time, addressing the current inefficiency problem caused by the sequential execution of transactions in EVM. Parallel EVM hopes to effectively manage the synchronous processing of transactions in various zones or groups through scheduling algorithms by partitioning or grouping all pending transactions, with the ultimate goal of allowing multiple independent transactions to be executed in parallel, thereby improving the overall network transaction execution efficiency of Layer 1.
In blockchain, parallel execution means processing unrelated transactions simultaneously, such as partitioning or grouping transactions on the chain, such as DEX, NFT, GameFi, etc., so that they can be independently executed in parallel. This also means that different transactions can be executed on different processing units simultaneously, rather than being queued for processing in chronological order, greatly improving efficiency. High-performance platforms such as Solana's SVM and Aptos's STM have adopted similar parallel execution processing logic.
The necessity of parallel EVM (Ethereum Virtual Machine) lies in its ability to significantly improve the performance and efficiency of blockchain networks. Traditional EVM processes transactions sequentially, which not only consumes a large amount of energy but also imposes a heavy workload on network validators. This processing method usually leads to high transaction costs and low efficiency, which is considered a major obstacle to the widespread adoption of blockchain. Parallel EVM fundamentally changes the consensus process by allowing multiple operations to be executed simultaneously. The ability for parallel execution greatly increases the network's throughput, thereby enhancing the overall performance and scalability of the entire blockchain.
What technological innovations does the parallel SVM leader ZEUS have?
Essentially, parallel EVM mainly aims to significantly improve the performance and efficiency of blockchain networks through parallel technology. From this perspective, ZEUS's technology is very similar to this. However, ZEUS aims to achieve parallel communication between Solana and Bitcoin through an open communication layer. Strictly speaking, ZEUS is different from parallel EVM, but essentially, it belongs to the parallel narrative, aiming to improve the performance and efficiency of the Bitcoin network through SVM. So, how does ZEUS achieve parallel communication between Bitcoin and SOLANA through technology?
The Zeus Network consists of Zeus nodes and the Solana Virtual Machine (SVM). Zeus nodes include peer-to-peer communication, signing, broadcasting, validator registration, and a dual-purpose registry service that can run on-chain and off-chain. The Zeus communication mechanism allows nodes to exchange information, synchronize states, and execute transactions with each other without the need for centralized intermediaries, contributing to the decentralized and efficient operation of the network. When individual users want to become Zeus validators, they need to run a node and retain a private key for signing. In the Zeus Network, the network validation process adopts a decentralized and permissionless group mode, which means that anyone can become a validator without being restricted by specific institutions or organizations. However, becoming a validator node requires staking SOL or LSD-SOL. Zeus encourages users to use LSD-SOL, which can participate in PoS staking to earn rewards. SVM plays a crucial role in the functionality and performance of the Zeus Network, providing peer-to-peer communication services and state-related program elements.
Zeus Consensus is the core of the Zeus Network. In Zeus Consensus, transactions from Bitcoin and Solana are first serialized and systematically stored in the management program, providing validators with a centralized starting point to access and verify transactions. Validators in Zeus Consensus focus on verification work and do not participate in on-chain transactions. To further improve efficiency, Zeus Consensus implements a threshold signature mechanism. In Bitcoin, this involves Taproot and Schnorr signatures, while in Solana, it is the Ed25519 signature algorithm. At the same time, off-chain signatures are aggregated and broadcast to Solana. Off-chain signature aggregation allows for improved broadcast efficiency of transactions without sacrificing security.
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How will parallel SVM affect the Ethereum ecosystem?
Parallel EVM has been considered by many as an important technology to save Ethereum, and the market holds great expectations for the parallel narrative. 0x Taker, co-founder of Aori, said, "Parallelization provides a way to minimize state contention through local fee markets." JD, former founder of Polygon, stated that by 2024, every L2 will be labeled with "parallel EVM" and rebranded.
Reforge Research even published an article stating: Only parallel EVM can save Ethereum. The emergence of parallel EVM is an important turning point in the evolution of blockchain technology. By achieving simultaneous transaction execution and optimizing state access, parallel EVM opens up a new era full of possibilities for decentralized applications. From the revival of programmable CLOB to the emergence of more complex and higher-performance applications, parallel EVM lays the foundation for a unified and user-friendly blockchain ecosystem. The emergence of parallel EVM has the potential to reshape the landscape of decentralized applications and user experience. By addressing the scalability and performance limitations that have long hindered the growth of critical verticals such as DeFi, parallel EVM provides the possibility for the future development of complex high-throughput applications without sacrificing the "trilemma."
MT Capital released a research report stating that developing parallel EVM is seen as a key step in addressing the fundamental limitations of blockchain scalability. These innovations are expected to prepare blockchain networks for the future, enabling them to keep up with the growing demand and become the cornerstone of the next generation of Web3 infrastructure. Although parallel EVM offers tremendous potential, its successful implementation requires overcoming complex technical challenges and ensuring widespread ecosystem adoption.
However, with the emergence of ZEUS, the parallel narrative is actually undergoing changes. From the perspective of capital inflows, funds in the crypto market continue to flow into the Bitcoin ecosystem. After the hot development of Ethereum Layer 2, the Bitcoin Layer 2 has gained market attention. According to defillama data, Merlin's fund inflow has increased by 6254% in the past month. In addition, other well-known Bitcoin Layer 2 projects have also received a lot of market attention. ZEUS aims to extend the parallel EVM narrative to the Bitcoin ecosystem by establishing an open communication layer connecting Solana and Bitcoin.
Conclusion
The parallel narrative was initially mainly dedicated to solving the transactional performance and efficiency issues of Ethereum, but with the development of the Bitcoin ecosystem, the parallel narrative has also begun to expand into the Bitcoin ecosystem. Angel investors behind the Zeus Network include: Anatoly Yakovebko, co-founder of SOLANA, and Muneeb Ali, co-founder of Stacks. In the future, ZEUS may open up a new parallel narrative for the Bitcoin ecosystem. However, in comparison, the parallel EVM narrative of Ethereum may still have the potential to break through first.
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