Bloom Technology Finally Completes the Next Generation Smart Contract Virtual Machine Engine System with a Massively Parallel Structure to Match the High Performance of Locus Chain

Since the advent of Bitcoin, ERC20 tokens, NFTs, DeFi, and many other areas with active blockchain usage have been possible due to smart contracts developed by Ethereum. While questions regarding their method and efficiency have continuously arisen, smart contracts have been widely used as the primary means to meet various needs in a decentralized environment. Consequently, smart contracts provided by most existing blockchains operate on EVM (Ethereum Virtual Machines.)

However, EVM-compatible smart contracts are very slow and expensive on the Ethereum mainnet. Even when used in other consortium blockchains (a transitional blockchain model with reduced decentralization where consensus and ledger operations are performed on a small number of nodes), only a few nodes are responsible for executing the entire smart contract. This causes instability in the entire network due to node overload and has not yet reached a practical level of performance. Furthermore, there have been no proposed models to solve this efficiency reduction problem, making it a task that the blockchain industry collectively needs to address in the future.

Locus Chain is known as one of the most advanced blockchain, offering a high degree of decentralization and practical scalability in a public environment. Many have been waiting for the inefficient but universal tool called smart contract to be implemented through Locus Chain.

Locus Chain uses an asynchronous ledger DAG(AWTC), dynamically divides entire networks through dynamic sharding, and minimizes the storage space of (consensus)nodes in order to make its nodes more compact. It has succeeded in achieving scalability and decentralization at a high level, but it is not hard to guess how difficult it is to make a traditionally heavy and inefficient smart contract show performance that is suitable for the high TX throughput of the Locus chain while maintaining optimal performance and node compactness.

The total computing resources required to execute smart contracts equivalent to the high processing performance of the Locus Chain can be tens to hundreds of times greater than those of existing blockchain systems. It is not realistic for all nodes to provide such a large amount of computing resources, nor does it align with the philosophy and accomplishments of the Locus Chain, which achieved an unprecedented level of decentralization by allowing anyone to operate nodes without any cost through compact nodes and low resource consumption.

To address this, Bloom Technology devised a creative and efficient system to solve this problem while making use of Locus Chain’s strengths. It provides virtual machine engine interfaces and protocols that can create large numbers of smart contract execution groups without limits. The primary node verifies the execution results of each group, achieving high parallelization in the execution of smart contracts.

The Locus Chain smart contract system has not only transaction processing nodes but also smart contract execution nodes that can operate multiple virtual machine engine (VME) smart contracts on the network. These nodes selectively run multiple virtual machine engines. Locus Chain provides protocols and standard interfaces for the virtual machine engine, along with the first EVM-compatible “Virtual Machine Engine 1” that can run Ethereum’s smart contract as they are (additional engines will be provided in the future). Developers can utilize many existing EVM smart contracts using the EVM-compatible “Virtual Machine Engine 1” by default, or they can create and run new virtual machine engines with the Locus Virtual Machine Engine interface and standard protocols.

Various decentralized/centralized/hybrid machines are operated based on the high-speed public blockchain dedicated to error-free verification, which is the future decentralized ecosystem Locus Chain had claimed to be from the start. In this regard, the smart contract system by Locus Chain can be seen as an advanced system that provides high practicality, scalability, and flexibility.

As a result, the Locus Chain mainnet has numerous virtual machine engines(VMEs) running simultaneously (unlimited) with a certain number of smart contracts running on each virtual machine engine. This allows a very large number of smart contracts to operate in a smooth parallel structure, ensuring high scalability in the execution of smart contracts as well.

The parallel structured Locus Chain multiple VME systems offer significant utility. Smart contracts of the operating blockchain can be grouped and accommodated in multiple VMEs. Developing a VME suitable for the individual characteristics of each smart contract allows it to run at high speeds within a single blockchain network at an advanced level. In this case, the Locus Chain ecosystem has the potential to accommodate most of the blockchain ecosystem and expand without limitations.

Locus Chain can provide strong verification capabilities for any form of business, including verification of server systems, private blockchains, and execution of smart contracts. Seeing how the most crucial function of blockchain, “verification,” is being put into practical use on a large scale, it is evident that the blockchain society is now starting to take proper shape.

Lee Sang-yoon, CEO of Bloom Technology, the developer of Locus Chain, stated, “Locus Chain, the most decentralized and scalable public blockchain that exists, has finally gained momentum. The Locus Chain multi-VME smart contract system divides the entire smart contract into groups and enables rapid execution, providing the most powerful tool for any business. I am confident that Locus Chain will become the most advanced smart contract execution environment in the future.”

Originaly published at https://www.mt.co.kr/ (14 July, 2023)

Go to See the Original Article: https://news.mt.co.kr/mtview.php?no=2023071409210955049

*Written in Korean