EVM Layer 1 PoW Blockchain Explained

What is an EVM Layer 1 PoW Blockchain?

MaxxChain is an EVM Layer 1 PoW Blockchain – and to understand the background of MaxxChain we will have to first understand the underlying foundations for which it was built on.

What is a Layer 1 Blockchain?

A Layer 1 blockchain is the main blockchain network, where all the transactions and smart contracts are executed, in contrast to a Layer 2 blockchain, which is built on top of a Layer 1 blockchain and is used for scaling and improving the performance of the network.

What is an EVM?

The Ethereum Virtual Machine (EVM) is a virtual machine that runs on the Ethereum network, allowing developers to write smart contracts and decentralized applications (dApps). It provides a runtime environment for smart contracts written in Ethereum's Solidity programming language, allowing them to execute in a secure and decentralized manner. The EVM is responsible for validating transactions, executing smart contracts, and maintaining the state of the Ethereum network. It is designed to be a Turing-complete machine, meaning that any algorithm that can be computed can be implemented on it.

What is Proof of Work?

The PoW consensus mechanism is used to secure the network by requiring miners to solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain. The EVM is a runtime environment for smart contracts on the Ethereum network, which allows developers to write and deploy code that can be executed on the blockchain.

What are the advantages?

Decentralization: PoW blockchains are known for their decentralized nature, which means no single entity or group can control the network providing transparency and security in the blockchain.

Smart contracts: The EVM allows for the creation of smart contracts, which are self-executing agreements between parties allowing features from simple token transfers to complex decentralized applications (dApps).

Interoperability: The EVM is a standardized platform, which means dapps built on one blockchain can be easily ported to another blockchain that also supports the EVM.

Transparency: Blockchains are public ledgers, which means all transactions and smart contract code are visible to everyone. This creates a high level of transparency and reduces the risk of fraud or manipulation.

Immutability: Once a transaction or smart contract is recorded on the blockchain, it cannot be altered or deleted. This creates a tamper-proof record that can be trusted by all parties involved.