Crypto news

Stellar Joins Bytecode Alliance to Develop Alternative Wasm for EVM

Stellar Development Foundation Joins Bytecode Alliance to Boost Wasm Development.

In an announcement on August 21, Tomer Weller, the product lead at the Stellar Development Foundation,

revealed that the foundation has become a member of the Bytecode Alliance.

The alliance is an industry group that aims to advance the development of WebAssembly (Wasm),

a technology that serves as a rival to the Ethereum Virtual Machine (EVM) utilized within the Ethereum ecosystem.

Notably, Wasm is also employed in browser-based applications beyond the realm of blockchain.

Ethereum Virtual Machine (EVM) remains widely used across various blockchain networks,

including Ethereum, BNB Smart Chain, and Avalanche, select networks such as Polkadot, MultiversX (formerly Elrond),

and Internet Computer have adopted Wasm.

Originally established as a payments network in 2014, Stellar expanded its capabilities by integrating smart contracts in 2022.

In April of that same year, Stellar developers opted for Wasm as their preferred computation engine.

They cited concerns about the expensive and non-parallelizable storage and execution models of EVM,

which hinder scalability and increase transaction costs.

By embracing Wasm, Stellar aims to enhance efficiency and reduce expenses within its network ecosystem.

Stellar Partners with Bytecode Alliance, Harnesses WebAssembly (Wasm) for Advanced Blockchain Solutions

Stellar Embraces Wasm for Blockchain, Joins Bytecode Alliance.

Stellar’s adoption of WebAssembly (Wasm) as its computation engine stems from its compatibility with the demanding nature of blockchain environments.

Originally developed for browser applications, Wasm emerged as a compelling alternative to the Ethereum Virtual Machine (EVM),

prompting Stellar to integrate it into their ecosystem.

The Bytecode Alliance, comprising prominent internet companies like Amazon, Cisco, Intel, and Microsoft, holds primary responsibility for Wasm’s development.

At the time of Stellar’s adoption of Wasm, Dfinity, the developer behind Internet Computer,

stood as the sole representative of a blockchain network within the alliance.

Tomer Weller, Stellar’s product lead, highlighted the significance of joining the Bytecode Alliance in an announcement on August 21.

Weller emphasized that this decision was an obvious choice for Stellar, granting them an opportunity to shape standards and tools within the Wasm development community.

“This influence ensures that the Alliance considers the unique needs of blockchain and non-web use cases, moving the Wasm ecosystem towards accommodating and supporting a broader range of applications, like […] Smart contract platforms.”

Stellar’s aim extends beyond advocating for their own platform, as they seek to champion the interests of the broader blockchain community and its developers.

Through active participation in the alliance, Stellar intends to contribute to the support and advancement of Web3 and the evolving needs of blockchain developers.

In recent developments, the Wasm community has been making strides in the Web3 landscape, challenging the dominance of the EVM.

On April 3, the Astar network introduced the capability to deploy both EVM and Wasm contracts on the same network, granting developers the flexibility to choose their preferred virtual machine.

This event was dubbed “Wasm launch day” by Astar. Additionally, on August 22, Binance announced a $2.2 million funding initiative for “zkWASMHub”, a zero-knowledge proof application platform based on Wasm.

These advancements further showcase the growing influence and adoption of Wasm within the blockchain ecosystem.

Related Articles

Back to top button
WP Twitter Auto Publish Powered By :