Although both IBC and EVM are technologies used in connection with blockchain and cryptocurrency, they have different functions.
A technology called Inter-Blockchain Communication (IBC) enables communication between various blockchains. Even if two blockchains are on different systems, they can exchange tokens and assets. IBC aims to facilitate communication between various blockchains and develop a more interconnected ecosystem of decentralized applications.
On the other hand, the Ethereum blockchain smart contract execution environment is called the Ethereum Virtual Machine (EVM). The implementation of agreements between parties, such as financial transactions, can be automated with the use of smart contracts, which are self-executing programs. The EVM must execute the code of these smart contracts and preserve the current state of the Ethereum blockchain.
The EVM powers the execution of smart contracts on the Ethereum blockchain. For its part, IBC is a communication protocol between different chains.
smart contracts
IBC does not use smart contracts directly. Smart contracts, on the other hand, are self-executing programs that operate on a single blockchain. Instead, it enables communication and interoperability between various blockchains.
To achieve more complicated functionality, IBC can be combined with smart contracts. One way to interact with other blockchains is through IBC, which can be used by a smart contract on a blockchain to access assets or data on other blockchains. Building decentralized applications that need to access data or assets from many blockchains can be useful.
Although IBC and smart contracts have separate functions, they can be combined to produce more powerful decentralized applications.
As a component of the Cosmos Network, a decentralized blockchain ecosystem that went live in March 2019. Inter-Blockchain Communication was developed. As the main protocol for Cosmos Network. IBC was created to facilitate communication and cooperation between the various blockchains built using the Cosmos Software Development Kit (SDK).
Tendermint Inc., the organization responsible for the creation of the Cosmos SDK and the Tendermint consensus algorithm. He was in charge of the development of IBC. IBC was created as a modular. Adaptive protocol that could be tailored to meet the requirements of various blockchains, facilitating efficient and secure communication between them.
Since its introduction, IBC has been adopted by an increasing number of initiatives in the Cosmos ecosystem, as well as other blockchain networks, including Binance Smart Chain. IBC is still being developed and new features and enhancements to the protocol are being made to increase its usability and functionality.
Ethereum virtual machine
In 2015, the Ethereum blockchain platform included the creation of the Ethereum Virtual Machine (EVM). Vitalik Buterin first floated the idea of Ethereum in 2013, and it was formally introduced in 2015 along with EVM. Smart contracts on the Ethereum blockchain can be executed through EVM, an isolated runtime environment. It is in charge of processing and confirming transactions, keeping track of the current state of the blockchain, and executing the smart contract code.
Decentralized applications (dApps) can be made with the EVM. It is a platform that allows you to do whatever you want. The Ethereum community has been trying to increase the ease of use, security, and efficiency of EVM since it was first developed. The Ethereum Virtual Machine is one of the inventions of the Ethereum platform. It allows people to create decentralized applications and expand the blockchain ecosystem. Some major players in the ecosystem using EVM include Fantom, Binance Smart Chain, Layer 2 Ethereum networks, and Avalanche.
