In a recent move that caught the crypto-market’s attention, Stellar, a globally adored payments network, has entered into the Bytecode Alliance. This industry group is known for its dedication to the continued development of WebAssembly (Wasm). Wasm seems to be serving as a strong contender against Ethereum Virtual Machine (EVM), which is broadly used within the Ethereum ecosystem and many other blockchain networks.
The concept that powers Wasm was initially designed to develop browser applications, making it capable of withstanding highly adversarial environments. In fact, this unusual resilience is one of the major reasons behind Stellar’s decision to choose Wasm over EVM when implementing smart contracts to provide more functionality to the network earlier this year.
Despite EVM’s popularity for executing smart contracts, Stellar has boldly argued that it’s storage and execution models are costly and challenging to parallelize, thereby hindering scalability and increasing transaction expenses. These conclusions have led to apparent optimism regarding the potential of Wasm.
However, the Bytecode Alliance, responsible for much of the Wasm development work, comprises internet giants such as Amazon, Microsoft, and Intel. When Stellar selected Wasm as its computation engine, Internet Computer developer Dfinity was the only blockchain community representative. By joining the Bytecode Alliance, Stellar aims to influence and shape standards and tools within the Wasm development community to benefit the entirety of Blockchain, not just their network.
In its announcement, Stellar confidently stated that Wasm is making significant strides in the Web3 space dominated by EVM. Further, Astar network announced that it would allow both EVM and Wasm contracts to be deployed on their network, lending developers the freedom to choose their virtual machine. The announcement was hailed as the “Wasm launch day.”
Yet, as powerful as Wasm might turn out, it is crucial to consider the long-standing reliability and acceptance that Ethereum’s EVM has gained over the years. Although Stellar’s decision to favor Wasm suggests a potential decline in EVM’s supremacy, only time will tell whether this will in fact materialize. This development stands as another example of how the blockchain world continues to evolve, offering different approaches and opportunities for technological adoption.
Source: Cointelegraph
