EVM Compatibility
EVM compatibility means deploying and writing a smart contract that can be directly compatible with the Ethereum Virtual Machine (EVM), allowing Ethereum nodes to recognize it. EVM compatibility has allowed several popular layer-1 blockchains to achieve success by reducing obstacles to entry for application developers in the deployment of smart contracts on the new chains as a result of the code being directly compatible with the Ethereum network.
The 5ire EVM chain is not a separate chain or on a different layer but is an EVM machine that runs on the base network chain. The WASM and EVM machines also run on similar Base chains and share similar blocks for storing their transactions, including network security and consensus mechanism.
The EVM compiles various types of smart contract code within a bytecode. It is a standard format that could also be read by the Ethereum network. This allows Dapp developers to deploy a similar code on Polygon, Ethereum or Avalanche without requiring to conduct time-consuming smart contract audits.
From a user’s perspective, there is a significant incentive for adopting EVM-compatible chains as they allow users to test the newly launched Dapp. It allows them to be rewarded with airdrops. New Defi protocols and blockchains often reward early users with significantly higher returns on the investment they deploy to liquidity or staking pools. This does provide a massive incentive for purchasing the network’s coins. EVM compatibility is also pivotal to forming cross-chain bridges that allow funds to be transferred from one network to another with minimal friction.
Setting Up 5ire EVM Wallet on MetaMask
To perform transactions on the EVM chain, the user would require 5ire Coins to pay for the transaction processing fee. Follow the instructions given here to create a 5ire non-custodial wallet and head to this section to set up the wallet on MetaMask.
Asset Creation/Token Deployment on the 5ire EVM Chain
Method 1 – Remix
Method 2 – Explorer
Method 3 – 5ire IDE
Method 4 – Ganache
Method 5 – Hardhat
Smart Contracts on 5ire vs Ethereum
It is important to note that 5ireChain is NOT based on Ethereum but on an improved blockchain architecture - Substrate. The only thing 5ireChain has in common with Ethereum is the Ethereum Virtual Machine. This means that all Ethereum-based smart contracts would also work on the 5ireChain network. Several tools from Ethereum, including some web3 tools and MetaMask, are also directly compatible with 5ireChain.