EVM (Ethereum Virtual Machine)
The runtime that executes smart contracts on Ethereum — and the de facto standard cloned across dozens of chains.
The Ethereum Virtual Machine is the computation engine that runs smart contracts across Ethereum’s global network of nodes, ensuring every node computes identical results. It defines how contract code executes and how gas is metered.
The EVM’s importance is its reach: it became the industry standard, and dozens of other chains built EVM-compatible environments so that Ethereum contracts, tools, and developer skills transfer directly. This shared standard is a major network effect — it’s why an L2 or competing L1 advertising “EVM compatibility” can instantly tap Ethereum’s enormous ecosystem of code and talent.