Ethereum is more than a cryptocurrency. Smart contracts run on the EVM (Ethereum Virtual Machine), a decentralized computer, enabling entirely new forms of applications — DeFi, NFTs, DAOs, and more.
What is the EVM?
The EVM is a sandboxed virtual machine that runs identically on every Ethereum node. Smart contract code is compiled to EVM bytecode and stored on-chain.
- Deterministic Execution: Same input → always same output (enables global consensus)
- Sandboxed Environment: No external system access; pure on-chain computation only
- Oracle Problem: External data (prices, weather) must be supplied via oracles like Chainlink
The Gas System
Every EVM operation has a Gas cost. This is the core mechanism for spam prevention and network resource allocation.
Post EIP-1559: Base Fee (burned) + Priority Fee (validator tip)
- Simple ETH transfer: 21,000 gas
- ERC-20 token transfer: ~65,000 gas
- Uniswap swap: ~100,000–150,000 gas
How Smart Contracts Work
Smart contracts are immutable code deployed on the blockchain. They execute automatically when conditions are met, and no central authority can stop them.
// Solidity example: Simple Escrow contract
contract Escrow {
address public buyer;
address public seller;
uint public amount;
constructor(address _seller) payable {
buyer = msg.sender;
seller = _seller;
amount = msg.value;
}
function release() external {
require(msg.sender == buyer, "Not buyer");
payable(seller).transfer(amount);
}
}Interactive EVM Explorer
Use the explorer below to walk through EVM execution flow, analyze gas costs, examine contract structure, and explore DApp architecture.