what's up everyone i'm mike and welcome back to top crypto and today we're going to talk about
another high potential project called neon labs but before we start please notice our disclaimer
since i am not a financial advisor this video is for informational and
educational purposes only so without further ado let's begin to our topic
neon evm is a tool that enables ethereum like transactions to be executed on solana while taking
full use of solana's inherent capabilities such as the capacity to execute transactions in parallel
as a result neon evm enables dapps to take advantage of solana's low gas prices fast
transaction speed and high throughput while also providing access to the burgeoning solana market
the ethereum state is represented by a merkle patricia tree which contains key value data for
all smart contracts and solidity smart contracts do not have separate references to shared data
and contracts code as a result in order to assure predictable behavior these smart contracts must be
performed sequentially this restricts throughput while efficient blockchains using evm may execute
up to 1500 transactions per second with a maximum throughput of more than 50 000 tps
solana is intended to facilitate large scaling of decentralized applications
neon evm is created as a solana smart contract to fully utilize solana's features this adaptability
guarantees that neon evm can be easily upgraded when new ethereum functionality is provided
solana offers low gas prices and fast transaction speeds write your d apps in familiar languages
such as solidity and viper deploy ethereum d apps to smart contracts without any reconfigurations
use ethereum based technologies you're already familiar with
like as metamask and truffle gain access to sol native solana and other bridged assets
take advantage of first mover advantage and reach out to new customers
neon evm is best suited to developers that wish to get a first mover advantage and reach
new consumers on solana as well as those who want to expand with solana's low gas prices
and high throughput it is also beneficial for developers wishing to access liquidity on solana
the neon evm alpha version has an interface for interacting with spl token accounts the
beta version of neon evm will have an interface for reading data from solana
accounts and will make it easier to integrate neon evm contracts with oracles on solana
neon labs intends to create an interface for writing data to solana accounts in future releases
allowing the integration of neon evm contracts with solana applications on the solana blockchain
the neon evm operates like a smart contract other smart contracts on solana such as spl tokens can
communicate with and call the contract data kept on solana accounts can be accessed by neon evm
furthermore each ethereum like account in neon evm is mirrored in a solana
account neon evm is a solana smart contract that acts as the ethereum virtual machine
it is compiled into berkeley packet filter byte code which can be performed on solana
this enables neon evm to accept solana transactions wrapped in ethereum like
transactions and process them on solana according to ethereum rules
solana can handle tens of thousands of contracts concurrently utilizing as many cores as its
validator has available this feature is called a sealable because solana transactions define
all of the accounts that a transaction will read or write while running parallel processing
is possible this avoids transactions from overlapping and allows independent transactions
as well as those accessing the same account to run simultaneously in terms of parallel
processing on neon evm the neon web 3 proxy wraps neon transactions in solana transactions
because the neon evm software is a smart contract on solana solana loads it on each neon transaction
solana is able to carry them out concurrently as a result of this at the start of iterative
transactions neon evm operators deposit their own money if the initial operator fails to complete
the transaction the deposit and user fee are transferred to another operator who completes it
each operator has a financial incentive to carry out an operation that was not completed
by the initial operator this removes the appearance of uncompleted transactions
the neon web 3 proxy performs two main functions the first function is to allow ethereum clients
to interface with a solana cluster the interaction protocol for the solana node
is unknown to an ethereum client the solana node is unaware of ethereum like transactions
for ethereum clients the neon web 3 proxy provides an ethereum like rpc endpoint when an ethereum
client delivers a neon transaction to the neon web 3 proxy the proxy converts the neon transaction
into a solana transaction and transmits it to the solana cluster for on-chain execution
the second purpose is to handle large ethereum style transactions solana restricts the number of
resources available for the execution of a single solana transaction if an ethereum like transaction
necessitates a large number of compute units it cannot be completed in a single solana transaction
as a result the neon evm program stores the evm state to solana storage and when the neon web 3
proxy delivers a command to the solana cluster the execution of the previously saved neon transaction
is restarted as a result the neon evm software recovers the evm state on demand and resumes
neon transaction execution from the point where it was stopped this procedure is repeated until
the neon transaction is done neon evm protects its operations independence by giving free access
to its infrastructure to anybody wanting incompetent of operating neon web 3 proxy
furthermore any neon evm client may replace neon web 3 proxy with a client library
because there are no qualities that influence the priority of transactions received by neon evm
they cannot be discriminated against the unchanging nonce and user signature fields
confirmed by neon evm ensure the consistency of neon transaction execution and safeguard against
re-execution the neon evm economy is centered on fees neon is a utility token that will be
used to regulate the network governance will be handled via a multi-sig contract at launch with
a clear and user-friendly method for proposing and voting on product enhancements the roadmap
july 2021 neon evm testnet september 2021 neon evm devnet quarter one neon swap launch and
neon evm on the solana main net quarter one and quarter two infrastructure integration
here are the team of neon mourinho eva ceo constantine goldstein coo andrei falef cto seaman
medvedev software engineer and many more let's take a look at neon labs twitter page they started
their official page back april 2021 and have 27.4k followers and that's all for neon labs come visit
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