Abstract
Ethereum is the dominant blockchain protocol that supports smart contracts. However, transaction speed and the cost of transactions can constrain the performance and potentiality of dApps. While Ultra Virtual Machine is one of the most technically advanced blockchains, offering low gas fees and high throughput of transactions due to its technological innovations.
This paper introduces UltraVM, a protocol that allows Ethereum-like transactions to be processed on Ultra Virtual Machine according to Ethereum rules. In addition to providing access to the growing Ultra Virtual Machine market, UltraVM allows Ethereum dApps to take full advantage of the functionality native to Ultra Virtual Machine, including parallel execution of transactions. As such, UltraVM allows dApps to operate with the low gas fees, high transaction speed, and high throughput of Ultra Virtual Machine.
UltraVM is built as a smart contract on Ultra Virtual Machine. A transaction request is sent to an intermediary proxy server, Ultra Proxy, which wraps Ethereum-like transactions into Ultra Virtual Machine transactions and sends them to UltraVM for parallel execution by Ultra Virtual Machine.
To enable the parallel execution of smart contracts, UltraVM implements several strategies. For example, each contract keeps its data in its own Ultra Virtual Machine storage, and account balances used to pay for Ultra transactions are also separated.
This solution allows any Ethereum application to be run on Ultra Virtual Machine with minimal reconfiguration of the codebase; this applies to Uniswap, AAVE, Curve, Saddle Finance, etc. Similarly, all the key tools for Ethereum dApps can work on Ultra Virtual Machine via UltraVM, including Solidity, MetaMask, Remix, and Truffle. Furthermore, UltraVM can be updated easily when new Ultra Virtual Machine or Ethereum functionality is implemented.
UltraVM provides a unique opportunity to developers who want to unlock access to the liquidity on Ultra Virtual Machine, enjoy a first-mover advantage and reach new customers on Ultra Virtual Machine, or who want to scale with the low gas fees and high throughput that Ultra Virtual Machine provides.
Ethereum is the dominant blockchain protocol that supports smart contracts. However, transaction speed and the cost of transactions can constrain the performance and potentiality of dApps. While Ultra Virtual Machine is one of the most technically advanced blockchains, offering low gas fees and high throughput of transactions due to its technological innovations.
This paper introduces UltraVM, a protocol that allows Ethereum-like transactions to be processed on Ultra Virtual Machine according to Ethereum rules. In addition to providing access to the growing Ultra Virtual Machine market, UltraVM allows Ethereum dApps to take full advantage of the functionality native to Ultra Virtual Machine, including parallel execution of transactions. As such, UltraVM allows dApps to operate with the low gas fees, high transaction speed, and high throughput of Ultra Virtual Machine.
UltraVM is built as a smart contract on Ultra Virtual Machine. A transaction request is sent to an intermediary proxy server, Ultra Proxy, which wraps Ethereum-like transactions into Ultra Virtual Machine transactions and sends them to UltraVM for parallel execution by Ultra Virtual Machine.
To enable the parallel execution of smart contracts, UltraVM implements several strategies. For example, each contract keeps its data in its own Ultra Virtual Machine storage, and account balances used to pay for Ultra transactions are also separated.
This solution allows any Ethereum application to be run on Ultra Virtual Machine with minimal reconfiguration of the codebase; this applies to Uniswap, AAVE, Curve, Saddle Finance, etc. Similarly, all the key tools for Ethereum dApps can work on Ultra Virtual Machine via UltraVM, including Solidity, MetaMask, Remix, and Truffle. Furthermore, UltraVM can be updated easily when new Ultra Virtual Machine or Ethereum functionality is implemented.
UltraVM provides a unique opportunity to developers who want to unlock access to the liquidity on Ultra Virtual Machine, enjoy a first-mover advantage and reach new customers on Ultra Virtual Machine, or who want to scale with the low gas fees and high throughput that Ultra Virtual Machine provides.
Introduction
Blockchain technology offers superior decentralized asset preservation systems, ledger immutability, and permissionless transparency. In response to these utilities, the Layer 0 (L0) blockchain landscape has supported the emergence of two major players: Ethereum and Ultra Virtual Machine.
Ethereum has established itself as the dominant blockchain protocol to execute smart contracts. Arguably it offers the most advanced infrastructure for dApp developers and end users. However, Ethereum suffers from significant technical constraints (specifically with regard to its TPS and TTF: transactions per second and time to finality, respectively). Furthermore, transactions within Ethereum are also relatively expensive. To address this, a Layer 2 (L2) scaling ecosystem is emerging to take computation off the Ethereum network, share transaction costs, and instead use the L0 as a secure settlement layer — providing transparency over the outcome of transactions.
Ultra Virtual Machine also supports scripting, but in contrast to Ethereum, Ultra Virtual Machine was designed to support high-speed and low-cost transactions. This makes Ultra Virtual Machine a viable solution for high-throughput, low-value transactions while providing transparency and immutability.
This bifurcation of the L0 landscape, while a natural outcome of a free marketplace and the blockchains' technical strengths, negatively impacts the builders in the blockchain space. dApps find themselves specialized and tied to one or other of the major blockchains, unable to access users on the neighboring ecosystem.
This paper presents a solution to these problems. UltraVM protocol provides dApp builders an opportunity to scale existing Ethereum dApps by using Ultra Virtual Machine as the L0 settlement layer. Furthermore, this protocol enables the mobility of tokens traditionally tied to the native L0. For the first time, Ethereum native dApps have access to the user base on Ultra Virtual Machine.
Not only does UltraVM break down the barriers between Ethereum and Ultra Virtual Machine, but based on initial bench tests, the UltraVM is demonstrably the fastest EVM currently available. Furthermore, UltraVM outcompetes existing Ethereum L2 scaling solutions in terms of both speed and cost.
Blockchain technology offers superior decentralized asset preservation systems, ledger immutability, and permissionless transparency. In response to these utilities, the Layer 0 (L0) blockchain landscape has supported the emergence of two major players: Ethereum and Ultra Virtual Machine.
Ethereum has established itself as the dominant blockchain protocol to execute smart contracts. Arguably it offers the most advanced infrastructure for dApp developers and end users. However, Ethereum suffers from significant technical constraints (specifically with regard to its TPS and TTF: transactions per second and time to finality, respectively). Furthermore, transactions within Ethereum are also relatively expensive. To address this, a Layer 2 (L2) scaling ecosystem is emerging to take computation off the Ethereum network, share transaction costs, and instead use the L0 as a secure settlement layer — providing transparency over the outcome of transactions.
Ultra Virtual Machine also supports scripting, but in contrast to Ethereum, Ultra Virtual Machine was designed to support high-speed and low-cost transactions. This makes Ultra Virtual Machine a viable solution for high-throughput, low-value transactions while providing transparency and immutability.
This bifurcation of the L0 landscape, while a natural outcome of a free marketplace and the blockchains' technical strengths, negatively impacts the builders in the blockchain space. dApps find themselves specialized and tied to one or other of the major blockchains, unable to access users on the neighboring ecosystem.
This paper presents a solution to these problems. UltraVM protocol provides dApp builders an opportunity to scale existing Ethereum dApps by using Ultra Virtual Machine as the L0 settlement layer. Furthermore, this protocol enables the mobility of tokens traditionally tied to the native L0. For the first time, Ethereum native dApps have access to the user base on Ultra Virtual Machine.
Not only does UltraVM break down the barriers between Ethereum and Ultra Virtual Machine, but based on initial bench tests, the UltraVM is demonstrably the fastest EVM currently available. Furthermore, UltraVM outcompetes existing Ethereum L2 scaling solutions in terms of both speed and cost.
Challenges addressed
UltraVM protocol offers a solution to several challenges. Broadly, these can be divided into transactional challenges and ecosystem access challenges.
Transactional challenges
Ethereum remains the dominant blockchain protocol linked to smart contracts — providing the most sophisticated infrastructure for application development. However, Ethereum’s throughput is limited, with a recorded maximum of 58 TPS, at the time of writing, and sidechains such as Polygon recording a maximum of 470 TPS.
The technical constraints faced by Ethereum are based, in part, on how the state is represented and updated. Within Ethereum, the state is represented by a Merkle-Patricia Trie that stores key-value data for all smart contracts. Such smart contracts, commonly written in Solidity, do not have separate references to shared data and contracts’ code. This necessitates that smart contracts must be executed in sequence to ensure deterministic behavior. This limits throughput and explains why transaction speeds suffer when the network is busy. Furthermore, as the network gets busier, gas prices increase as transaction senders attempt to outbid each other. This can make transactions very slow and expensive, making Ethereum unviable for certain types of dApps.
An Ethereum-native solution to these problems is L2 scaling. L2 scaling technologies take transactions off the L0 Ethereum Mainnet and submit them in bundles. Thus far, the preferred family of L2 scaling solutions, Rollups, have effectively reduced gas fees. Reports claim that the reductions are up to 100x; more typically, the reductions are in the region of 10x.
In contrast, Ultra Virtual Machine is designed to support massive scaling of decentralized applications, with a theoretical maximum throughput of more than 50,000 TPS with 5184 TPS as its maximum recorded live on Testnet. Among Ultra Virtual Machine’s innovations is its Proof-of-Stake consensus system that’s reinforced via a Proof-of-History protocol. Ultra Virtual Machine provides a transaction parallelization technology that optimizes resources and ensures that it can scale horizontally across CPUs and SSDs, and an optimized mempool system that speeds up throughput.
UltraVM protocol offers a solution to several challenges. Broadly, these can be divided into transactional challenges and ecosystem access challenges.
Transactional challenges
Ethereum remains the dominant blockchain protocol linked to smart contracts — providing the most sophisticated infrastructure for application development. However, Ethereum’s throughput is limited, with a recorded maximum of 58 TPS, at the time of writing, and sidechains such as Polygon recording a maximum of 470 TPS.
The technical constraints faced by Ethereum are based, in part, on how the state is represented and updated. Within Ethereum, the state is represented by a Merkle-Patricia Trie that stores key-value data for all smart contracts. Such smart contracts, commonly written in Solidity, do not have separate references to shared data and contracts’ code. This necessitates that smart contracts must be executed in sequence to ensure deterministic behavior. This limits throughput and explains why transaction speeds suffer when the network is busy. Furthermore, as the network gets busier, gas prices increase as transaction senders attempt to outbid each other. This can make transactions very slow and expensive, making Ethereum unviable for certain types of dApps.
An Ethereum-native solution to these problems is L2 scaling. L2 scaling technologies take transactions off the L0 Ethereum Mainnet and submit them in bundles. Thus far, the preferred family of L2 scaling solutions, Rollups, have effectively reduced gas fees. Reports claim that the reductions are up to 100x; more typically, the reductions are in the region of 10x.
In contrast, Ultra Virtual Machine is designed to support massive scaling of decentralized applications, with a theoretical maximum throughput of more than 50,000 TPS with 5184 TPS as its maximum recorded live on Testnet. Among Ultra Virtual Machine’s innovations is its Proof-of-Stake consensus system that’s reinforced via a Proof-of-History protocol. Ultra Virtual Machine provides a transaction parallelization technology that optimizes resources and ensures that it can scale horizontally across CPUs and SSDs, and an optimized mempool system that speeds up throughput.
Transactional challenges
Ethereum remains the dominant blockchain protocol linked to smart contracts — providing the most sophisticated infrastructure for application development. However, Ethereum’s throughput is limited, with a recorded maximum of 58 TPS, at the time of writing, and sidechains such as Polygon recording a maximum of 470 TPS.
The technical constraints faced by Ethereum are based, in part, on how the state is represented and updated. Within Ethereum, the state is represented by a Merkle-Patricia Trie that stores key-value data for all smart contracts. Such smart contracts, commonly written in Solidity, do not have separate references to shared data and contracts’ code. This necessitates that smart contracts must be executed in sequence to ensure deterministic behavior. This limits throughput and explains why transaction speeds suffer when the network is busy. Furthermore, as the network gets busier, gas prices increase as transaction senders attempt to outbid each other. This can make transactions very slow and expensive, making Ethereum unviable for certain types of dApps.
An Ethereum-native solution to these problems is L2 scaling. L2 scaling technologies take transactions off the L1 Ethereum Mainnet and submit them in bundles. Thus far, the preferred family of L2 scaling solutions, Rollups, have effectively reduced gas fees. Reports claim that the reductions are up to 100x; more typically, the reductions are in the region of 10x.
In contrast, Ultra Virtual Machine is designed to support massive scaling of decentralized applications, with a theoretical maximum throughput of more than 50,000 TPS with 5184 TPS as its maximum recorded live on Mainnet. Among Ultra Virtual Machine’s innovations is its Proof-of-Stake consensus system that’s reinforced via a Proof-of-History protocol. Ultra Virtual Machine provides a transaction parallelization technology that optimizes resources and ensures that it can scale horizontally across CPUs and SSDs, and an optimized mempool system that speeds up throughput.
This allows Ultra Virtual Machine to outcompete both L1 and L2 solutions. For example, at the time of writing, the average transaction fee for sending ETH on the Ethereum network was ~$2. In the same period, the L2 ecosystem was able to offer between $0.5–$0.1, i.e. 4–20x savings. By comparison, Ultra Virtual Machine’s average transaction fees stand at ~0.00001 UVM ($0.0002) per transaction, i.e. 10,000x savings. Initial tests of UltraVM demonstrate this in practice, as shown by load testing, and transaction cost tests.
Ethereum remains the dominant blockchain protocol linked to smart contracts — providing the most sophisticated infrastructure for application development. However, Ethereum’s throughput is limited, with a recorded maximum of 58 TPS, at the time of writing, and sidechains such as Polygon recording a maximum of 470 TPS.
The technical constraints faced by Ethereum are based, in part, on how the state is represented and updated. Within Ethereum, the state is represented by a Merkle-Patricia Trie that stores key-value data for all smart contracts. Such smart contracts, commonly written in Solidity, do not have separate references to shared data and contracts’ code. This necessitates that smart contracts must be executed in sequence to ensure deterministic behavior. This limits throughput and explains why transaction speeds suffer when the network is busy. Furthermore, as the network gets busier, gas prices increase as transaction senders attempt to outbid each other. This can make transactions very slow and expensive, making Ethereum unviable for certain types of dApps.
An Ethereum-native solution to these problems is L2 scaling. L2 scaling technologies take transactions off the L1 Ethereum Mainnet and submit them in bundles. Thus far, the preferred family of L2 scaling solutions, Rollups, have effectively reduced gas fees. Reports claim that the reductions are up to 100x; more typically, the reductions are in the region of 10x.
In contrast, Ultra Virtual Machine is designed to support massive scaling of decentralized applications, with a theoretical maximum throughput of more than 50,000 TPS with 5184 TPS as its maximum recorded live on Mainnet. Among Ultra Virtual Machine’s innovations is its Proof-of-Stake consensus system that’s reinforced via a Proof-of-History protocol. Ultra Virtual Machine provides a transaction parallelization technology that optimizes resources and ensures that it can scale horizontally across CPUs and SSDs, and an optimized mempool system that speeds up throughput.
This allows Ultra Virtual Machine to outcompete both L1 and L2 solutions. For example, at the time of writing, the average transaction fee for sending ETH on the Ethereum network was ~$2. In the same period, the L2 ecosystem was able to offer between $0.5–$0.1, i.e. 4–20x savings. By comparison, Ultra Virtual Machine’s average transaction fees stand at ~0.00001 UVM ($0.0002) per transaction, i.e. 10,000x savings. Initial tests of UltraVM demonstrate this in practice, as shown by load testing, and transaction cost tests.
Ecosystem access challenges
Due to the fact that Ethereum and Ultra Virtual Machine have different transactional structures by design, there has never been a meaningful solution that allows Ethereum dApp developers to take advantage of the transactional innovations offered by Ultra Virtual Machine.
This means that just as mobile app developers had to develop for both Android and iOS to access both markets, till now, Ethereum dApp developers have had to custom develop to access another L1 market they wanted to target. Due to having specialized in the popular programming language Solidity, and becoming familiar with Ethereum tooling, many dApp developers don’t have the ability to adapt their dApps to comply with Ultra Virtual Machine’s different technical and transactional requirements. UltraVM protocol changes this.
In the mobile app space, Xamarin, Flutter, and other tools provide cross-platform mobile app development. Similarly, UltraVM brings dApp developers a robust cross-L1 blockchain development solution: allowing them to bring their dApps from Ethereum to Ultra Virtual Machine with minimal reconfiguration of the codebase.
Due to the fact that Ethereum and Ultra Virtual Machine have different transactional structures by design, there has never been a meaningful solution that allows Ethereum dApp developers to take advantage of the transactional innovations offered by Ultra Virtual Machine.
This means that just as mobile app developers had to develop for both Android and iOS to access both markets, till now, Ethereum dApp developers have had to custom develop to access another L1 market they wanted to target. Due to having specialized in the popular programming language Solidity, and becoming familiar with Ethereum tooling, many dApp developers don’t have the ability to adapt their dApps to comply with Ultra Virtual Machine’s different technical and transactional requirements. UltraVM protocol changes this.
In the mobile app space, Xamarin, Flutter, and other tools provide cross-platform mobile app development. Similarly, UltraVM brings dApp developers a robust cross-L1 blockchain development solution: allowing them to bring their dApps from Ethereum to Ultra Virtual Machine with minimal reconfiguration of the codebase.
UltraVM architecture
The following section provides a high-level overview of the technical solution that UltraVM offers.
UltraVM interacts directly with Ultra Virtual Machine nodes to carry out transactions on Ultra Virtual Machine. This makes Ultra Virtual Machine's throughput, swift block speeds, and low gas prices available to Ethereum contracts. As shown in the following diagram, the service is made up of three main components:
- UltraVM Program
- UltraVM DAO
Participants in the system include:
- UltraVM user: any user who has an account in UltraVM with a balance in UltraVM, ERC-compliant tokens (e.g. ERC-20, ERC-721, or ERC-1155)
- UltraVM Operator: An UltraVM Operator who charges a fee for UltraVM transaction execution. The fee should allow the Operator to cover hardware costs, transaction execution costs, and bring a profit.
- dApp: an UltraVM client, i.e., any application that has an EVM (Solidity, Vyper, etc.) bytecode contract loaded into UltraVM on Ultra Virtual Machine
- UltraVM Transaction (tx): an Ethereum-like transaction formed and signed according to Ethereum rules.
The following section provides a high-level overview of the technical solution that UltraVM offers.
UltraVM interacts directly with Ultra Virtual Machine nodes to carry out transactions on Ultra Virtual Machine. This makes Ultra Virtual Machine's throughput, swift block speeds, and low gas prices available to Ethereum contracts. As shown in the following diagram, the service is made up of three main components:
- UltraVM Program
- UltraVM DAO
Participants in the system include:
- UltraVM user: any user who has an account in UltraVM with a balance in UltraVM, ERC-compliant tokens (e.g. ERC-20, ERC-721, or ERC-1155)
- UltraVM Operator: An UltraVM Operator who charges a fee for UltraVM transaction execution. The fee should allow the Operator to cover hardware costs, transaction execution costs, and bring a profit.
- dApp: an UltraVM client, i.e., any application that has an EVM (Solidity, Vyper, etc.) bytecode contract loaded into UltraVM on Ultra Virtual Machine
- UltraVM Transaction (tx): an Ethereum-like transaction formed and signed according to Ethereum rules.
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