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Stellar joins Bytecode Alliance to help develop EVM alternative Wasm

  • The Stellar Development Foundation has joined the Bytecode Alliance, a group promoting the development of WebAssembly (Wasm).
  • WebAssembly (Wasm) is a competitor to the Ethereum Virtual Machine (EVM) used by the Ethereum ecosystem and is used in non-blockchain, browser-based applications.
  • The EVM is a virtual machine used to execute smart contracts and is used by most blockchain networks.
  • Stellar began as a payments network in 2014 and implemented smart contracts in 2022.
  • Stellar chose Wasm as its computation engine over EVM due to scalability and cost concerns.
  • The Bytecode Alliance is a nonprofit organization comprised of internet companies working on Wasm development.
  • By joining the Bytecode Alliance, Stellar aims to influence standards and tooling within the Wasm development community.
  • Stellar’s participation in the organization will help support the needs of Web3 and blockchain developers.
  • The Wasm community is making progress in the Web3 world, with networks like Astar allowing both EVM and Wasm contracts.
  • Binance also recently announced funding for a zero-knowledge proof application platform using Wasm.
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