A sandboxed runtime environment that executes smart contract bytecode deterministically across distributed nodes, translating high-level contract code into low-level operations whilst metering computational resource consumption and enforcing state-transition rules. The Ethereum Virtual Machine is the canonical reference implementation, with alternatives including WebAssembly-based runtimes for improved performance.
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- Runtime environment executing smart contracts deterministically, translating high-level contract code into low-level operations whilst enforcing resource limits and preventing unauthorised state modifications. The Ethereum Virtual Machine dominates as the reference implementation executing Solidity bytecode across thousands of nodes globally, with alternatives including WebAssembly-based Solana’s Sealevel VM, Move VM, and Cairo VM providing specialised optimisations. Deterministic execution is paramount—identical contract invocations across decentralised networks must produce identical results, enabling consensus formation without relying on centralised authorities.