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Ethereum Virtual Machine (EVM)

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The Ethereum Virtual Machine is a system that tracks changes on the Ethereum blockchain in a decentralized manner. It keeps track of the ‘State’ / the latest version of the blockchain. Users can run the Ethereum Virtual Machine on a computer and use it to create their own programs (smart contracts) and make them part of Ethereum.

The state of the blockchain is modified by transactions. Every transaction is a change in the blockchain and all participants of this blockchain must be aware of this. A change can arise from, for example, an event on a smart contract.
How EVM works

Ethereum is a distributed network and runs on countless machines around the world. To be able to get started with the code, the Ethereum Virtual Machine exists. You can see this as a CPU that runs in a computer by means of a program ‘Geth’. Everyone running Geth on a Windows, Unbuntu or Mac is connected.

The Ethereum Virtual Machine works the same as a normal CPU/computer. It executes written code according to instructions written using the Solidity programming language. The code (bytes) executed by the EVM are Ethereum smart contracts. EVM is a virtual CPU/computer aka software. It doesn’t exist in the world like you can buy a computer in the store. The EVM is ‘inside’ the Geth software.

Smart contracts, or applications, can be created on the EVM. Projects created on the Ethereum blockchain are created in the EVM. Being part of the Ethereum blockchain, the application is one that runs on its own. Transactions made on this application are distributed by means of all participants of the network and thus other parts of the big picture.

Geth #

Geth is the software that contains the EVM. The moment you run Geth on your computer, you are actually part of the Ethereum network. You are therefore connected to everyone else who runs Geth. The Ethereum network is nothing but a bunch of computers all running Geth.

As soon as you create a smart contract, everyone with Geth will receive a copy of this code. The moment a smart contract is actually called, everyone within the Ethereum network will also execute the copy of the smart contract. This keeps every machine up-to-date with the latest change made by a smart contract.

You can imagine that quite a few smart contracts have been deployed by now. In total, there are currently 1.5 million smart contracts outstanding. Every small change made by a smart contract can cause a change in the state of the blockchain. After a change, everyone with Geth will receive a sign of this and will execute the same code so that every Node on the network (computer with Geth) always has the correct version.

The state is the last state of the blockchain. This contains the cash book of how much Ethereum everyone has, which wallets there are and which smart contracts have been made. Every small change made by a smart contract must be tracked by all computers running Geth.

Gwei #

Transactions are made on the Ethereum network and within smart contracts. These are the changes that are made on the blockchain. Every transaction must be paid and this is done on the basis of GAS. On the Ethereum network, the costs for this are expressed in Gwei. This is the smallest unit of Ethereum, like Satoshi is for Bitcoin.

Updated on August 9, 2021
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  • What do the risk ratings mean?

Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

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