Internet Computer (ICP) has just launched their new EVM RPC Canister Beta version for developers to test out and give feedback on.
It is said to be one of the most important components of the ICP ecosystem as it might attract more developers from other chains, especially Ethereum, to create projects on it.
ICP EVM RPC Canister
ICP EVM RPC Canister is a new innovation that has just been launched on the 9th of February 2024. It has a lot of abbreviations in it so let’s break it down one by one to understand what it is.
ICP stands for Internet Computer Protocol which is the blockchain or project that is being talked about in this article.
ICP itself is a blockchain that has an RPC or a Remote Produce Call, which is a type of node in a blockchain that interacts with apps or users so that the blockchain can start processing requests, for example transaction requests.
EVM stands for Ethereum Virtual Machine, which is a system that states a set of rules of computing that is inline with how Ethereum Blockchain works. Lastly, Canister is another name for smart contracts in the ICP Blockchain.
So what is an ICP EVM RPC Canister exactly? It is a way for ICP to communicate with other blockchains that follow the EVM rules, or EVM Blockchains, through their own adjusted RPCs so the smart contract or Canister on the ICP can interact with smart contracts on other EVM Blockchains, for example on Ethereum Blockchain.
This is a mechanism for developers to create an interoperable DApp easily so that users on ICP do not have to use a bridge or a wrapped token when transacting from ICP to other Blockchain when using DApps on ICP.
Before ICP EVM RPC Canister existed, developers on ICP usually used the HTTPS Outcall function so that their canister smart contract can communicate with other smart contracts on EVM Blockchains.
But that process usually requires more complicated steps, some of which are amending the existing smart contract and keeping track of different API Keys for different RPCs.
With ICP EVM RPC Canister, no longer will developers need to amend their smart contract and generate while maintaining multiple API Keys because everything is automated and easier so developers have an easier time creating interoperable DApps on ICP.
As of right now, the phase of development that ICP EVM RPC Canister is at, is in the beta public test phase.
The ICP team is currently encouraging developers to try out this new innovation and is taking suggestions on what should be improved before launching it to the public as the main version of it.
Brighter Days for ICP?
ICP has been doing some updates in the background and have managed to turn those updates into fuel to boost their coin price higher.
ICP currently stands at around $12.75 at the time of writing, which is a more than 300% increase since October 2023.
The current condition of ICP Blockchain has also been well, with its transaction speed standing at around 5.000 transactions per second, which is arguably on par with most developed blockchain in the crypto market.
With new upgrades, activity on the blockchain has also been increasing as well, especially from developers.
Since its launch, the number of canister smart contracts created on the ICP Blockchain has risen significantly and has never shown a significant slowing in the rate of growth on their blockchain.
Overall it seems that the conditions around ICP are positive, but it needs more marketing to enhance the adoption rate because currently it is being somewhat overshadowed by newer blockchains.
But with new projects coming in and realising that ICP has potential in its infrastructure, ICP can stand as one of the leading blockchains going into the predicted 2025 bull market.
