Everscale is a scalable smart contract-based platform platform that aims to address the scalability and performance limitations of existing blockchains. Everscale is a sharded blockchain, which means that the network can be divided into smaller subnetworks that can each process transactions independently. This allows Everscale to scale horizontally, which means that the network can increase its transaction speed and capacity as more validators join the network.
In this article, we will discuss Everscale, EVER tokens and its tokenomics.
What Is Everscale and How Does It Work?
Everscale is an innovative blockchain platform that combines the best features of Proof-of-Stake, blockchain sharding, and DAG (directed acyclic graph) technology to address the scalability trilemma. Sharding splits the network into small shards that assist in processing transactions in parallel. This, along with DAG technology, enables Everscale to achieve high throughput and low latency. Proof-of-Stake consensus technique allows Everscale to be highly secure and decentralized.
The driving force behind this scalability solution was the blockchain's aspiration to accommodate an extensive global user base of billions or more, necessitating high transaction speeds.
Everscale's combination of features is designed to fulfill the network's goal of worldwide adoption by increasing speed, efficiency, security and decentralization all at once.
Everscale's strategy stands out in contrast to Ethereum's current quest for scalability solutions. The difficulties associated with transaction fees and throughput provided a catalyst for Ethereum's scalability efforts. However, despite sincere efforts, scaling solutions for Ethereum (Layer-2 solutions) have not yet produced noticeable differences in transaction speed and cost. Although different approaches, including rollups and various sharding algorithms, have been researched, it is yet uncertain how effective they will be in execution.
The network architecture of Everscale is strategically separated into data shards known as workchains. Workchains are the basic building blocks of the Everscale blockchain. They are responsible for processing transactions and executing smart contracts. Each Workchain can have its own virtual machine, currency, and fee policy, this allows for a high degree of flexibility and customization.
Everscale consists of two major global shards: the masterchain and the main workchain. The Masterchain is responsible for coordinating the work of the Workchains and ensuring the security of the network. At present, Everscale's design has the capacity to support up to 232 workchains, each with its own configuration, virtual machine, and native currency.
Everscale doesn't just stop at splitting up transaction data, it also divides up the computing power needed. This helps smart contracts run faster together by breaking down the main work area into smaller sections called threads. Each thread has its own group of workers (validators) who handle transactions only within their section. This allows them to work on numerous tasks at the same time, helping smart contracts run more efficiently. This specific mode of operation, known as multithreading, is designed to fit the network's activities, ensuring that smart contracts function concurrently without any mix-ups or difficulties.
In summary, Everscale's innovative solution addresses the challenges of scalability in an effective manner. By implementing dynamic sharding and asynchronous architecture, Everscale achieves scalability goals that have limited other blockchain platforms. With its unique approach to data storage, transaction processing, and division of computational power for effective and faster smart contracts, it is a remarkable contender in the rapidly evolving landscape of decentralized technologies.
What Is EVER Token?
The Everscale EVER token functions as the primary native cryptocurrency of the Everscale blockchain, with its utility encompassing the following:
- Staking: Holders of EVER tokens can engage in staking, active involvement in the Proof-of-Stake consensus mechanism. This participation leads to rewards for token holders, incentivizing their support for the network's security and operation.
- Payments: EVER tokens serve as a means of payment within the Everscale network. They can be used to settle various types of transactions and services offered by the platform.
- Fees: EVER is the designated cryptocurrency for network-related expenses, EVER tokens are used to cover transaction fees and smart contract execution fees. This ensures seamless and efficient interactions within the ecosystem.
- Governance: EVER tokens are also used to facilitate network governance. EVER token holders can exercise their influence by voting on proposals that determine the future direction and enhancements of the Everscale network.
- Decentralized Applications (dApps): EVER tokens empower the functionality of decentralized applications (dApps) in the Everscale network. These tokens drive the execution and interaction of various dApps.
The Everscale EVER token holds the classification of a utility token. This designation signifies its specific and practical role within the Everscale ecosystem. It's important to distinguish that the EVER token is not a security token, which might represent a financial investment. The EVER token lacks the promise of ensuring future profits; rather, its value derives from the active roles it fulfills within the Everscale blockchain.
EVER operates as an inflationary token characterized by a consistent supply rate. A total of two million freshly minted EVER tokens are introduced as rewards for validators every month, continuing until EVER reaches a predefined cap of five billion tokens.
- Referral treasury (85%): Partnerships funds and adoption initiatives
- Developer treasury (10%): Percentage allocated to community developers building projects and contributing to the Everscale ecosystem.
- Validator treasury (5%): Percentage allocated to network security and the adoption of bootstrap validators.
EVER Statistics (August 2023)
History of Everscale
Everscale grew in popularity as an innovative blockchain platform after beginning as a community-initiated fork of the Telegram Open Network (TON) project. The TON project, which was first pioneered by messaging service Telegram, stopped operation in 2020 because of regulatory issues.
The Everscale community took over the development of TON and launched the Free TON project in May 2020. In November 2021, the community voted to rename the project to Everscale.
Alexander Filatov, the founder of the Free TON Foundation, leads the Everscale team. Everscale has been designed to be user-friendly for developers. Its modular architecture makes it easy to create decentralized applications on the blockchain. In addition, the Everscale team is working diligently on numerous tools and resources for developers.
Everscale is still in its infancy, but it has the potential to become a major player in the blockchain industry. The platform is appropriate for a wide range of applications because of its high transaction speed, scalability, and developer friendliness.
Features of Everscale
Everscale distinguishes itself from other blockchain-scaling solutions through several compelling features which include:
- Scalability: Everscale employs a sharded blockchain architecture, dividing the network into smaller interconnected segments. Each shard can autonomously process transactions, facilitating horizontal scalability. This approach allows Everscale to efficiently expand its capacity and throughput by incorporating more validators.
- Performance: Notably fast, Everscale boasts the capability to process a remarkable 100,000 transactions per second. With a mere 1-second block time, transactions receive speedy confirmations, enhancing overall performance.
- Security: Everscale prioritizes security through an array of robust measures. These include a Proof-of-Stake consensus mechanism, a distributed hash table for data integrity, and a secure multi-party computation protocol that safeguards network operations.
- Developer-Friendliness: Crafted with developers in mind, Everscale boasts a modular architecture that streamlines application development on its platform. The team is actively committed to nurturing a supportive environment, continuously producing tools and resources to bolster developers.
- Interoperability: Everscale embraces interoperability with other blockchains, enabling seamless communication and data transfer between distinct blockchain networks. This interoperable nature empowers the creation of applications that seamlessly span multiple blockchains.
- Efficiency: Everscale stands out for its resource-efficient nature. Operating with minimal energy and resource consumption, the platform offers a sustainable solution for constructing blockchain applications.
These collective features establish Everscale as a dynamic and versatile blockchain platform, well-equipped to address the needs of various blockchain-based industries and applications without the constraint of scalability.
EVER Token Value
As of August 2023, EVER token is valued at $0.053, the value of the EVER token is derived from its utility within the Everscale ecosystem. EVER tokens can be used to pay for gas fees, participate in staking, and vote on network proposals. They can also be used to purchase goods and services on the Everscale DeFi platform.
Everscale stands as an innovative blockchain designed to tackle the scalability and performance limitations observed in existing blockchains. Everscale employs sharding mechanism for high throughput capabilities. The EVER token plays a pivotal role within the Everscale ecosystem, and its value is expected to rise with the network's growth and increased adoption.
Several factors can impact the EVER token's value:
- Everscale's Ecosystem Expansion: A surge in developer activity and user adoption within the Everscale ecosystem can drive higher demand for EVER tokens, thus potentially leading to a price increase.
- DeFi Adoption on Everscale: Although in its early stages, the Everscale DeFi platform has the potential to emerge as a prominent DeFi hub. Successful adoption of DeFi on Everscale might significantly boost demand for EVER tokens.
- Cryptocurrency Market Performance: The price of EVER tokens may correlate with the broader cryptocurrency market trend. A bullish cryptocurrency market could prompt an uptrend in EVER token prices and bearish cryptocurrency market prompt a downtrend in EVER token prices.
It's crucial to acknowledge the inherent volatility of the cryptocurrency market, which could result in sharp short-term price fluctuations for EVER tokens. However, in the long run, the EVER token's value is likely to be driven by the growth of the Everscale ecosystem and the successful integration of DeFi into the platform.
How and Where to Buy EVER Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including EVER tokens, users can now trade easily and seamlessly. To purchase EVER tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to EVER Trading Page: Once your account is funded, go to the dedicated EVER trading page on CoinEx. Here, you can find various trading pairs involving EVER tokens.
- Choose a Trading Pair: Select the desired trading pair that matches EVER with another cryptocurrency. For instance, you may choose EVER/USDT if you wish to trade EVER against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of EVER tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade EVER tokens on CoinEx, taking advantage of the available trading pairs.