The Next Ethereum Killer: Everscale (EVER)?

By CoinUnited.io Research Team

15 Mar 2023

3 min read

The Everscale network is only the most recent iteration of a blockchain project. It all began when brothers Pavel Durov and Nikolai Durov established The Open Network (or "Telegram Open Network") (TON) in 2018. Due to legal actions and concerns with investors, TON was never able to completely debut. Nevertheless, the original TON components generated such much attention that they were released into the public domain. Based on the original TON project's source code, the Free TON project was formally released in May of 2020. After a year of user feedback, the project's name was officially changed to Everscale in 2021. The Everscale blockchain underwent a rebranding that includes renaming its token EVER.

The blockchain trilemma has just been addressed by Everscale, a cryptocurrency. The difficulty of building a scalable, secure, and decentralized blockchain network is a recurrent issue. Everscale's solution to the blockchain trilemma focuses on scalability. After building a safe, decentralized network, they experimented with increasing its scalability. Everscale's major focus is on transactions per second, while there are numerous other ways to gauge scalability (TPS). Everscale returned to the idea of decentralization once it had reached its desired degree of scalability. Initially, the group was divided into separate "sub-governments," each of which was managed by a different group of volunteer community members. They made the conversion to a decentralized autonomous organization (DAO) in the spring of 2022, allowing every user who has a governance token to cast a ballot.

They have incorporated multichain blockchain technology to aid with scalability.

The masterchain (1) is the foundation of this blockchain network and is responsible for all consensus operations. To verify new blocks on the masterchain, users can stake their current EVER tokens. The masterchain also uses smart contracts, but these are highly costly. Typically, only governing decisions are made via masterchain smart contracts.

Users on the workchain can purchase and sell crypto or create contracts for decentralized apps (DApps) or basic transactions. Chain 0 is the only active workchain at the moment, however other chains might be added in the future.

Each shard has its own data and autonomous processes, which lowers network latency. Everscale employs a kind of sharding known as "endless sharding," which has shown to be extremely successful. By default, Chain 0 has 16 shards. The chain, however, unlocks additional processing threads as more people create smart contracts. These threads reassemble into single shard chains when the transaction count drops.

High-value features are available because to Everscale's blockchain technology.

Everscale uses a PoS consensus, just as many other blockchain networks seeking to rival Ethereum. New blocks may be generated by individuals who hold a stake in the system via the PoS validation procedure. PoS, as contrast to proof of work (PoW), only needs users to lock their tokens for a predetermined period of time. Everscale is a PoS solution that reduces energy consumption and enables users to mine new blocks without having to invest in expensive hardware.

It can process up to 63,000 transactions per second since it is a multithreaded blockchain. Although though Everscale charges for gas, the majority of customers feel the costs to be relatively reasonable. The Everscale network is perfect for things like DApps due to its speed and low cost.

Soft majority fault tolerance (SMFT) consensus is used by Everscale. Instead than restricting themselves to their own workchain, this voting technique enables any validator to contribute to overall network security. While no fraudulent activity is present, it enables for quick transactions, but when someone votes against validation, the whole network of validators is examined. Security and decentralization are ultimately enhanced as a result.

Users can contribute external instructions to the network using the new blockchain technology known as Reliable External Messaging Protocol (REMP). In order to handle user messages in a timely and equitable manner, blockchain networks can employ REMP to correctly organize user messages. The spam messages can't disrupt system operations because to built-in spam prevention in Everscale's REMP implementation.

Everscale additionally offers auxiliary workchains to increase its usability. They operate in tandem with traditional workchains but do not process user transactions. Instead, they only provide consumers with more services, such as storage. Chain 0 and all of its shards may now concentrate on transaction processing rather than data retrieval thanks to the ability to handle less important smart contracts off the major chains.

Each organization receives its own smart contract for data storage rather than having all of its user data stored in a central repository. Customers have the option to pay a charge to keep their data, or they can opt out of the service altogether and let Everscale remove their data.

Building the Everscale DAO and making the switchover to a community-run network took up a significant portion of 2022. Cross-chain initiatives like an NFT bridge and Cardano collaboration were prioritized in the early DAO-led efforts. Everscale intends to improve user experience by integrating new features onto its blockchain network now that it has established itself inside the DeFi community. A wide range of exciting initiatives, both large and small, are included in the most recent iteration of the Everscale road plan. The network will be easier to use with certain basic ones, such developing a decentralized name service to provide simple and readable addresses. Everscale also aims to keep moving forward with its efforts to link the network with other DeFi initiatives. There are plans to launch an open derivative protocol where users may trade derivatives as well as a direct BTC bridge to make crypto exchanges easier. Everscale also wants to switch to a new Soft Majority Fault Tolerance consensus in the future, which would improve network security even further.

The native token of the Everscale network is called EVER. You may exchange EVER for WEVER (wrapped EVER), the governance tokens that run the Everscale DAO, or you can use it to make transactions on the network. Tokens are offered as validator incentives for community members or may be purchased on crypto exchanges. During the token launch, 85% of the tokens were given to the Referral Treasury, which finances partnerships and adoption campaigns, and 10% were utilized for the Developer Treasury, which compensates community developers. Since then, the balance has altered, and validators now hold a disproportionate number of tokens. With a monthly release of 2 million tokens to each validator, the token is intended to be inflationary. EVER currently has a circulating supply of 1.7 billion as of March 13, 2023, and monthly releases will cease after EVER achieves its cap of 5 billion tokens.

When the Everscale blockchain initially launched its token in 2020, it soon rose to an all-time high of $2.56. Following this initial surge in demand, the price of EVER began to level down. Prices have been relatively stable at approximately $0.10 since the summer of 2022. According to PricePrediction, it might reach $0.16 by the end of 2023 and quadruple to $0.34 by 2025. Their long-term projections show that EVER will certainly surpass the $1 threshold in 2028 to reach $1.14 and close to its all-time high price of $2.37 in 2030. Similar to PricePrediction, DigitalCoinPrice is bullish on EVER but thinks its rise will be considerably more slow over the long run. They predict that Everscale's price will reach $0.22 by the end of 2023 and $0.39 by the end of 2025, but that growth will stall and that EVER's price will reach $0.54 in 2028 before reaching the $1 threshold in 2030. The success of the Everscale network will ultimately determine the real cost. As more and more customers switch to Everscale to complete their transactions, the price of the company's token is expected to rise if it is indeed one of the greatest so-called Ethereum killers.

To begin trading EVER/USDT Spot, simply sign up for an account on CoinUnited.io, fund it with cryptocurrency or fiat currency, and head to the relevant page.

Although while EVER's growth is sluggish, that doesn't always imply it's a bad investment. It's not going to bring in huge revenues, but there is some hope. There is a lot of interest in the network underlying the token, but the crypto community isn't all that interested in the token itself at the moment. Everscale's unusual scalability makes it a prime candidate for a lot of exciting applications. It may be worthwhile to invest some further capital in this token based on the blockchain's potential uses and the coin's existing stability. But, before you invest, it's wise to perform some independent research.

Everscale is a cutting-edge blockchain project that promises to improve scalability via the use of sophisticated sharding. The network isn't yet shown to be successful because the project is still in its infancy and the community's leadership has just recently switched to DAO governance. But, if Everscale is able to build on their current success and accomplish what they have planned for the future, this network has the potential to become a very significant part of the crypto world.

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