Everscale is a rare example of a really cool project that proved its value without any hype. Let's discover the Everscale ecosystem to find out its tools, possible investment profit, and how the project will transform in the near future.
What is Everscale
Everscale is an ecosystem with its own blockchain. The project was launched on May 7, 2020. Everscale has been a fully decentralized project since the very beginning. It is controlled by a DAO (decentralized autonomous organization), which consists of 23 founding teams.
The platform aims to solve the scalability problem, that is an inability of the system to deal with the growing pressure. Everscale is built in a way in which it can’t face this problem, and it is a universal base for building DeFi and NFT projects.
«Everscale is a unique blockchain design that proposes a scalable decentralized world computer, paired with a distributed operating system — Ever OS», – this is how the developers describe the project in its whitepaper.
📎 Links: official website, YouTube, Telegram, blog, GitHub, Twitter, Reddit.
📃 Documentation: whitepaper, lightpaper.
Everscale solutions
While building Everscale, developers used a range of solutions and tools. Let’s take a look at the main ones.
🍕 Proof-of-Stake (PoS) algorithm. At the moment of the project launch, both its main competitors Bitcoin and Ethereum were using a heavy Proof-of-Work (PoW) algorithm that required a huge amount of computing power to operate, which led to large electricity consumption. Despite the fact that ETH moved to a faster PoS in September 2022, the problem of its scalability has not been completely solved.
PoS is a consensus algorithm that provides coin extraction through staking, which means coins' intentional holding on the balance in order to maintain the system. PoS energy consumption is much less than PoW that involves coins extraction through mining. Miners connect the computing power of their devices to the cryptocurrency network to solve network tasks for a reward. PoW is often criticized for its high energy consumption.
🌐 Byzantine Fault Tolerant (BFT) algorithm. It helps the network reach consensus even if the system loses connection with some nodes. This speeds up the work of the blockchain.
A protocol is a set of rules that ensures the security of transactions in a cryptocurrency network. Nodes are blockchain system members, that is computing devices processing network data. Node connections provide network data consensus.
🎳 Sharding. The technology implies a large amount of computing data distribution into small groups called shards. Thus, each node is not engaged in the entire chain of calculations, but only in its part. Sharding scheme increases network speed and simplifies search for errors.
Everscale Ecosystem
The Everscale ecosystem includes 55 projects. Let's dive into top-10:
🌉 Octus Bridge. The tool helps transfer cryptocurrency between different networks, for example, from Ethereum to BNB Chain.
💱 Decentralized exchange FlatQube. It provides tools for crypto purchase, exchange, and sale. FlatQube also has earning tools: for example, you can mine liquidity by providing other market participants with crypto.
📩 Anonymous messenger Qamon. The platform allows you to chat confidentially.
🕹 Everplay gaming platform. You can use it to earn money while playing games.
🏷️ Ever Name domain service. It replaces massive blockchain addresses with familiar, easy-to-remember ones. You can choose a name or come up with one. Each domain is an NFT.
👛 The main ecosystem wallet EVER Wallet provides instant transactions with minimal fees and an access to DApps inside the Everscale ecosystem.
👾 Broxie NFT is a flagship non-fungible token collection by Everscale infrastructure developer Broxus. The collection includes 1221 unique tokens.
🏁 Multichain Louchpad EverStart. EverStart provides developers access to investments and investors with the opportunity to earn money using promising projects in their early stages. The roadmap says it is going to be controlled by the DAO.
🖼 NFT marketplaces Tokstock and GrandBazar provide users with for non-fungible tokens purchase and sale.
🃏 Poker bot @pokertonbot. Available on Telegram.
Everscale blockchain
The Everscale blockchain is based on the masterchain, that is the main chain of blocks that is responsible for enforcing network rules. It also stores all transaction data.
Basic tasks are executed by workchains, that is chains of blocks conducting transactions. Each workchain can have its own set of executing rules. Their data is checked by a group of validators — network members responsible for confirming the validity of transaction records. Here is how the Everscale blockchain architecture might look like by Messari:
The Threaded Virtual Machine (TVM), which is built with the Rust programming language, is responsible for Everscale's masterchain and basic workchain operations. Its architecture is different from Ethereum Virtual Machine (EVM). TVM, unlike EVM, supports any random records and structures. This allows Threaded Virtual Machine to support functional programming languages.
TVM is supported by the TON, Venom, and Everscale blockchains, which means that applications and various tools developed for one blockchain will also work on another. The parallel support of several blockchains is a key that allows developers to reduce training and application creation expenses. You can read more about TVM in the project documentation.
As of the middle of April 2023, Everscale blockchain supports 78 projects including the Challengely crypto exchange and the itez financial service.
Roadmap
The project team publishes Everscale development plans on the official website. Here is a list of some tasks to be done in the nearest future:
🌥️ On-chain DriveChain storage launch. The system will provide blockchain data storage with the possibility of using it in smart contracts.
🔄 The bitcoin bridge launch. Tool will provide users with the opportunity to transfer assets to the bitcoin network and back.
💼 Open derivatives protocol. Derivatives are financial instruments which are often embodied as an agreement that implies the performance of certain actions tied to the underlying asset, for example, bitcoin.
😎 Private workchains launch. Private workchain is a part separated from the general network, with data available only to an agreed-upon group of users.
One of Everscale's main goals is to become an effective underlying basis for high-load applications, central bank digital currencies (CBDC), and money transfer services. Also it is aimed to become a hub connecting all popular blockchains together!
EVER cryptocurrency
Everscale has a native token called EVER which is a tool to pay network fees and receive rewards inside the Everscale ecosystem. Its maximum was $1.70 on October 26, 2020. Its minimum was $0.02. Now it is trading around $0.09–0.06.
At the end of January 2023, EVER skyrocketed to $0.18 because of news about Everscale's partnership with the innovative Web3 fund Venom Foundation managed by Iceberg Capital Limited. The company has invested $5 million in Everscale as a part of its prospective project support program. This provided the platform with funding needed to continue development. The project became one of the Venom program's first participants.
The cryptocurrency is traded on popular exchanges, including Huobi and KuCoin. It can also be purchased on the convenient itez service. Itez has low fees and high transaction speed. You can pay with a bank card for the national currency.
EVER investment potential
Everscale is one of the most high-tech startups on the market, with many major platforms already using its tools. The project has proven its solutions effectiveness and survived crypto winter. It is also supported by strong partners, including Venom.
Everscale has become an important part of a number of social initiatives:
🇵🇭 Philippines-based payment service development. The project is run by the local company Direct Agent 5 (DA5), which controls one of the largest money transfer networks in the country. The service will provide users with tools to transfer stablecoins through the Everscale blockchain.
🇮🇩 Indonesian stablecoin development in partnership with IndoCoin.
🇦🇪 CBDC development in the UAE. According to the developers, as a completely legal instrument central bank digital currencies will help solve the scaling problem of the traditional financial system against financial market digitalization.
Everscale developers avoid hype. Instead of that the team consistently develops the platform. The project's growth potential, its highly demanded solutions, and proven viability turn its EVER coin into a promising investment. Its attractiveness is also strengthened by the fact that the previously unnoticed high potential token can skyrocket.
You can buy EVER at the best price on the itez platform. And we have also prepared for you instructions on how to create two wallets for storing EVER!
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This article is not an investment recommendation. The financial transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
