What is Everscale (EVER)? Everything you need to know about the project

Introduction

Everscale (EVER) is a blockchain-based project that promises to provide an innovative platform for trustless transactions and decentralized applications. The project aims to create and maintain a secure, transparent and interoperable blockchain infrastructure for developers and businesses. EVER seeks to provide a platform for trustless digital transactions, a secure and transparent data layer and a decentralized application development environment. The project is currently in its early stages, however, it has already gained the attention of investors, developers, and businesses due to its potential to revolutionize the blockchain industry. This article will provide an overview of the project, its current development, and its potential applications.




What is Everscale


AdvancedAltcoins

What is Everscale


AdvancedAltcoins

Main

  • Everscale is an ecosystem whose blockchain was based on the Telegram Open Network (TON) architecture. Initially, the project was called Free TON, but in November 2021, its community decided to renaming.
  • Everscale’s protocol has been built from the ground up with features such as multi-layer blockchain, sharding, and multi-threading operations, making this blockchain platform one of the fastest.
  • Everscale community members are developing DeFi and NFT directions, holders of the native EVER coin can participate in DAO voting.

Who launched Everscale and when?

In 2018, the development of the Telegram Open Network began. Fundraising was carried out by Pavel Durov, the white paper of the project was written by his brother, Nikolai Durov.

The TON network was planned to be launched in the fall of 2019, but this was not possible due to a ban imposed by the US Securities and Exchange Commission. The regulator filed a lawsuit, the proceedings continued for several months.

In parallel, TON developers, together with external contractors, continued to work – the source code of the finished components was published in the public domain. In the spring of 2020, Telegram refused to continue the trial, Pavel Durov announced about closing the project.

Then more than two dozen companies and teams, including those who participated in the development of TON, used its ready-made protocol and their own developments and launched the Free TON main network in May 2020. Among the founders of the project are Everstake, Simplex, CryptoNewsHerald creator Anatoly Kaplan, Kuna exchange and others.

Is Everscale a fork of TON?

Everscale is not a fork of TON as the latter has not been launched. The new blockchain used the Telegram Open Network code, which is open to everyone.

What is the name of Everscale’s native coin?

The Everscale cryptocurrency bears the same name as the network and is traded under the ticker EVER on various cryptocurrency exchanges: Gate.io, MEXC, Kuna, Coinone, HitBTC and others. In addition, custom tokens are issued on the Everscale blockchain.

Where to store EVER coins?

There are several popular wallets in which you can store Everscale coins and other network tokens:

  • Ever Surf. An open source wallet from EverX, a company that participated in the development of TON, and then became one of the founders of Everscale. Application available for Android and iOS. It supports debots – applications with various functions and a chat-like interface, similar in principle to Telegram bots.
  • EVER Wallet. A wallet from another key developer and co-founder of Everscale – Broxus. Available for Android and iOS devices, as well as a browser-based wallet, making it suitable for DeFi and Web3 applications.
  • everspace. Popular mobile walletdeveloped by a group of programmers from the Everscale community.

What are the features of the Everscale blockchain?

Consensus Algorithm

The network runs on an algorithm from the Proof-of-Stake family. Validators are responsible for verifying blockchain data and producing blocks. The special Soft majority fault tolerance (SMFT) protocol is responsible for the security and reliability of blockchain data. It regulates the procedure for a group of validators to reach consensus on the “correct” block that will be added to the general chain. To do this, validators choose one participant from among themselves, who “finds” a new block and sends it to the network. Next, the algorithm selects a group of validators that confirm the “correctness” of the block.

Multi-level blockchain

Everscale inherited some elements of the TON architecture described in its white paper. In particular, this network consists of several blockchains of different “levels”:

  • Masterchain. The “main” blockchain, which is responsible for verifying the main data of the network and exists only in the singular. Its blocks store the main information about the state of Everscale – confirmation of the “correctness” of the data of all workchains.
  • Workchains. Blockchains designed to operate individual components of the ecosystem, such as decentralized applications. A workchain can have its own address and transaction formats, separate virtual machines, and so on. At the same time, the workchains must be compatible with each other – this condition is checked by the masterchain. The number of workchains may change.
  • Shardchains. The basic element, which is a “mini-blockchain”. May include one or more blocks. There can be several shardchains in one workchain.

Sharding and multithreading

Everscale is the first multi-threaded blockchain that works on the principle of modern multi-core processors. Since the launch of the network, sharding has been working in it – the parallel execution of several operations by validators. This became possible thanks to the multi-level architecture of the blockchain: each workchain has a separate data registry and its own group of validators, which independently participate in the consensus procedure. At the same time, the number of shardchains where information about transactions is stored is not constant and changes based on the current load.

Read more about the Everscale architecture at Litepaper And whitepaper project.

Up-to-date network data: the number of validators, transactions, workchains and shardchains, information about individual addresses and transactions are available in block explorers – Everscan or ever live.

Who runs Everscale?

Initially, the project management system had two levels – a council of founders and many sub-departments – groups of active community members who voluntarily united to work in certain areas. They held competitions designed to fulfill certain tasks.

What is Everscale

In the spring of 2022, the Everscale community made the decision to transition to a new governance model. A decentralized autonomous organization (DAO) was created called Ever DAOon the basis of which voting on the development of the project is now taking place.

Each holder of EVER coins can participate in voting (according to the principle of 1 coin – 1 vote). To do this, you need to transfer them to a “wrapped” analogue of WEVER on the DAO website, and then block the tokens in a special smart contract. In order to make a decision, it is necessary to involve at least 500,000 WEVER holders in the voting and get a majority of the “yes” votes. To put forward your initiative, you will need 100,000 EVER.

What applications run on the Everscale blockchain?

The Everscale network today has several applications with active communities. Here are some of them:

  • FlatQube. The main decentralized exchange on Everscale, which is being developed by Broxus and the Everscale DeFi Alliance. Powered by automated market making protocol. As of April 20, FlatQube’s total locked-in funds (TVL) exceed $65 million. There are 20 tokens traded on the exchange.
  • Octus Bridge. Cross-chain bridge for asset transfer between different blockchains. The app currently supports Ethereum, BNB Chain, Polygon, Phantom, and Everscale. Avalanche and Milkomeda will be added in the future.
  • ChessNFT. A platform for issuing and trading non-fungible chess-themed tokens. Official project of the International Chess Federation (FIDE).
  • GrandBazar. The main NFT marketplace operating on the Everscale network. Now over 3,300 unique tokens from 200 collections are traded on it.
  • everland. Decentralized landing protocol based on the Compound principle. Users create pools of various assets from which they can borrow at a dynamic interest rate.

How is Everscale evolving?

In February 2022, the key developers of the project presented a roadmap for 2022.

The program provides for the improvement of the Ever OS protocol and operating system, the release of more tools and documentation for developers, the development of NFT, DeFi and GameFi, as well as integration with other blockchain platforms, in particular with Tezos and Cardano.

In addition, the roadmap announced the introduction of the zk-SNARK protocol and the transition to a new consensus algorithm.

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Conclusion

Everscale (EVER) is a project that is focused on creating a sustainable blockchain-based platform that is secure, reliable and scalable. It uses a unique consensus algorithm to ensure its security and provides various features such as smart contracts, token issuance, digital asset management, and decentralized applications. With its innovative technology and strong development team, Everscale has the potential to become one of the leading blockchain projects in the future.

FAQ

What is Everscale (EVER)? Everything you need to know about the project

Everscale (EVER) is a blockchain-based project that seeks to revolutionize the gaming industry by delivering a decentralized gaming platform that enables fair, secure and fast transactions. The platform is powered by the EVER token, and it allows users to purchase and trade virtual assets, in-game items, and other products from within the game. The platform also allows users to create and manage their own digital assets.

The project was created to provide gamers with a secure and fast payment system, as well as a platform to create and manage their own digital assets. EVER tokens are used to purchase and trade virtual assets within the game, and also to purchase in-game items. EVER also provides a marketplace where users can buy and sell virtual assets and in-game items.

Everscale also offers a range of tools and solutions that allow developers to create and manage their own gaming experiences, including tools for game development, asset management, and analytics. Additionally, EVER provides users with a secure ledger to store and manage their digital assets, as well as a secure and reliable payment system to facilitate transactions.

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