CoinMarketCap takes a deep dive into Everscale, a fast, secure, and scalable layer-one blockchain that can process up to millions of transactions per second.
is a fast and secure layer-one blockchain
that can handle millions of transactions per second. Everscale is the equivalent of a virtual supercomputer, a similar function to other layer-one blockchains like Ethereum
. It emerged from the creation of Telegram Open Network (TON), a decentralized ecosystem focused on instant messaging (Telegram), data storage, and other decentralized applications.
The Everscale blockchain is a sharded blockchain with up to 232 chains processing transactions. Its masterchain records general information and parameter values from the other working blockchains, so-called workchains. Workchains are used for processing transactions and executing smart contracts
, and can host different tokens. Workchains themselves are again divided into up to 260 sharded blockchains, so-called shardchains, which host part of the workload from their assigned workchain. This enables Everscale to scale to its high promised throughput
and create up to 232 tokens, one for each sharded blockchain.
The sharded chain design already employed by Everscale is similar to what Ethereum is currently building towards. Everscale works as a proof-of-stake
chain split into several sharded chains to handle the load of potentially several millions of transactions per second. This architecture enables Everscale to vastly outperform current market-leading chains since no single blockchain can process that many transactions at once.
The Everscale blockchain architecture is divided into three main components:
- The masterchain.
- The workchains.
- The shardchains.
The masterchain contains general information about the entire network and records the values coming from the workchains. Up to 232 workchains record the transactions if tokens are sent or smart contracts are executed. Not all workchains are the same. For example, different chains can have different formats of account addresses, different virtual machines, and different formats of transactions. More workchains are activated according to the network’s load. For instance, if there is a high load of transactions, more workchains will be processing them.
Up to 260 shardchains are responsible for a subset of accounts and handle a part of the transactions from the workchains. In case an incorrect block in the shardchain needs to be replaced, a new block can be added to the shardchain, containing the necessary adjustments. In this Everscale-unique mechanism, invalid blocks in shardchains can be replaced without forking all the shardchains and slowing down the network unnecessarily.
This blockchain architecture allows Everscale sub-second transaction finality
. Furthermore, Everscale allows writing in Solidity, and C++, and up to 232 different tokens can be created. Its custom TIP-3 token standard enables the usage of the network’s capabilities, such as decentralized finance (DeFi
) and NFT
Individuals can start using Everscale by acquiring EVER tokens
that can be stored in desktop, mobile, or web wallets and purchased from several centralized and decentralized exchanges. Furthermore, users can bridge to and from Everscale by using one of the recommended bridges
like Octus Bridge. Everscale currently offers one major decentralized exchange (DEX
) in FlatQube, which has yield farming
, token swaps
, and staking
Everscale has several promising features underscoring its unique capabilities.
Sharded Blockchain Design
With its architecture of workchains and shardchains, Everscale takes a different approach from all the current leaders in the blockchain space. Everscale thus lends itself to use cases like processing transactions on an institutional scale, such as for credit card companies. In short, Everscale could be described as the blockchain Ethereum is trying to become.
High Throughput and Quick Transaction Finality
The high throughput and sub-second transaction finality of Everscale make the blockchain incredibly user-friendly. Unlike chains like Bitcoin and Ethereum, which require users to wait minutes for their transfer to be processed, transfers on Everscale are settled virtually instantly. Particularly in terms of its potential use cases like DeFi and NFTs, Everscale boasts a significant advantage over its rivals.
Variety of Use Cases
Although the DeFi and NFT ecosystems on Everscale are still comparably small to other chains, there are already several platforms available. FlatQube is the chain’s leading DEX, and Crypto Waifus and TON Punks are the first NFT collections on Everscale. With increasing usage, these are bound to grow further in the near future.
The EVER token is the native token of the Everscale blockchain and is used for:
- Yield farming and providing liquidity on DeFi protocols
- Governance and voting in the community DAO
- Transaction fees like token swaps and bridging tokens
- Payments in decentralized applications
EVER is an inflationary token with a fixed supply rate. Each month, two million new EVER tokens are issued as validator rewards until EVER reaches a cap of five billion tokens. The current circulating supply
of EVER is 1.23 billion. The initial token distribution of EVER tokens looked as follows:
- Referral treasury (85%): funds for partnerships and adoption initiatives.
- Developer treasury (10%): rewards for community developers building projects and contributing to the Everscale ecosystem.
- Validator treasury (5%): funds to bootstrap validator adoption and network security.
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