Everscale (EVER): The Next Ethereum Killer?

In the modern crypto community, scalability is one of the main challenges. How do you create a blockchain that keeps working seamlessly — no matter how many people are making transactions? 

Everscale is the latest cryptocurrency to try to solve this challenge. Though it’s still very new, some blockchain industry experts already believe it has the potential to replace Ethereum. Interested in seeing whether or not Everscale lives up to all the hype? Explore this guide to learn all about this exciting new crypto.

What Is Everscale?

History of Everscale

The Everscale network is just the latest version of an ongoing blockchain project. It started when The Open Network (or “Telegram Open Network”) (TON) was founded by brothers Pavel Durov and Nikolai Durov in 2018. TON never managed to fully launch, due to legal proceedings and issues with investors. However, the initial components created by TON developers attracted so much interest that they were released into the public domain.

In May 2020, the Free TON project was officially launched, based on the code of the initial TON project. Following a unanimous user vote, the project's name was changed to Everscale in 2021. The Everscale blockchain rebranding also included renaming their token as EVER.

What Does Everscale Aim to Achieve?

Everscale is the latest cryptocurrency to attempt to solve the blockchain trilemma. A common problem blockchain networks encounter is that it's almost impossible to create a network that’s simultaneously scalable, secure and decentralized.

Everscale's approach to the blockchain trilemma aims to tackle the problem of scalability. They first created a secure, decentralized chain, and then began experimenting with ways to make it as scalable as possible. There are many different ways to measure scalability, but Everscale's primary focus is on transactions per second (TPS). The blockchain is carefully designed to provide as many TPS as possible.

Once Everscale was satisfied with its scalability levels, it then circled back to the concept of decentralization. The organization originally consisted of multiple "sub-governments," run by community member volunteers. In the spring of 2022, they switched over to a decentralized autonomous organization (DAO) where any user who holds governance tokens can vote. This transition was meant to create even more decentralization.

How Does Everscale Work?

A lot is going on behind the scenes at Everscale. To help enhance scalability, they've implemented multichain blockchain technology.

Masterchain 

The base chain for this blockchain network, called the masterchain (−1), handles essentials. It's primarily used for validator contracts. Users can stake their current EVER tokens to validate new blocks on the masterchain. The masterchain also deploys smart contracts, but these are very expensive. Usually, masterchain smart contracts are only for governorship decisions.

Workchains

The workchain is where the majority of Everscale contracts take place. Users on the workchain can buy and sell crypto, or make contracts for everything from decentralized applications (DApps) to simple transactions. Everscale currently has one workchain, chain 0, with the potential to add chains 1, 2 and more later.

Shardchains

Shardchains are smaller partitions of the workchain. Each shard has its own data and independent process, so they reduce network latency. Everscale uses a particularly effective form of sharding called “endless sharding.” Chain 0 usually has 16 shards by default. However, when more users are making more smart contracts, the chain opens more processing threads. As the transaction number decreases, these threads merge back into single shardchains.

Features of Everscale

Everscale’s blockchain technology provides access to some highly useful features.

Proof of Stake Consensus

Like many other blockchain networks hoping to compete with Ethereum, Everscale utilizes a PoS consensus. PoS is a validation system that lets new blocks be created by people who hold a stake in the system. Unlike proof of work (PoW), which requires users to solve complex equations, PoS simply requires users to lock existing tokens for a set amount of time. As a PoS system, Everscale is more environmentally friendly and allows users to mine new blocks without having to invest in complex hardware.

Sharding & Multithreading

Everscale’s so-called endless sharding makes it incredibly fast. As a multithreaded blockchain, it can complete up to 63,000 transactions per second. Sharding is also quite cost-effective. Though Everscale does have gas fees, most users find them to be quite affordable. This speed and affordability make the Everscale network ideal for things like DApps.

Soft Majority Fault Tolerance

Source: Everscale

Everscale uses a soft majority fault tolerance (SMFT) consensus. This voting method lets all validators take part in total network security, instead of having to stick to their own workchain. It allows for speedy transactions when no malicious activity is present, but when anyone votes against validation, the entire network of validators is consulted. Ultimately, this ends up improving both security and decentralization.

Reliable External Messaging Protocol

Reliable External Messaging Protocol (REMP) is an exciting blockchain technology that allows users to add external instructions to the network. REMP lets blockchain networks properly order user messages, so things get processed in a timely and fair manner. Everscale's version of REMP also includes built-in protection from spam, so the messages can't interfere with system functions.

Peripheral Workchains

Source: Everscale

To further enhance operability, Everscale also has peripheral workchains. These run parallel to normal workchains, but don't handle user transactions. Instead, they just offer users additional features like storage. This allows less serious smart contracts to be handled off the main chains, so chain 0 and all its shards can focus on transactions instead of retrieving stored data.

Distributed Programming

Distributed programming provides a unique approach to storage problems. Instead of bundling all user data into a single location, each entity gets its own smart contract for data storage. Users can choose to pay fees to retain their data, or they can skip payments and let Everscale delete the data. This simplifies storage and ensures users only have to pay for services they want to use.

Everscale Road Map

Much of 2022 was spent building the Everscale DAO and transitioning to a community-run network. Initial DAO-led projects included focusing on cross-chain projects, such as an NFT bridge and Cardano collaboration. Now that Everscale has started to solidify its place within the DeFi community, it hopes to add some extra functions to its blockchain network and enhance user experience.

The latest stage of the Everscale road map includes a variety of intriguing projects, both big and small. Some simpler ones, such as creating a decentralized name service to make easy and readable addresses, will make the network easier to use. Everscale also hopes to continue its plans to connect the network with other DeFi projects. There are plans to start an open derivative protocol where users can trade derivatives, and a direct BTC bridge to simplify crypto exchanges. In the future, Everscale also hopes to transition to a new Soft Majority Fault Tolerance consensus that will boost network security even more.

EVER Tokenomics

EVER is the native token of the Everscale network. It can be used to perform transactions on the network, or you can exchange EVER for WEVER (wrapped EVER) governance tokens that manage the Everscale DAO. Tokens are provided as validator rewards for community members, or they can be bought on crypto exchanges.

At token launch, 85% of the tokens were allocated to the Referral Treasury, which funds partnerships and adoption initiatives, while 10% were used for the Developer Treasury to compensate community developers. Another 5% were placed in a treasury for validators. Since then, the balance has shifted, and far more tokens are held by validators. The token is designed to be inflationary, with a monthly release of 2 million tokens to validators. 

As of March 13, 2023, EVER has a current circulating supply of 1.7 billion, and the monthly releases will stop once EVER reaches its cap of 5 billion tokens.

EVER Price Prediction

EVER's price has gone through a few changes over the years. When the Everscale blockchain first released its token in 2020, it quickly shot up to an all-time high of $2.56. After this initial burst of popularity, EVER’s price started to flatten out a little. Since the summer of 2022, prices have consistently hovered around $0.10.

Some crypto experts predict a positive outlook for EVER. PricePrediction estimates that it may rise to $0.16 by the end of 2023, and double to $0.34 by 2025. According to their long-range forecast, EVER is likely to cross the $1 mark by 2028 to reach $1.14, and achieve a price of $2.37, close to its all-time high price, in 2030. 

DigitalCoinPrice shares the same bullish sentiments as PricePrediction, but believes that the growth of EVER will be much more gradual in the long term. They believe Everscale's price might reach $0.22 by the end of 2023 and $0.39 by 2025, but growth will slow and EVER’s price will hit $0.54 in 2028, only crossing the $1 mark in 2030. 

Ultimately, the true price will depend on the success of the Everscale network. If the company is truly one of the best so-called Ethereum killers, its token is likely to increase in price as more and more users shift to Everscale to complete their transactions.

Where to Buy EVER

EVER is traded on multiple cryptocurrency exchanges. One of the easiest ways is through Bybit. Simply register for a Bybit account, fund it with cryptocurrency or fiat currency, and navigate to the EVER/USDT Spot Trading page to start.

Is EVER A Good Investment?

Most crypto price predictors estimate some gradual growth of EVER over the next couple of years. While its growth may be slow, this doesn't necessarily mean EVER's a poor investment. Though it's unlikely to return flashy profits, it's still somewhat promising.

The crypto world isn't all that interested in the token itself at the moment, but there’s a lot of interest in the network behind the token. Because Everscale is so uniquely scalable, it has the potential to be involved in a lot of intriguing projects. Based on the blockchain's applications and the coin's current stability, it might be worth putting at least a small amount of extra investment funds into this token. That said, it’s best that you do your own research before investing. 

Closing Thoughts

Everscale is an exciting blockchain project that aims to use advanced sharding to enhance scalability. The project is still fairly new, and its community’s leadership has just transitioned to DAO governance, so the network isn't yet a proven success. However, if Everscale manages to build on their current success and deliver what they've planned for the future, this network could become a very important part of the crypto world.

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