What is Everscale?
Everscale is a fast and secure layer 1 blockchain that can process millions of transactions per second. It is built on Telegram Open Network (TON) architecture so it inherits the security and speed of the TON blockchain. Everscale was launched in 2020 but it was not until 2023 that the project started raising funds and developing infrastructure.
In 2017, Pavel and Nikolai Durov, two co-founders of Telegram, announced plans to develop a TON blockchain and raised $1.7 billion from two token sales. However, in the third quarter of 2019, Telegram was sued by the SEC for selling unregistered tokens.
The lawsuit closed in March 2020, the SEC was the winner so Telegram had to pay a fine of $18.5 million and abandoned the TON blockchain project. Although unable to continue developing TON, Telegram still releases its open source code, allowing developers to use and contribute. In 2020, a team of developers led by TON Labs used TON’s open source code to develop the Everscale blockchain.
Everscale is designed based on the model of sharded blockchains, the goal is similar to Ethereum. Everscale uses multiple shard chains to handle a larger number of transactions, potentially reaching millions of transactions per second. Everscale’s architecture is divided into 3 main components:
- Masterchain: The main chain on Everscale, containing general information about the entire network and recording the values coming from workchains.
- Workchains: Up to 232 workchains record the transactions if tokens are sent or smart contracts are executed.
- Shardchains: Up to 260 shardchains are responsible for a subset of accounts and handle a part of the transactions from the workchains.
This model allows Everscale to significantly outperform other existing blockchains, as no single blockchain can handle so many concurrent transactions like that.
Everscale is launched on Ever OS, which is designed with the goal of connecting users or developers with the Everscale blockchain, bringing decentralization from consensus to user experience. Ever OS hosts the user interface in smart contracts as a Decentralized Bot (DeBot), instead of relying on a web server.
- Update REMP messaging protocol
- Transfer to new SMFT consensus
- SolElector config
- True NFT improved standard
Update private workchains and improve DAO system
- Open derivatives protocol
- EVM compatible workchain
Token name: Everscale token
Blockchain: Everscale, Ethereum, Binance Smart Chain
Contract: Ethereum (0x29d578cec46b50fa5c88a99c6a4b70184c062953), BNB Chain (0x0a7e7d210c45c4abba183c1d0551b53ad1756eca)
Total supply: 5,000,000,000 EVER
Distribution: Referral treasury – 85%, Developer treasury – 10%, Validator treasury – 5%.