Everscale is one of the most technologically advanced blockchain networks, incorporating all the blockchain innovations and concepts of recent years, and it’s capable of processing millions of transactions and Turing-complete smart contracts.
Let’s take a dive into the project’s whitepaper and see what makes this blockchain stand out from the rest.
1. Dynamic Multithreading
All our modern computers run multi-core processors. Everscale is no exception. Its virtual processor can be considered multi-core because it can execute instructions in parallel.
Various sets of smart contracts are executed by different groups of validators, and as the blockchain experiences increasing load, WorkChains automatically split in two to allow more validators to join and take care of this load.
That’s why Everscale offers unlimited scalability: adding extra validators linearly raises the blockchain’s throughput.
2. Distributed Programming
Wallet addresses in most blockchains are associated with a public key generated from a private key. On Everscale, however, the address is not actually linked to a public key and must be linked to a smart contract for it to be used. Everscale is a definitive smart contract platform because every address here is a smart contract.
This opens up many new options and has great implications. A single public key, for example, can be used to generate an infinite number of addresses. This also ensures that we can fully trust the behavior of a certain address and thus presume that its inputs and outputs are immutable.
This sets up a whole new approach to developing blockchain applications.
3. Meritocratic Token Distribution
Everscale chose a gradual distribution of coins to fund activities that are aimed at supporting the network (validators), its technical transformation (developers), and its distribution (partners and users). Tokens were initially distributed in a decentralized and meritocratic manner and on non-financial grounds.
A transparent system was designed to involve the entire community in the development of Everscale. The genesis block’s EVERs were distributed across three Treasury Account smart contracts:
- Developer Treasury Account
This smart contract is intended to support the work of protocol researchers and developers, as well as to have the network supported by independent groups.
- Referral Treasury Account
This smart contract distributes coins to users participating in the network development: developers, distributors, advertising agents, and administrators of various user groups.
- Validator Treasury Account
This smart contract was designed to subsidize the work of validators.
The companies that launched the network on May 7, 2020 hold the keys to these Treasury Accounts as a group of 21 founding members who vote on token distribution proposals.
Their keys will be destroyed soon, and all decisions will be made through the EverDAO platform, which gives each community member a vote equivalent to their EVERs.
Everscale has attracted a passionate and engaged community by distributing tokens this way.
That’s just the tip of the iceberg as Everscale has many other unique technologies competing with or more advanced than those of the top blockchains today.
Everscale has a bright future ahead thanks to the passionate teams developing the protocol behind it.
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