It’s been a while since the first blockchains came into the public space, bringing more use cases, disrupting the old reality, shaping the next trends in the digital space, and eventually creating a new web era. In our previous article, we discussed the various generations of blockchain and established that Everscale, with its TVM, is a blockchain of the fifth generation – the latest at this point in time. In this article, we’d like to explore Everscale’s use cases in detail.
CBDCs
CBDCs, or Central Bank Digital Currencies, are the digital form of countries’ fiat currencies issued by their central banks. Currently, two-thirds of all countries have digital currency on the agenda and CBDCs are being actively developed and tested. Everscale is a TVM-blockchain that was initially built to perform high-load computational operations. It has already proven its ability to handle huge transaction volumes, making it an ideal platform for CBDCs and stablecoins.
Decentralized Finance
Everscale’s design provides a new DeFi experience. Due to its asynchronous model, the same Solidity dApps used on other blockchains can be run on Everscale without any front-running or MEV issues.
FlatQube, an Everscale native decentralized exchange, provides liquidity farming and asset swaps that are fully DAO-controlled, allowing users to vote and participate in yield farming programs to maximize their yield.
FLEX, or Flash Exchange, offers a decentralized and distributed limit order book with a UX that beats any centralized exchange in terms of speed, yet it is a trustless DeFi product.
Gravix DEX is a derivatives trading platform where users can trade a wide range of assets including stocks and Forex.
Voting
The next area is enterprise and voting, as Everscale is the perfect blockchain to support and run enterprise solutions and applications. It is designed to offer a scalable and secure environment for businesses and governments to deploy and run multiple IoT or AI dApps with low time to finality and zero latency.
One such solution is DeVote, a platform that aims to improve trust and transparency in elections through Everscale technology. DeVote is capable of hosting elections with a total of 100 million voters and is currently in the phase of active testing.
Self-sovereign identity
Self-sovereign identity (SSI) is also one of Everscale's priority areas. Self-sovereign identity (SSI) and decentralized identity refer to a user-centric approach to digital identity that gives individuals and organizations full control over their data. It solves the problem of data being at risk of large-scale hacks and breaches by giving individuals complete control, protection, and ownership of their digital identity without relying on central authorities. SSI technology is being developed by Broxus in collaboration with Identix.space
Decentralized communication
With enhanced security, privacy, and high speed, Everscale also takes the sphere of decentralized communication to the next level, allowing users to take control of their data and communication channels.
Innovative use cases include Ylide's on-chain wallet-to-wallet communication protocol and its Social Hub. Also, Qamon's secure rapid messaging platform showcases this technology's potential to change how people communicate, collaborate, and share information online.
Cross-chain bridges
OctusBridge facilitates fast cross-chain transfers in any direction via a single interface, with DAO control preventing any centralized authority over assets. The service supports seven networks and has low transaction fees as well as high transaction speed. Moreover, with the new update, OctusBridge has become an advanced platform for making cross-chain transfers with gas payments using one type of coin each way.
Metaverse
Metaverses are another powerful trend and an important part of the Web3 world, and the Everscale blockchain offers immense potential for them, including enhanced scalability, speed, and security, as well as tokenization of in-game assets, mutable composable NFTs, creation of a fully functional blockchain-based economy, and implementation of in-game stores, P2P transactions, and much more. Use cases such as Evercraft clearly demonstrate the potential of Everscale and its SDK.
NFT & NFT Marketplaces
Everscale is also renowned for its NFT standard and the possibilities it unlocks. Each NFT on Everscale is a smart contract, not just a single token. This makes it possible to create new types of NFTs that are composable and mutable. The TIP4 NFT Standard streamlines creation and management of non-fungible tokens of a new generation.
One of the driving forces for NFT tech is marketplaces, which allow artists and content creators to share and monetize their digital art. Platforms like GrandBazar and Tokstock demonstrate the versatility of the Everscale NFT standard, fostering a vibrant ecosystem for NFT creation and trading.
Decentralized domains
The world of decentralized domains has continued to gain momentum lately, and Everscale has the resources and capabilities to implement such solutions.
For example, EverName offers decentralized .ever domains that simplify wallet addresses and enable convenient access to dApps, while also providing more secure and censorship-resistant hosting for websites. Users can register their own .ever domain using the EverName website or buy a .ever domain on the Tokstock NFT secondary market.
GameFi
The GameFi space is an area where Everscale is truly making a game-changing impact. Invisible Bridge makes it possible to perform cross-chain transactions with different blockchains and ecosystems, enabling the creation of new forms of in-game economies and governance where NFT in-game assets can be earned or traded, all of which takes place under the hood.
On top of that, the Reliable External Messaging Protocol (REMP) ensures ordered message delivery for network participants with subsecond finality, providing a seamless gaming experience and almost instant response for end-users.
Ecological sustainability
Everscale’s eco-friendly approach demonstrates its commitment to reducing its carbon footprint while fostering technological innovation. With its low emissions and use of carbon certificates for sustainability, Everscale qualifies as a green blockchain (400 watt-hours of electricity, which at 50,000 transactions per day gives a consumption level of just 720 joules per transaction).
Summary
Everscale has been at the forefront of blockchain innovations from the beginning. With its initial future-proof design, growing infrastructure and increasing amount of tools for developers, and cutting-edge SMFT consensus that offers the maximum security level by design in decentralized systems, Everscale is becoming a superior blockchain choice for dApp developers, users, and businesses.
