Evernode: The Layer 2 Evolution of the XRP Ledger and the Successor to Codius
The blockchain industry consistently strives for innovative solutions to enhance scalability and efficiency within its networks. Evernode stands at the forefront of this pursuit as a Layer 2 solution developed on the Xahau Network, emerging as the natural successor to Codius in the realm of the XRP Ledger.
Evernode’s foundation is built upon four key components, which collectively work to bring scalable smart contracts into the XRP ecosystem. These components are the Consensus Protocol, Native Currency, Evernode Hook, and DEX.
Consensus Protocol: HotPocket’s UNL-based Mechanism
The pioneering Consensus Protocol, HotPocket, operates as a Unique Node List (UNL)-based protocol, effectively functioning as a mini-blockchain. This technology empowers network machines to achieve consensus on transaction inputs and outputs, thereby maintaining a cohesive shared state across the network.
Native Currency: Evers (EVR) as the Incentive and Payment Instrument
In Evernode’s ecosystem, the native currency, Evers (EVR), plays a dual role. It incentivizes network participation and serves as the medium of exchange for various transactions within the network. Nodes use EVR for network registration; hosts utilize it for hosting payments, and tenants, predominantly dApps, use EVR for hosting payments. The pricing for all services within the Evernode platform is denominated in EVRs.
Evernode Hook: Streamlining the Distribution of Evers
The Evernode Hook, an extension of the XRPL Hooks amendment, is tasked with managing the distribution of Evers. It ensures the confirmation of nodes’ participation and their willingness to host dApps, a crucial factor in the distribution of EVRs.
DEX Utilization: Facilitating Exchange of Hosting Services
Evernode leverages the XRP Ledger’s native Decentralized Exchange (DEX) for the exchange of hosting services for Evers, thereby streamlining transaction processes within the ecosystem.
EVR Token Distribution: A Long-Term Vision
EVR’s tokenomics reveal a total supply of 72,245,440 EVR, which originated from a to-be-blackholed Xahau Network Address. An interesting facet of EVR’s distribution is the airdrop of 20,643,840 tokens which contributed to the initial supply, along with 5,160,960 EVR distributed specifically to XRP holders based on the September 1, 2023, snapshot. The remaining 51,609,600 EVR are held within the Evernode Registry Hook, destined to be programmatically distributed to hosts over 18 years, in 10 Epochs of 5,160,960 EVRs each.
Evernode is the brainchild of Scott Chamberlain and stands as a testament to the evolution of blockchain technology. As the replacement for Codius, Evernode not only continues the legacy of its predecessor but also expands upon it with advanced features and a robust infrastructure that promise to elevate the utility and scalability of the XRP Ledger to new heights.
