FreeTon Project Rebrands to Everscale as Locked-in Liquidity of Poly-Network, Layer-2 Bridge Exceeds $32 Million
Everscale—a high throughput, scalable, and secure open-source blockchain built off Telegram’s TON concept—is the new brand name for the FreeTon Project.
Rebranding from FreeTON to Everscale
An announcement that FreeTON would be rebranding to Everscale was made after the change was successfully voted upon on November 9, declaring the name change to mirror the development milestones of the last few months.
During this time, there have been changes and enhancements to the network that have pushed it far beyond the original parameters of the Telegram TON blockchain.
In addition, the name change was deemed necessary due to the many “TON” projects that have popped up in DeFi and crypto that have caused confusion as to which project is which. Compounding the confusion, while most of these projects are legitimate, there are a few that are questionable.
Therefore, the rebranding serves to differentiate Everscale but to also reaffirm to its community that the project is greater and more ambitious than its competitors.
The Everscale brand name, the team said, stems from the platform’s limitless scalability.
According to the Broxus developers, the rebrand also comes amid core changes, particularly concerning the underlying network nodes. Everscale now utilizes the more robust and stable Rust nodes, leaving behind the original C++ nodes that the original TON project used.
Other than this change, the technology will function in much the same way as before. The shift in branding wasn’t a hard fork or any other major change that could have required a code overhaul or a prolonged stoppage of service.
Commenting on this move, Broxus founder Sergey Shashev said:
“The rebranding was planned 2-3 months ago. It is happening because we have gone way beyond the limitations of the original TON technology. Plus, there are a lot of “TON” tokens around and people are confused. We are more than just a token, and in terms of ecosystem offerings, what we have is on scale with Near, Solana and Polkadot. Despite the rebranding, however, our roadmap is still the same. The main difference is the network’s transition to Rust nodes.”
Reliability and Utility of the Bridge
Beyond the rebranding, the expanded capabilities of the Broxus multi-chain and second layer Bridge are expected to make it a game-changer.
The growth of DeFi, NFTs, and other critical facets of crypto necessitates interoperability. Without this, users face severe limitations, given how splintered the industry can be.
The Everscale and Broxus approach is unique and well-thought-out. Their solution is designed in order to provide maximum convenience for users while also redefining the industry’s scalability standards.
Accordingly, the Bridge is poly-network, allowing for seamless transfers between Everscale and Ethereum, the Binance Smart Chain (BSC), Polygon, and other high-profile open-source, public ledgers.
With this level of functionality, it is easy for users to shift between blockchains. For instance, a DeFi user can transfer liquidity from Ethereum to the BSC without moving tabs or getting approvals.
While transfers between chains are one possibility, The Broxus Bridge also allows liquidity storage. Consequently, a user can port liquidity from, for example, BSC and securely lock it up in the bridge. Presently, the liquidity locked into the bridge exceeds $32 million.
Users of the bridge are provided several benefits, with the most prominent being the drastic reduction in transaction fees. At the moment, fees in Ethereum are very high, despite it being the industry’s main hub of DeFi activity.
That users can quickly and cheaply move liquidity across networks makes the bridge a suitable solution for users looking for flexibility and non-wallet-killing transaction fees.
About Everscale (FreeTON):
Everscale is a new and unique blockchain design that proposes a scalable decentralized world computer, paired with a distributed operating system. Everscale is based on a platform called Ever OS, capable of processing millions of transactions per second, with Turing-complete smart contracts and decentralized user interfaces.
Everscale presents some new and unique properties, such as dynamic multithreading, soft majority consensus and distributed programming, which enable it to be scalable, fast and secure at the same time. It is governed by a decentralized community founded upon meritocratic principles via Soft Majority Voting protocol.
Everscale has powerful developer tools, such as compilers for Solidity and C++, SDK and API, client libraries ported to more than 20 languages and platforms, a range of decentralized browsers and wallets empowering many applications in DeFi, NFT, tokenization and governance domains.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Bitcoinist, @Khareem Sudlow