Ripple’s ecosystem is getting bigger and better every year with new innovations on it. Currently the spotlight of 2024’s innovations goes to the side chains of XRP.
Side chains are a blockchain that runs on the Ripple Ecosystem but has different infrastructures with the XRP Ledger.
It can help the XRP Ledger process transactions or it can just be its own blockchain with its own ecosystem, but still categorized as a part of the XRP Ecosystem.
One of the innovations that was made that utilizes the sidechain of XRP is Evernode, a layer two scaling solution for XRP that uses the Xahau Network, which is the side chain of the XRP Ledger.
What is Evernode?
Evernode is a new layer two blockchain for the Xahau Network, which actually acts as a “layer three” network for the XRP Ledger.
The problem with XRP Ledger is that it does not have a place to host DApps or decentralized applications, as its main focus is only for moving money around and escrows to basically give people lower fees and faster speed when transacting internationally.
Through the creation of the popular side chain which is the Xahau Network, developers on the XRP Ecosystem are now able to create their own DApps on the XRP Ecosystem.
But sadly, the Xahau Network still needs help to keep it scalable, hence why Evernode was created.
Evernode acts as an “AppChain '' for developers to host their DApps, so instead of just having a smart contract on Xahau Network, developers now own their own network layer for their protocol or DApps.
This lets developers create larger scale applications with more capabilities on it without the limitations of both the XRP Ledger and the Xahau Network.
Evernode not only gives utilities to developers so that they can build more scalable applications on top of Xahau Network, but they also give utilities for holders of their token , which is called $EVERS.
They do this by implementing slots on their AppChain so that the slots are like properties someone can buy and rent out to other people.
In this case, the slots for DApps are sold in the form of an NFT or Non Fungible Token, where the NFT can be bought which represents ownership of the slot.
The owner of the NFT can rent out their slot by hosting other developers DApps on top of the slot. This is similar to owning a store and letting sellers sell their goods in your store.
How Do I Utilize The EVERS Token
To be a host in Evernode, there are four requirements which are listed in the infographic below made by Evernode.
In addition to that, you also need 500 $EVERS as capital to lock on the Evernode ecosystem, similar to what staking is on other protocols.
Through this now you will earn rewards in the form of $EVERS from developers who rent out your slots on the Evernode and Xahau Network Ecosystem.
The exact reward amount has not been disclosed yet as the network is still new and is still currently distributing the $EVERS that has just been launched.
If you are lucky and have been paying attention to the XRP Ecosystem, you might receive some $EVERS that can be used as your starting capital to rent out slots, even though you might also need to buy more.
Overall, this is a great innovation for the XRP Ecosystem and for the $EVERS holders, so that the token can be utilized and not be held in your wallet only to wait for it to fluctuate up and down.
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