The Evernode project is a permissionless, scalable layer two smart contract network composed from the XRP Ledger (XRPL). The underlying core components include the HotPocket Consensus Protocol and the Sashimono daemon. Additionally, for Evernode to come to the XRPL, the Hooks amendment must pass a governance vote by the nodes and validators of the XRPL. The use of HotPocket, Sashimono, and XRPL hooks enables the design and incentivization of the Evernode ecosystem, which is a network of nodes that provides computational resources to any dApp in a low cost and speedy manner. As dApps have become more common place in the blockchain space, many issues have been identified that limit their ability to scale in a decentralized way. Evernode is a solution to these issues on the XRPL.
Evers (EVRS) is the native currency of the Evernode layer two network, which are issued on the XRPL as a way to reward node operators and allow for the payment of node hosting services by dApps. The max token supply is slated to be 25,804,800 EVRS distributed over the course of roughly 60 years. Node operators are able to receive rewards in EVRS every 72 ledger closings on the XRPL (approx. every six minutes). The node rewards will be the highest in the early days of the network and will decrease over time in token count through the use of Epochs. Higher early adopter rewards will help to bootstrap the network with node operators as each additional node added in the nascent days of the protocol will be more valuable. There are 10 Epochs planned as a means to distribute the EVRS token over a prolonged period.
In addition to the EVRS token, node operators will be able to mint hosting tokens on the XRPL, which will be non-fungible assets representing different service levels of the node operators and a “best-endeavours” promise. The hosting tokens will be tradable on the XRPL DEX to allow for a natural price discovery mechanism around node operator services. This could potentially allow for the free market to bid up pricing of nodes that are “good” actors and discount the pricing of nodes that are “bad” actors. Additionally, the XRPL DEX will provide an automated way for dApps to pay hosting fees to node providers in the form of EVRS. DApps will be required to open trustlines with their node operators in order to redeem node services with the hosting tokens.
Owners of the EVRS token will be granted governance rights over the network. This includes a governance game in which EVRS holders can compete over the configuration of hooks via proposals and voting. Users wishing to submit a resolution will be required to hold at least 200K EVRS and lock them up for voting purposes. Users wishing to vote on a resolution must hold at least 20K EVRS, which would need to be locked up to vote. For every 20K EVRS locked up, a user will be entitled to one vote. Resolutions are passed when after 14 days the number of votes cast in favor of a resolution are double those opposed it.
The curator of the Evernode ecosystem will be a non-profit foundation provisionally named The Evernode Foundation Ltd, which will be a trusted entity curating the nascent ecosystem and its open-source code. The foundation membership would consist of the projects founding members and ecosystem stakeholders like node operators and dApp creators. The main functions of the foundation will also include the running of a node on Evernode, acting as a notary service, and to stimulate ecosystem enhancements through bug bounty issuance and testing.
HotPocket Consensus Protocol
HotPocket is a UNL-based consensus engine to assist in the running and maintenance of blockchain-agnostic dApps. HotPocket consists of any number of Linux machines arranged to form a mini-blockchain to run dApps on in any smart contract language at scale. HotPocket utilizes a UNL consensus protocol to provide decentralized dApp node ecosystems. Rapid state sync allows for HotPocket nodes to be easily spun up. It utilizes a state management system modeled after BitTorrent and newer nodes are able to easily catch up to current consensus state without replaying old ledger closings. Additionally, HotPocket features a contract lifecycle management system enabling the automatic upgrades of smart contracts and node configurations. The Sashimono daemon provides a way to connect HotPocket with layer one protocols like the XRPL for messaging and finality. HotPocket dApps do not run on blockchains as they are in fact their own blockchains. DApps running with HotPocket can be permissioned or permissionless.
Daemons are programs that run in the background that facilitate communication between layers one and two of a blockchain network. The Sashimono daemon for the XRPL would coordinate messaging between HotPocket nodes and layer one consensus of the XRPL through the use of either XRPL account hooks or multi-signature schemes. Every server hosting HotPocket nodes will run Sashimono, which will listen to a layer one message board. Then, it would encrypt and post messages between layers one and two of the XRPL. Sashimono provides decentralization to the HotPocket smart contract solution and essentially nails HotPocket down to a layer one blockchain.