EverRise (RISE) – All you need to know
What is EverRise?
EverRise is a cryptocurrency and a platform for building decentralised applications. Its token offers high rewards to anyone who holds it, while its apps are designed to solve problems within the cryptocurrency space, such as the ability for a project to buy back its own coins to stabilise the price.
This sort of scheme has traditionally been the preserve of the traditional stock market. In that field, a share buyback is usually good for investors as it increases the value of their holdings by reducing the overall supply. It’s this feature that’s behind EverRise’s claim to be ‘hyper-deflationary’, as every coin it buys back is destroyed.
EverRise was launched in 2021 and its plans extend beyond simple buybacks. It aims to create apps that let developers retain some control of their own project – rather than giving it to the community, as is the case with most cryptocurrencies – and better manage their coin launches.
How does EverRise work?
It funds its operations by using fees on every transaction. 6% of each transaction fee goes towards buybacks and another 2% on paying out rewards to existing holders. Beyond that, there’s not much information about how the project works.
Cryptocurrencies in general work by using a blockchain as a replacement for a central authority. The blockchain is a public ledger that can be accessed online and is ‘hosted’ by many different computers all over the world, so there’s no gatekeeper or single point of weakness.
The blockchain stores a history of each transaction and tracks the movement of money between people. Each person who uses cryptocurrency has a designated ‘address’ (a string of numbers) that acts as an identifier. Whenever they try to move money the blockchain checks the address has the money it says it does before approving the transaction.
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