AMA with Evrynet
On the 10th of September, 2021 at 12:00 UTC, Decentralized Club had the honor of hosting Korapat Arunanondchai, Project Lead at Evrynet, for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, Keymer.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what Evrynet is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 - Introduction
Hello to the community! This time we have the Evrynet team with us again to talk in detail about their technology 😃
Welcome back @korapata
This is Pat, project lead of Evrynet
thanks for the opportunity to share about Evrynet
How's your day? Over here a cool climate
We're based in Thailand, so it's always hot here :)
Ohh I understand hehe
So what do you think if we start with the introductory questions?
yep that would be great
Q1. Welcome back! Just as a recap for the people who haven’t joined us before, or as a reminder, can you give us a brief introduction of what Evrynet is about?
Evrynet is focused on developing an inclusive, open-source platform to provide financial services and products catering for the unbanked/underbanked primarily focused on South East Asia in the beginning
Our mission is to be the leading CeDeFi platform for the region and provide interoperable building blocks for projects and developers to build decentralized financial applications on
We feel Southeast Asia has a lot of untapped potential in crypto and we not only want to provide a solution to the unbanked/underbanked financial exclusion issues here but also encourage institutional investors to participate in DeFi projects
Q2. So what are the main technologies that Evrynet is building?
Evrynet is comprised of the following core technologies
Evrynet Core: Our own ethereum-forked blockchain that replaces proof-of-work consensus with Tendermint Proof-of-Stake. This addresses a critical issue relating to scalability and transaction speed as the community drives towards a viable Layer 2 solution for blockchain
Two other key components of Evrynet are the blockchain explorer, EvryScan, and the heart of the platform, Evryhub. Evryhub is the key that enables seamless cross-chain interoperability which, at launch, will support ERC-20, BEP-20, and Stellar native token XLM. We will progressively be adding more blockchains in 2022 to build a true “Evry (blockchain) network)
Evry.Finance: a proof of concept platform we’ve built from the ground up with a focus on bringing institutional investors into DeFi via a simple to use, yet feature-rich, a platform that addresses two key pain points which prevent institutional investors from joining DeFi, being difficulties with fiat to stablecoin conversion and vice versa, and attractive, long-term, stable yield products
Fundamental and incredible technologies!
Q3. What was the reason to build your own blockchain with Evrynet?
Good question! We felt that the current pace of development to address the transaction speed was going too slow. There was a lot of discussion around what could be done in regards to ETH2.0 but the actual realization of that is, even now, still some ways off. So we looked at what could be done with the existing technology
Replacing the consensus mechanism was the easiest option to address this so we could launch strong and not be held back by the ETH2.0 path. While there have been other DEX’s that have launched in the market, not many of them are actually looking forward to a coin/token agnostic platform as we are - at least from what we can see in the developer community discussion forums
The second biggest challenge was how to incorporate blockchains, eg, Stellar, into a DeFi platform. As we’ve stated before, we feel that there are some exciting possibilities by allowing the Stellar community to participate in DeFi Liquidity Pool as well as some astute developers building financial applications that support cross-chain currencies. We were unable to even consider this focused solely on a Stellar or Ethereum based solution, so had to build our own hybrid
Q4. What are some of the challenges the team has faced in creating Evrynet?
We started Evrynet as a project about three years ago - the biggest limitation was the technology to achieve the outcome we were aiming for. Stellar did not support smart contracts or staking, and Ethereum didn’t support cross-chain with non-Ethereum based platforms at the time
We looked at a number of solutions around how we could build what we wanted and spent a year of trial and error with Kyber to come up with Evrynet 1.0. This still did not fully support Stellar and was limited in its cross-chain capabilities, but we proved that it could scale significantly and perform well beyond the current Ethereum network’s capability which allows us to keep gas fees low
The other biggest challenge has been around finding suitability experience resources to help build this. Blockchain developers not only need to have a solid understanding of their respective programming language and how to write efficient and heavily optimized and secure code, but they also need a deep understanding of financial models to be able to build smart contracts
A lot of resources are centralized in China, Eastern Europe, or the US, so we’ve had to build somewhat of a borg team initially, but we now have a strong core team of engineers focused solely on Evrynet’s development. Augmented with Kyber, we’re well underway to building Evrynet 3.0 which we expect will address all of the concerns raised as part of the Layer 2 discussions on Ethereum
Q5. So the flagship product that you mentioned last time, Evry.Finance, where are you with its development, and what are some of the exciting features we can expect to see in the next month or so?
We’re pretty excited to show everyone Evry.Finance 1.0! We’re on track based on what we’ve shared in the roadmap previously to see it ready for launch towards the end of September. We are currently going through the final QA and testing for sign off and Go/No-Go on commercial implementation
Evry.Finance 1.0 addresses two key pain points for institutional investors as mentioned before, being:
- Fiat to stablecoin conversion (and the reverse), and
- Long-term stable yields
Slippage has been another of the biggest issues for AMM-based DeFi platforms cryptocurrency exchange and something we have aimed to address in Evry.Finance 1.0 with the inclusion of Dynamic Market Maker (DMM) capability
DMM is an exciting innovation that is more capital efficient than AMM and slippage can potentially be up to 100 times better than AMMs for more stable pairs. Integrating DMM into the platform also allows Evry.Finance to implement dynamic fees and a programmable pricing curve with the inclusion of a customizable amplification factor
At launch, Evry.Finance will support exchange between common coins/tokens and the ability for all users to participate in liquidity pools and yield farming
Another exciting feature is the incorporation of synthetic assets linked to real-world assets such as real estate, utilities, and infrastructure projects. This will provide another avenue for long-term fixed yields for stablecoins to allow both institutional and retail investors a more stable means to earn value with their crypto portfolio
Okay nice, let's move on to the last introductory question
Q6. How are things coming along with the roadmap? Have there been any major updates or changes we should be aware of?
Besides Evry.Finance 1.0 is ready for release on track for the end of September/early October, EvryScan 2.0 and EvryHub 2.0 will be ready on Testnet at the end of the month as well
We will be updating the roadmap later in October to provide more detail on our 1H’2022 plans so keep an eye out on our social media platforms which you can subscribe to here - https://linktr.ee/evrynet
Thanks for sharing, we look forward to that! 😄
Now we move to the Twitter segment
The first question is incoming...
Segment 2 - Twitter Questions
I understand that they have three technologies, which are Evrynet Core, EvryScan, and EvryFinance, but are these products really enough to create a completely robust and attractive ecosystem? or will they need more?
There are a couple of different pieces of the puzzle here. Evrynet is the underlying blockchain technology that we’ve built some common tools on top of being EvryScan (the blockchain explorer), and EvryHub (the cross-chain exchange mechanism
EvryFinance is our first decentralized application built on top of Evrynet. We definitely believe that there will be many more possible products that can be built on top of Evrynet, but we are not currently intending to build everything - we want it to be an open-source platform for users, institutions, and developers to come to and be creative on!
Thanks for clarifying, next question
2️⃣ If there are several quite scalable blockchains, why would Evrynet really create its own blockchain? What features does it have that cannot be found in others?
There’s definitely some innovative projects around but none focused on SouthEast Asia, and from what we can see, not many are looking to broadly integrate with other blockchains but instead are sticking with the commonly used ones
We feel that there is a lot of potential in the SEAsia community so our efforts will be on supporting projects in that market. We also feel that there is a lot of unrealized potential in supporting other blockchains
We’re also looking at bringing in products that support institutional investors specifically who have been restricted to participate in DeFi currently with complexities in converting fiat to stablecoin and the reverse, as well as highly volatile markets. To encourage this, we’ll be partnering with industry-leading real-world asset and asset management companies to create synthetic assets from real estate, utilities, or infrastructure projects. Combined with long term fixed yields, it enables institutional investors to move funds into a secure and stable investment environment which then gives them some latitude to explore another short term/high gain opportunities
Perfect... Last question of this segment
3️⃣ One of the Evrynet models that caught my attention is the "Static Gas Pricing Model". Can you explain in detail exactly how this model works and how it will help reduce gas fees in operations? Will this model have adjustments allowed through network voting?
Typically, in proof of work networks, gas fees increase based on network demand because costs to solve the block are higher
Evrynet uses Proof of Stake consensus which negates the computational demand of Proof of Work. As Evry is a fixed supply blockchain, no computational is required to mint new coins
Regardless of network demand, validators will have the controlling authority to validate the transaction based on their staked tokens in the network. PoS consensus also enables us to achieve transaction speeds much closer to the VISA network than Ethereum. Gas fees for processing transactions can be adjusted thru voting by validators in the network
Great, now we move to the last segment: Website Questions
Segment 3 - Website Questions
1️⃣ In your documents I could see that Evry.Finance focuses on attracting institutional investors to DeFi through an easy-to-use platform, but currently what are the issues that are making it difficult for these major investors to join DeFi? And how do you manage to solve them thanks to your platform?
Telegram Username: @Raisbelys
Beyond general security and trustworthiness of the products and platform, two areas that make DeFi unappealing to institutional investors being:
- Ease (and cost efficiency) of moving funds between fiat and non-fiat, and the reverse
- Reliability of the returns being offered through long-term, fixed yield products
To address these issues, we’re providing institutional users with fiat to stablecoin on-ramp/off-ramp. We’re also looking to bridge real-world assets and offer them to users on Evry.Finance platform. These products will provide a fixed and long-term yield for stablecoins. Moreover, Through Evryhub, we are also providing broad interoperability plans with other blockchains
2️⃣ For its release Evryhub only supports ERC20 and BEP20? Why have they focused on these chains? In the future, do you plan to join more chains to establish a better network?
Telegram Username: @JuanSB07
We selected the two most common token formats to support and decided to integrate to Binance Smart Chain as it’s one of the most commonly used networks in Southeast Asia
We definitely plan to integrate to other networks very shortly and also intend to support Stellar native coin XLM at launch as well
3️⃣ Evryscan caught my attention and I found little information about it, will this blockchain explorer be public or private? Will it work the same way as other browsers like BSC scan, Etherscan? or does evrynet plan to develop something different?
Telegram Username: @Mamberr0y
Last question on the website 😃
EvryScan will definitely be available to the public as part of our open source product offering. As Evrynet is its own blockchain, we must provide a means for people to validate their transactions within the network
There isn’t too much innovation that you can do on a blockchain explorer though, so the majority of the common features will be available at launch
Ok now we go with the last segment: live session
I think there are a lot of anxious users
Remember to follow the rules guys!
I will open the chat in 3...
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
In the EvryNet reputation system, each node has a score that represents "trustworthiness". The reputation score is calculated based on what conditions? The reputation score is updated every time a node participates in the execution of a smart contract?
The reputation score is based on the speed and correctness of validating a block
Many questions today...
Why if you developed a blockchain, why create an ETH fork? Could it be that they necessarily have to be related to ETH to have all Decentralized products?
ETH uses proof of work and high gas fees and latency issues. By forking, and implementing PoS, we can implement a static gas fees and greatly increase the capability
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
We do allow for the tokens to be burned in the future and will look to do that if and when it makes sense to do so.
Sorry, I can't go through all the questions today.
We're looking to answer some of the frequently asked questions in our AMAs in the next few weeks
please be sure to check our medium and other channels for more info https://linktr.ee/evrynet
No problem, thank you for answering the questions in detail! We hope to have more information about Evrynet soon!
I'll proceed to open the chat...