{"id":14635,"date":"2021-11-10T04:30:04","date_gmt":"2021-11-10T01:30:04","guid":{"rendered":"https:\/\/esatoshi.club\/?p=14635"},"modified":"2022-02-08T20:54:47","modified_gmt":"2022-02-08T17:54:47","slug":"project-overview-evrynet-evry","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/11\/10\/project-overview-evrynet-evry\/","title":{"rendered":"Project Overview: Evrynet ($EVRY)"},"content":{"rendered":"\n

Over the last few years, developments in DeFi have begun to change the way people think about financial products and services. The success of protocols such as Uniswap and Sushiswap have illustrated the unlimited potential of blockchain technology in bringing exciting innovations to the market. Like any new industry, DeFi still has its limitations. The recent boom in DeFi was more akin to gambling as many activities were driven more from speculation and not based on any real assets or economic activities. This was further compounded by an absence of participation by institutional investors. <\/p>\n\n\n\n

Most likely, this was not due to a lack of interest, but rather because current product offerings do not cater to the needs of these investors which require financial products with different yield and maturity levels. In order to facilitate and bridge this gap, the team at EvryNet aims to create the leading CeDeFi financial service infrastructure in South East Asia and beyond.
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  1. An Introduction to EvryNet<\/strong><\/li><\/ol>\n\n\n\n
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    Evrynet is a layer 1.5 protocol that combines a financial service portal, a contract network, and an accounting and settlement component with a full-service operation with smart contracts at the heart of its network. EvryNet also simplifies third-party integrations by providing SDKs, APIs, and basic financial templates.<\/p>\n\n\n\n

    The team has designed Evrynet to be an infrastructure that others can readily utilize and easily build their own dApps on. Other than the standard features such as a blockchain explorer (EvryScan), and a wallet (EvryWallet), one of the key capabilities that the team at EvryNet is launching this year is EvryHub – a platform that allows users to transfer tokens across different chains seamlessly (more on EvryNet\u2019s products and services in a later section of the article).<\/p>\n\n\n\n

    There are four key areas on which the EvryNet team is focusing in the attempt to bring improvements to what\u2019s currently available in the market:<\/p>\n\n\n\n

    • Interoperability<\/strong> \u2014 by enabling Evrynet to work with other blockchain protocols. Initially, Evrynet will support Binance Smart Chain, Stellar, and Ethereum networks, with plans to include other major chains in the next phases of the roadmap.<\/li>
    • Method for consensus<\/strong> \u2014 by relying on the Tendermint consensus protocol to enhance the network\u2019s speed without sacrificing security<\/li>
    • Staking models<\/strong> \u2014 via the proof-of-stake consensus which will also increase the use cases for the Evry token and economically secures the system<\/li>
    • Transaction fee scheme<\/strong> \u2014 EvryNet\u2019s gas fee model is static (Evrynet\u2019s governance procedures make it possible for this model to be adjusted in response to changing circumstances), which allows for costs of using the network to be predictable. EvryNet\u2019s design also allows DApps or enterprises to choose who pays the transaction fee. This is meant to make it easier to onboard new users who will not need to already have a native token<\/li><\/ul>\n\n\n\n

      As hinted above, many marvelous features are behind EveryNet\u2019s architecture and design. But before probing deeper and delving into the core of EvryNet\u2019s project details, it\u2019s also noteworthy to get some history and background of the project, by also getting to know the team and the advisors that are making EvryNet a coming reality.
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      1. The Team Behind EvryNet<\/strong><\/li><\/ol>\n\n\n\n

        The idea for Evrynet came back in 2018 as a passion project of Lightnet, a layer-2 protocol focusing on improving global remittance and payment. The founders of Lightnet saw a need for open-source financial building blocks and see Evrynet becoming a critical piece in creating a CeDeFi ecosystem and liquidity network.<\/p>\n\n\n\n

        In 2019, Evrynet started developing its layer-1 and layer-2 protocols jointly with Stellar and Kyber Networks with the goal of providing a platform to build smart contract solutions with no boundaries and to offer interoperable CeDeFi services to achieve the future of financial inclusion and financial mobility. It was under the vision and steel-clad experience of Chatchaval Jiaravanon <\/strong> and Tridbodi Arunanondchai <\/strong>(Co-Founders and, respectively, Chairman & Vice-Chairman at EvryNet both of whom have built several companies and crypto\/non-crypto startups) that Evrynet got its start. The pair of them were instrumental in building and recruiting the team that constitutes the core of Evrynet today.<\/p>\n\n\n\n

        Many experts and specialists are leading the development of EvryNet\u2019s products and features. Among them, in the Development department:<\/p>\n\n\n\n

        • Korapat<\/strong> (MBA at Georgetown University, entrepreneur and ex-VC)<\/li>
        • Suvicha <\/strong>(CPO, previously head of innovation, solution, and enterprise architecture at major bank in Thailand)<\/li>
        • Chatchai <\/strong>(Head of Engineer at EvryNet, manages the technical team and has invaluable expertise as a blockchain solution architect in previous leading corporate and financial institutions);<\/li><\/ul>\n\n\n\n

          The pedigree of the professionals that are handling and developing EvryNet\u2019s business side is just as remarkable<\/p>\n\n\n\n

          • Soon <\/strong>(founded and worked at several micro-finance startups in Asia);<\/li>
          • Matana<\/strong> (EvryNet\u2019s Head of Strategy, ex-IB, and planning at a leading property developer);<\/li>\n\n\n\n
          • Karan<\/strong> (EvryNet\u2019s Head of Finance, 13+ years of experience as a strategic and financial consultant at several leading banks and private credit platforms);<\/li>
          • Athi <\/strong>(EvryNet\u2019s Head of DB, ex-VP of payment solution and business innovation at a major bank).<\/li><\/ul>\n\n\n\n

            EvryNet\u2019s team is comprised of people from diverse and synergistic backgrounds (technical & commercial experience in crypto, fintech, and investments). That\u2019s also a guarantee of the project\u2019s solid roots, foundation, and commitment.<\/p>\n\n\n\n

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            Advisors and Investors<\/strong>
            In addition to an AAA+ team, the project is aided, guided, and supported by first-class figures in the fintech space:
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            • Mike Kennedy <\/strong>and James Wu<\/strong> from Velo (formerly Inter\/Stellar), <\/li>
            • Loi Luu <\/strong>and Victor Tran <\/strong>from Kyber Network<\/li>
            • Jed McCaleb<\/strong> and David Mazieres<\/strong> from Stellar<\/li><\/ul>\n\n\n\n

              providing invaluable blockchain technical insight and expertise.<\/p>\n\n\n\n

              In addition to the \u00e9lite consultants and strategic advisors mentioned above, EvryNet also boasts<\/p>\n\n\n\n

              • an exclusive advisory partnership with internationally renowned Professor Robert Townsend <\/strong>of MIT. <\/li>
              • as well as the unique support of Paul Veradittakit<\/strong> from Pantera Capital and John Ng Pangilinan<\/strong> from Signum Capital – the latter having helped immensely with connecting EvryNet to key investors, by leading a private investment round which saw participation from several leading institutions and SEA-based family offices.<\/li><\/ul>\n\n\n\n

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                It\u2019s easy to perceive the tremendous potential behind EvryNet\u2019s human capital. But, lo and behold, it doesn’t stop here. What\u2019s EvryNet’s value proposition?<\/em> We\u2019re going to answer that question next.
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                1. EvryNet Features<\/strong><\/li><\/ol>\n\n\n\n

                  Evrynet was built from the ground up as a fork from the Ethereum network; utilizing Tendermint Consensus protocol for Proof of Stake over Proof of Work, and the Solidity-inspired smart contract engine at its core. Evrynet uses micro-banking services on an interoperable smart contract platform that is reliable, scalable and focuses on providing a network that is ready to face any potential regulatory challenges through a well-structured platform focused on trust, governance, and audibility.<\/p>\n\n\n\n

                  Evrynet\u2019s SDK, APIs, and financial products and services templates enable anyone to be able to compose or customize smart contracts without needing to know any complex programming knowledge beforehand. Organizations or users developing (or using!) Evrynet can utilize the platform\u2019s verification process to increase users\u2019 trust and confidence in the network, as well as allowing potential new users to discover other applications through Evrynet\u2019s network. In particular, EvryNet\u2019s characteristics will allow for high speed & security coupled with a transparent, reliable accounting and settlement layer.<\/p>\n\n\n\n

                  Speed and security<\/strong>
                  EvryNet is built around Tendermint. Within EvryNet\u2019s contract network, users will be able to specify their preferences in terms of whom they allow to see and execute their smart contracts in order to preserve confidentiality and reliability. Similar to real-world contracts, users may want only specific people involved in the deal to review contracts or trusted nodes in the network.<\/p>\n\n\n\n

                  As there might not be a sufficient number of nodes to run the specified smart contract, Evrynet will intelligently select one or more qualifying nodes to execute a smart contract according to user preferences relying upon the reputation score of individual nodes. This reputation score will reflect the node\u2019s assets, liability, and availability. The score will be used to infer a node\u2019s capability of honoring the contracts and safeguarding the transaction. And while in the beginning, EvryNet\u2019s trusted institutional partners will serve as the initial nodes of the network, as the project\u2019s development progresses and the network grows over time other stakeholders will be allowed to join.<\/p>\n\n\n\n

                  <\/p>\n\n\n\n

                  Accounting and settlement<\/strong>
                  Another feature of Evrynet that\u2019s important to highlight is the accounting and settlement component. This will provide the final settlement network where assets are exchanged in real-time among relevant accounts as well as a non-reputable ledger of actual asset transfers. The ability to trace all asset movements associated with each account at any moment on a distributed ledger will allow for transparency with audits, which in turn improves trust in the network.<\/p>\n\n\n\n

                  Furthermore, Evrynet will have the ability to transfer real-world assets or their digital equivalent using cryptocurrency within a matter of seconds and with a minimal fee, thus helping to bridge real-world assets\/yields to DeFi.<\/p>\n\n\n\n

                  <\/p>\n\n\n\n

                  1. EvryNet Products & Services Highlights<\/strong><\/li><\/ol>\n\n\n\n

                    The team at EvryNet is working to bring a comprehensive, seamlessly integrated suite of products that includes EvryHub, Evry.Finance, EvryWallet, EvryScan\u2026 while more are yet to be announced. While all of them are unique and feature-worthy, in this article we\u2019ll be focusing and showcasing the first two (EvryHub and Evry.Finance) as the most-awaited, innovative products of EvryNet\u2019s product line.
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                    EvryHub<\/strong>
                    One of Evrynet\u2019s most prominent features is Evryhub. This critical component is at the heart of Evrynet\u2019s cross-chain interoperability with other blockchains; it acts as a bridge between the Evrynet ecosystem and (eventually) the entire crypto space \u2014 truly \u201cEvry Network\u201d. Evryhub\u2019s 2.0 release is intended to support ERC-20 (Ethereum), BEP-20 (BSC), and Stellar\u2019s native token, XLM.<\/p>\n\n\n\n

                    Now you might be wondering: \u201cWhy did you pick these three ecosystems… and why Stellar?<\/em>\u201d. As stated by the team, the first two picks were a simple decision, as both ERC and BSC are the de facto<\/em> most popular platforms in the crypto space. And when questioned about the choice of Stellar XLM in a recent AMA, the team answered: <\/p>\n\n\n\n

                    \u201c […] a lot of untapped potential with their core community so we\u2019re excited to see what opening up DeFi for XLM hodlers will result in eventually. It also helps that we have a close partnership with Stellar, but that partnership grew after we\u2019d had a look at the market and did our due diligence on the available technology, not the other way around […]\u201d<\/em>
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                    Sounds great…but how does EvryHub work?<\/em>
                    Evryhub uses the concept of relay servers. When a user transfers a digital asset from one chain to the other, the system will lock those digital assets from the originated chain and release the digital asset in the system\u2019s reserve on the designated chain. In the event that there are not enough tokens in the reserve for the amount of token to be transferred to the new chain, Evryhub is designed to draw the necessary token from Evrynet\u2019s decentralized exchange, Evry.Finance. It is also important to note that Evryhub is using a non-custodian approach for digital asset conversion between chains.<\/p>\n\n\n\n

                    <\/p>\n\n\n\n

                    Evry.Finance<\/strong><\/p>\n\n\n\n

                    Scheduled towards Q4, Evry.Finance will bring Order Book capabilities as well as Smart Order Routing.<\/p>\n\n\n\n

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                    Besides being a proof of concept product for what can be built on Evrynet, Evry.Finance design has been conceived from the ground up with a focus on bringing institutional investors into DeFi with a simple to use yet feature-rich platform that addresses three key pain points which prevent institutional investors from joining the DeFi movement, namely:
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