Speaker : Soon Chua (Project Co-Lead)
Date : Thursday, Sept 9th 2021
THERE IS 3 SESSION FOR AMA
2. QUESTION FROM TWTITTER
3. FREE ASKING
SESSION 1 ( INTRODUCTION )
Hello Sir,Welcome to our community, we are glad to be with you here.
Thank you, I appreciate the opportunity to come back.
I guess This is Evrynet’s second AMA on IDCrypto.
They have a lot to talk about tonight, Excited for the AMA tonight.
Hehe me too!
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 decentralised 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/underbankeds financial exclusion issues here, but also encourage institutional investors to participate in DeFi projects.
Wow, that’s interesting, I hope Evrynet becomes a big project especially in Southeast Asia.
Thank you, we’re aiming for that.
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 platfor we’ve built from the ground up with a focus on bringing institutional investors into DeFi via a simple to use, yet feature-rich, 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.
What was the reason to build your own blockchain with Evrynet? Wouldn’t it have been easier to just use one of the common platforms available in the market?
Hmmm… that’s a 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 actual realisation 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.
Thank you for the detailed answer, I hope Evrynet Team gives the best.
We are and we will!
So your flagship product Evry.Finance, where are you with its development and what’s 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 ontrack 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:
1. Fiat to stablecoin conversion (and the reverse)
2. Long-term stable yields.
Slippage has been another of the biggest issues for AMM based DeFi platforms crypto currency 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 new 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 customisable 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 in 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.
That’s very interesting, Adopting DMM might be an interesting thing, because most other projects only use AMM.
Yes, I think that is a key differentiator that we have.
Alright thanks for the explanation, I’m going to the last question of this session 1.
q) How are things coming along with the roadmap? Have there been any major updates of changes we should be aware of?
Besides Evry.Finance 1.0 ready for release on track for 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.
Thanks, I hope you provide something interesting on the next roadmap.
SESSION 2 ( QUESTION FROM TWTITTER )
In the last AMA you said that your project is useful for users, especially for those who don’t use a bank account, can you explain more about this?
This is part of a long term vision for Evrynet. There’s a large part of the population that does not have a bank account (unbanked) or lacks access to credit (underbanked). Evrynet wants to provide a platform for the next generation of banking products and services to be built on to serve these users.
In the short term, we want to bridge the liquidity in DeFi to real world financial platforms to allow for more capacity for lending or more access to credit for people who otherwise would not be able to borrow from traditional institutions. In the future, more dApps could be built to provide banking services that do not require a bank account to access.
Thanks for detailed answer, Next question.
As a multi-chain project, what are the main characteristics that EVRYNET presents in the technical aspect, do you plan to include more tokens, will EvryNet integrate other chains or withdraw some already implemented?
There are currently no changes planned for our initial launch platforms with initial integration in place with Binance Smart Chain – we’ll support for ERC-20, BEP-20, and Stellar native coin, XLM.
We are definitely expanding Evrynet’s cross-chain capability which we’ll look to update this in the roadmap towards the end of the year when we release the forecast for 2022!
Next question 3.
So based on the name ‘Evrynet’ , is it means ur project support any mainnet on crypto industries? And if yes what is the first net you put in into ur project? Thanks somuch.
We are supporting Binance Smart Chain initially as mentioned. While our project does support other mainnets, it will be added accordingly over time as we expand.
Next question 4.
Lightnet’s engagement in the Evrynetwork ecosystem has been the subject of some discussion. Could you please tell me about Lightnet’s history and what value addition and roles it will play in Evrynetwork’s future?
Lightnet’s primary role here is in providing a corridor for fiat on/off ramp.
However we operate independently and are not dependent on their network.
Okay last question.
EvryNet users can perform micro-banking transactions, such as letters of guarantee, letters of credit or trade finance, and settlements through our banking partners. Who exactly are the banking institutions working with you on your project? Can you name some of them?
EvryNet has a strong group of backers from both traditional and crypto banking institutions. Some of these banking institutions include United Overseas Bank (UOB) and Signum Capital.
SESSION 3 ( FREE ASKING )
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Not yet, but we will. Coming soon!
you said that Evrynet is synthetic asset, can you explain in more detail about this?
Evrynet itself is not a synthetic asset – however, we are working with real world companies to allow us to tokenize real world assets such as real estate and infrastructure into a synthetic asset that can be bought and sold on Evry.finance.
Q) Do you have plan B, if there is a recession now, if crypto-winter suddenly comes and everyone starts to sell tokens and exit the projects.
Both of us and our partners have a long term view of the project, and we are committed to this project. Moreover, given that we have raised 8-figures USD in funding, thus we have sufficient capital to see out any recessions that may occur.
The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which the your Project project operates?
We’ve been keeping pace with the Layer 2 developments which have been at the core of blockchain innovations due to high gas fees and latency in recent years as adoption of the technology increases. The team is constantly keeping abreast of recent trends and looking at possible ways of integrating any interesting pieces into the platform.
MORE DETAIL ABOUT Evrynet