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AMA RECAP IDCRYPTO X Evrynet

Speaker : Soon Chua (Project Co-Lead)
Date : Thursday 26th August, 2021

THERE IS 3 SESSION FOR AMA
1. INTRODUCTION
2. QUESTION FROM TWTITTER
3. FREE ASKING


SESSION 1 ( INTRODUCTION )

IDCRYPTO:
Hello everyone, we come back for AMA ID Crypto with Evrynet
Today we have an honored guest, Soon Chua as Project Co-Lead on Evrynet who will explain and answer your question guys.

Soon Chua:
Good night everybody, nice to meet all of you. Thanks for your time and we’re very excited to share with you tonight about our Evrynet project.

IDCRYPTO:
Good, thanks you for attending this AMA sir.
Well if you feel ready, let’s start the first session, Namely the introduction.

Soon Chua:
Evrynet originated as a passion project of the co-founders Chatchaval and Tridbodi.
While focused on developing a layer 2 global remittance and payments network, they saw a need for an open-source platform to provide financial services and products catering for the unbanked/underbanked, and thus Evrynet – the Defi network for “Evryone” to build financial products and services on was created.

IDCRYPTO:
Thanks for this introduction sir, Next question.
Q2. What’s Evrynet’s Vision?

Soon Chua:
The Evrynet vision is to be the CeDeFi financial platform for Southeast Asia. It will provide interoperable CeDeFi building blocks for other projects and developers to build decentralised financial applications on.

IDCRYPTO:
Excelent, this is amazing vision.
Q3. What’s the team’s background? Who are some of the core team members?

Soon Chua:
Given the scale of the vision, Evrynet has recruited a core team dedicated to delivering Evrynet’s vision.
We are also fortunate to have access to many talented resources who work within the founder’s other companies which all share the same vision of financial inclusivity, just in different financial domains, but we can share more on that in a later AMA!
In regards to the team, they came from a diverse set of backgrounds in investment, technology development, and operations especially in micro-finance platforms in SEA. All are experienced working with large institutions and financial services companies.
Leading the product development we have:

  • Korapat (entrepreneur and ex-VC),
  • Suvicha (head of innovation, solution, and enterprise architecture at major bank in Thailand),
  • Chatchai (technical team management and blockchain solution architect at leadingcorporate and financial institutions).

IDCRYPTO:
Your team sound interesting.. They have awesome experience.

Soon Chua:
On the business side we have:

  • Soon (founded and worked at several micro-finance startups in Asia)
  • Matana (ex-IB, strategy and planning at a leading property developer)
  • Karan (strategy and finance at several leading banks and private credit platforms)
  • Athi (ex-VP of payment solution and business innovation at a major bank)
    Iya, they’re a very good team!

IDCRYPTO:
Thanks a lot for introduce your team sir, Next question sir.
Q4. Who are some of the key Advisors & Backers of Evrynet?

Soon Chua:
Some of these companies include CP Group (TH), Hanwha Group (KR), 7Bank (JP), Unipresident (TW), UOB, Wanshiang/Hashkey, Du Capital, Signum Capital, Stellar, Kyber Networks, and Lightnet.
This support has been in many forms, for example, we jointly developed Evrynet with Kyber Network and Stellar and Signum Capital lead our private investor round.
We have some very passionate advisors amongst them including Loi from Kyber, Jon from Signum Capital, David Mazieres from Stellar Development Foundation, and Professor Robert Townsend from MIT. We have a lot of enthusiastic supporters who are excited for our project!

IDCRYPTO:
Okay good, thanks you for introduce key Advisors & Backers on Evrynet, Let’s talk about your product.
Q5. So I can see in the whitepaper you talk about Evry.Finance. What is that?

Soon Chua:
This is our flagship dApp that we’ve developed as a use case for Evrynet.
It aims to support institutional investors who want to participate in DeFi by providing features that would address a need of institutional investors.
These features include a multi-sig wallet, compliance section/report, combination of orderbook and AMM/DMM, and providing a variety of liquidity pool products with different maturity and yields.
Yes, it’s very interesting from a lot of perspectives actually, challenging but very interesting.

IDCRYPTO:
Yeah i think Eveynet will make some different, Let’s move to Q6.
Q6. This sounds very familiar in today’s DeFi space, what’s so different about
Evry.Finance?

Soon Chua:
Thanks to Stellar’s involvement, we will have the first XLM paired liquidity pools in the market.
We will have AMM/DMM feature with Order Book and incorporate the ability to bridge real world assets to DeFi to provide a more long-term and stable yield products which institutional investors, as well as retail investors, can enjoy.
Currently we’re working with a few additional use cases which we’ll announce at a later date, but are equally as exciting!

IDCRYPTO:
Cool I can’t wait for an announcement about this. I hope this plan goes well.
Q7. What’s coming up in Evrynet’s Product Roadmap that you’d like to highlight?

Soon Chua:
Evrynet 2.0 has been deployed into Testnet but we are waiting to complete development of a critical product, Evryhub, before we launch that with the community.Mainnet is scheduled for early 2022. In Sep/Oct, we will launch Evryhub, together with Evry.Finance supporting BSC. Users will be able to exchange, stake tokens through a variety of liquidity pools and earn reward tokens.
Iya pak, buat everybody it’s really good for us to be able to have passive income.

IDCRYPTO:
Keren banget, Very happy to know your progress, I hope here can make more succesfull development in the future.

Soon Chua:
Thank you.

SESSION 2 ( QUESTION FROM TWTITTER )

IDCRYPTO:
Q1. One of the problems with the ethereum blockchain is about the sclability and interprobality issue, can everynet bring a solution to these two problems?? Please explain.
From @wallstr43491546

Soon Chua:
Hmmm… Evrynet is its own blockchain, forked from Ethereum. Part of that fork has involved replacing Proof of Work in Ethereum with Tendermint Proof of Stake instead.
We’ve been looking into Layer 2 solutions for the platform as well, but we’re most excited about what ETH2.0 will bring having been keeping an eye on Plasma development.
Part of the plans for the 3.0 release will be looking at either evolving out current Layer 2 option as it might be the most compatible with what we have built for Evrynet, but there maybe some other synergies from ETH2.0 which we won’t see yet.
In terms of interoperability, Evryhub is our cross-chain solution that will bridge not only ERC-20 and BEP-20 tokens are release, but Stellar coin, XLM, too!

IDCRYPTO:
Interesting, you will be connected to many networks, I think this will make the ecosystem wider.

Soon Chua:
Yes, it’s better for the ecosystem juga.

IDCRYPTO:
Q2. If I am someone who has a business who is interested in evry as a payment service provider, can you provide some key points why I should use your platform?
From @si_GantengPart1

Soon Chua:
From payments point of view, the consideration is typically on speed and fee. For speed, it is the ability to process large numbers of transactions instantly (depending on the types of payment we’re talking about and the volume of transactions) And for fee it is the lowest fee per transactions.
Evrynet is built to be able to handle large number of transactions and with low fee.
Furthermore, Evrynet also allows for contract initiator to pay the fee on behalf of the contract receiver, which provides some flexibility on that.
While the infrastructure is ready, payments application is not something we are focusing on from the start, we would be open for other projects/ developer to build an application on the infrastructure of Evrytnet to support payment service providers.

IDCRYPTO:
Impressive sir.. It will bring a solution regarding gas fee.

Soon Chua:
Iya, gas fee that is low and stable is critical.

IDCRYPTO:
Okay thanks for good explanation sir.
Q3. I read that Nodes use the $EVRY token to stake the right to validate EvryNet smart contracts. But, besides having to own the $EVRY token, What are the requirements to become a validating node on the platform? How will this improve the quality of trades made on EvryNet?
From @y1sus_afp

Soon Chua:
We incorporate a reputation system which is used to evaluate which node is chosen to execute the block.
This reputation score is based on various metric but mostly focus on the reliability and speed of past block execution.

IDCRYPTO:
Yeah reliability and speed is very important for every transaction, Next question.
Q4. According to your roadmap, in Q3 you will launch Evrynet 2.0 Testnet version and Wallet for IOS version. So, How can we participate on testnet event? Also about Evrynet wallet, tell us the advantages that provide by your wallet? Do you have any plan to create android version too?
From @Meziprayoga1

Soon Chua:
We’ll make a separate announcement for the community to look through our Testnet when we have a firm launch date. Keep an eye out for this on our social media channels.
We have Android and iOS versions of the wallet. The Android version is already released and we put the iOS version on hold after a successful TestFlight release on the 1.0 platform. As we are making changes to support the 2.0 released, we’ve deprecated both versions of these.
Evry wallet’s main advantage is the cross-chain integration bringing the function of Evryhub onto your smartphone (Android and iOS!), as the platform evolves, you’ll have the ability to trade, farm, borrow, and other micro-banking services.

IDCRYPTO:
I think this is good products on evrynet.

Soon Chua:
Yes, it’s very important to have the right products on Evrynet.

IDCRYPTO:
Q5. I can’t find more information about your tokenomic, can you give a review about that? How many tokens will be minted, where will they be allocated, what is the use case & what is the benefit for holding them in long term? Will there any special rights granted to the holders?
From @abdulazzam1505

Soon Chua:
We will be deploying a huge update to our website which will contain the latest most up to date version of EVRY’s tokenomics, so you’ll be able to look at it in its entirety then.
$EVRY token is a utility token More transactions on Evrynet blockchain means higher fee generated which would drive the value of the EVRY token.
Token holder would also be able to participate in future voting on changing the gas fee price. You’ll also be able to stake EVRY tokens on out flagship dApp, Evry.Finance for more rewards!

IDCRYPTO:
Perfect, Nice explanation.
I hope our community understand with your explanation.

Soon Chua:
Hopefully guys!

SESSION 3 ( FREE ASKING )

Shihad K:
I understand that to have a CeFi account it is necessary to complete multiple registrations, while in DeFi it is to create a wallet keeping the seed keys, but in CeDeFi what would it be like to create an account? Will the KYC be required?

Soon Chua:
CeDeFi is a technology that bridges the two infrastructures together, it depends on your wallet type. For institutionals that use CeFi, KYC is still required (as per local regulations).

Meziprayoga:
EvryNetwork aims to provide open-source banking services for everyone through CeDeFi Services. So, I would to know, what is the major problem do your project want to solve in crypto space especially in Finance Sectors? And tell us how great is your plan to solve that problem?

Soon Chua:
I understand your question is what is the biggest problem we are trying to solve, and how we are going to solve it. Current DeFi provides financial inclusion to certain groups, and CeFi provies financial inclusion to other groups. We are providing financial inclusivity for all groups.
To achieve this, we are building Evrynet as a platform that anybody can utilize to build and provide financial products and services on.

reyhan$:
What was your biggest challenge at the marketing and project development stage? Will it run smoothly or is there a special design?

Soon Chua:
Our biggest challenge was how to design a blockchain product to fit all users including institutional users, as well as developing cross-chain support. As part of the design
process we forked from Ethereum to ensure that we looked at the most promising applications of layer-2 to improve on performance and we are keeping an eye on Eth2.0 to looked at enhanced security as well as other performance benefits.

budi karebet:
I want to invest, in your project. but I have, doubt it a little.
Can you, please assure, us that unlike other scam projects, there is no possibility, of fraud.

Soon Chua:
We have very reputable backers and advisors that are involved in the project as mentioned. C.P Group, UOB Group, Signum Capital, etc both large corporates and investors have invested with a long term commitment in our project.

Drs.prof.SyMaMaNG SD.SMP.SMA:
What are the #EVRYNET services that include the benefits of partnering financial institutions and companies to provide a smart financial network,???

Soon Chua:
Ability to convert large amounts of fiat to stablecoin. Diverse yield products with longer term maturity with fixed yields. These are two key points that would entice institutional investors to participate.

MORE DETAIL ABOUT Evrynet

Website
Group (Global)
Group (Indonesia)
Medium
Twitter

Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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