NEO AMA Session Recap
Last week, Everstake was invited to join an open AMA session in the Neo Smart Economy Official Telegram chat. We gladly agreed to answer the community’s questions. Providing clear and transparent information about Everstake is of utmost importance to us as a Neo council member.
Five questions were asked by AMA’s host Riley and five more questions were picked from the twitter thread.
Here’s how it went:
Alex: 👋 Hi everyone! It’s a real pleasure and an honor to be a part of this AMA. My name is Alex, I am a blockchain manager at Everstake and one of my main responsibilities is being in touch with the Neo community, as well as keeping the Everstake team informed about every major thing that is happening in the network. Today I am excited to share a little bit about our team and our role in the Neo Smart Economy.
Riley: Thanks for that intro Alex, I will now get to the questions.
First of all, what is Everstake? What are you guys doing?
Alex: Everstake is a team of experienced developers, financial experts and blockchain enthusiasts. The company was founded by Attic Lab, an EOS block producer from Ukraine in 2018. Everstake helps institutional investors and regular token holders to profit off their crypto assets.
Currently, Everstake is the #1 staking provider according to Staking Rewards platform. We successfully provide staking services in more than 45 blockchains both in Mainnet and in Testnet, such as NEO, Tezos, Cosmos, Mina, Elrond, Solana, Cardano, Cartezi, Polkadot, Kusama, Near, Terra, Polygon, and many more.
More than 465’000 users have chosen Everstake as their reliable staking provider which equals over $6.2 Billion as staked amount in digital assets. Everstake is the most trusted staking provider in a number of networks, for example, in Cardano we have more than 200’000 delegators, in Solana over 100’000 delegators, in Tezos and Cosmos more than 50’000 delegators.
We run highly secure and reliable nodes for PoS protocols using enterprise-level hardware to ensure maximum efficiency and security. DevOps specialists monitor 24/7 Everstake’s infrastructure and this guarantees that our nodes’ performance is 99.99% and our delegators receive their rewards. In case of unlikely failure, all our nodes have backups that ensure the highest reliability.
Riley: Those are some incredible numbers. And growing! Thank you for that detailed answer.
What makes Everstake different from other staking-as-a-service platforms?
Alex: First of all, Everstake is a very experienced staking provider, more than 3 years on the market and, as was mentioned earlier, we successfully operate in a huge number of chains. We know how everything works and how to solve emerging challenges.
One of the main Everstake goals is the education of the crypto community. We produce tons of educational materials for beginners, explaining how everything works: you may find a simple explanation of almost all blockchains; how a blockchain functions and its structure; how to stake your assets and get profit; how to use DEXes; what is crypto security and many many more topics. We can’t say that our materials are of utmost importance only for newcomers, it may come in handy even for veterans. If you haven’t managed to get needed information from our articles, you can always ask for assistance in our Telegram channel — @everstake_chat, we will gladly help you.
Another distinct feature of Everstake is our Blockchain Teams. We’re providing services in plenty of networks and an obvious question is “How can you guarantee perfect service in so many networks?”. Of course, one person or even a team can not be everywhere, monitor everything, be aware of every network update, create helpful and, importantly, entertaining content. That’s why Everstake decided to introduce a separate blockchain team that consists of dedicated DevOps and blockchain managers. These teams ensure that our infrastructure works perfectly and delegators are satisfied with the service provided.
Riley: Education is key, its good to see trusted players working to educate those in the scene!
How does Everstake participate in Neo governance?
Alex: Everstake is an active governance member in a lot of networks, as well as in NEO. We are honored to be one of the 21 council members. It is a huge responsibility to make decisions that are of paramount importance for the network’s wellbeing.
The council is responsible for maintaining the health and liveliness of the Neo network.
Responsibilities include adjusting blockchain parameters, such as system fees, and electing oracle nodes.
We are happy to be a part of the Neo Council and ready to support Neo with all the required technical and human resources so that the network can grow faster and benefit hundreds of thousands of Neo users.
For instance, last week we voted for reducing the Oracle Gas Fee by 80% to make the Neo N3 ecosystem more attractive for dApp developers. It was a very important decision for the whole ecosystem and the whole council board decided that we need to change the oracle request fee from 0.5 GAS which is considered quite expensive and may affect the dApps’ use levels. Everstake fully supports the idea and initiative that is why we signed for the GAS change. Thus, council members unanimously decided to reduce the fee down to 0.1 GAS.
Riley: I am sure we can all thank you for lowering fees!
Which other blockchains do you work with?
Alex: We’re currently working with ~45 mainnet projects and ~20 on the testnet. As was mentioned earlier, each project gets its own DevOps and Blockchain Manager who ensure that Everstake operates the latest information, runs the latest version of the nodes, creates the content of high quality for the community, and provides the best service.
Everstake started its service with Tezos, Icon and Cosmos. You know that PoS blockchains started to emerge not so long ago and 3–4 years ago there were not so many blockchains that were functioning on Proof of Stake and Delegated Proof of Stake consensus algorithms. Staking and delegating was not a thing back in those days, everyone was focused on PoW and alike blockchains. Nevertheless, Everstake decided to focus on staking as we saw great potential in it, just as we did with NEO. Among the small number of PoS blockchains, Tezos, Cosmos and Icon were already active and well functioning, so we entered these networks successfully as validators. As more and more PoS blockchains emerged on the market, Everstake continued to grow further and we started to join new promising networks, which we continue to do today, expanding our team and improving the service. In some projects Everstake was invited as a reliable staking-as-a-service platform, other projects we searched for ourselves; at the moment our research team has about 30 projects on its waiting list.
I think that it’s quite unnecessary to describe and name every single network where we participate, please visit our website https://everstake.one/ and check the relevant information.
Riley: Working with so many mainnet groups it must feel like herding cats sometimes! An incredible job.
When did Everstake join the Neo N3 ecosystem?
Alex: Everstake became the latest Consensus Node on the Neo N3 Preview1 TestNet in early 2020. And since then Everstake has been an active network participant.
Erik Zhang, founder and core developer of Neo, noted, “We are glad to welcome Everstake as one of our consensus nodes on the Neo3 Preview1 TestNet. As Neo3 development accelerates, we appreciate the help from the ecosystem to facilitate Neo’s development and the decentralization process.”
And this marked the beginning of decentralization on the Neo3 TestNet!
Riley: From Twitter @thewizzy:
Why did Everstake choose NEO Smart Economy?
Alex: There are thousands of different crypto projects on the market these days and we obviously don’t have the resources to cover them all, so we have to carefully pick the ones that we focus on. When we joined NEO, almost 2 years ago, there were not many projects on the market by contrast with the current situation. Back in those days we just could not miss the opportunity to be the ecosystem member of such a promising network that had very innovative and challenging ideas. And we made the right decision.
We choose blockchains based on the potential that we see in them, we look at how the code is written, at the governance system, token distribution, network’s contribution to the Blockchain World, their ideas, team members, etc.
We decided to enter the Neo blockchain because it is a very innovative and unique blockchain that we see great potential in. Neo was one of the first blockchains who introduced the smart contracts, how could we just ignore it? Smart Economy is the future!
Riley: Indeed N3 has an extremely bright future!
From Twitter @Ikechuk042:
Some of The negative effects of staking include rewards duration, lockup period, validator node and cost. How will Everstake overcome such challenges?
Alex: Everstake is a staking-as-a-service platform and we can not change the protocol functioning. Parameters such as rewards duration and lockup period are hard-set in the blockchain itself and can not be changed in any way in most cases.
Neo, however, does not have such a problem. You can just hold $Neo and earn $Gas tokens passively by voting for any of the 21 council member nodes without the need to lock your $Neo. (we have covered this process in our migration-staking guide: Stake.is/YL)
Noteworthy that a lot of people do not understand that validators can not change some protocol parameters on their own. Council members should make a request and vote for it, it’s a complex governance process.
Validation node costs can indeed be a bit pricey as we use enterprise-level hardware to provide the best performance and reliability. The costs are covered by our fair and competitive fee % that we manage to keep quite low in the blockchains that we work with.
Riley: Really detailed answer thank you for that.
From Twitter @mohit__kejriwal:
What are Everstake’s long-term plans?
Alex: We’re already ranked #1 by total staked value and users in the StakingRewards list. So we, as a staking provider, are planning to keep this status and work hard on bringing our delegators the best services possible in every promising network. Everstake is planning to enlarge the list of supported networks so that our delegators have a wide choice of networks where they can participate and be sure about their rewards and the service provided.
We will continue being active contributors in every blockchain that we support, including Neo. Everstake currently is busy developing products for plenty of networks such as different dashboards, blockchain explorers, validator tools, etc. Nevertheless, if we see that we can make a great contribution to the NEO ecosystem and create a product that will help the community, be sure that we will consider this option.
Expect more entertaining or helpful content in the upcoming months. We love creating different games, contests, quizzes, and AMAs for our community’s entertainment, thus stay tuned for future updates.
Riley: Great answer thank you. We do love AMAs and Trivia!
From Twitter @gatos_me:
What is Everstake’s vision and future plans about decentralized voting system and voting pools, will you going to use any mechanism to be in touch with people who trust and vote Evestake council member and be transparent about all subjects regarding your voting on NEO
Alex: Transparency of voting is of utmost importance for us. Decentralization and blockchain, to some extent, mean transparency of actions, everyone can monitor your decisions and moves. And that’s great! Transparent governance is an obligatory part of decentralized voting systems. In NEO council members, currently, are thinking about how to make this process more evident, so that every NEO community member could check what is on agenda right now, who votes for or against, etc.
From our considerable experience, unfortunately, plenty of community members in various networks do not pay attention to the governance. Maybe this is because our delegators entrust us with the important decisions and are sure that we vote for the best option.
We are always transparent about our decision-making process. You can join our Telegram chat (@everstake_chat) and ask about the current state of governance decisions there anytime. Moreover, if there will be some questions of paramount importance, we can make a poll on request, to know our community voice.
By choosing Everstake as your trusted validator, you can be sure that your vote goes towards the growth and transparency of the Neo N3 ecosystem.
Riley: That is a really well focused approach! Thank you for your detailed answer.
1 more user question from the socials.
From Twitter @Min4466:
Does Everstake have any plans to spread awareness to new users and non crypto users? Especially non-English speaking countries that may be barred from accessing the project?
Alex: Actually, one of our main goals, as was mentioned earlier, is the enlightenment of the crypto community, especially new users and non crypto users. We try to describe in simple language complicated notions from crypto space. Moreover, we see decentralization as the ability of every person to learn new information in their preferred language, despite their native one.
Not everyone knows English as a native speaker and understanding complex technical ideas and notions could be a real challenge. And we understand this. That is why we make translations of our educational materials in different languages. You may find information about different blockchains in multiple translations in our Medium blog. We perform translations of our materials into French, Spanish, Italian, German, Ukrainian, Russian, Chinese, Korean, Turkish, Indonesian, Vietnamese. Of course, the main language is English, nevertheless, if we see huge demand in some language communities, we will give a helping hand. If you see that some language is missing, you can always ask us to consider adding another translation in our Telegram chat (@everstake_chat) or in our Twitter (@everstake_pool, @Alex_Everstake — for NEO related questions).
Riley: I love it, becoming a trusted resource for knowledge with an ability to teach the layman is really needed in this scene. Thank you for tackling it!
The AMA session received big positive feedback from the community. We are happy to be a part of Neo Smart Economy and are looking forward to joining any future AMAs.
Follow our social media for important announcements and helpful guides!