EvryNet x Satoshi Club AMA Recap from the 24th of September
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from EvryNet and our guest, @Korapata. The AMA took place on the 24th of September.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Pat Arunanondchai: Hi everyone!
Andrés M. | Satoshi Club: Hello everyone, it is a pleasure for us to introduce you, EvryNet project. @Korapata is here to tell us more about it.
| Satoshi Club: @Korapata, welcome to Satoshi Club!
Pat Arunanondchai: Thanks for having here and for the opportunity to introduce our project.
Andrés M. | Satoshi Club: Thanks for choosing our community to do it
Welcome to Satoshi Club. How are you today?
Pat Arunanondchai: Busy working on Evrynet
| Satoshi Club: Awesome, excited to be here I believe.
Pat Arunanondchai: Of course!
Andrés M. | Satoshi Club: Haha we understand perfectly. Then let’s begin with a short introduction about you. What is your position into the project?
Pat Arunanondchai: So my name is Korapat or you can also call me Pat. I’m the project lead at Evrynet.
I look after the product side and also on the marketing, but really I help out with whatever is needed.
A little on my background, I came from VC. We invested into micro finance platforms in Southeast Asia.
But during my time in investment, I also was exposed to a variety of blockchain investments opportunities. I’ve always had an interest in the technology and the growth of the industry since I was exposed to blockchain back when I was doing my MBA in 2015.
Andrés M. | Satoshi Club: Nice to meet you
What is the essence of Evrynet? What was the inspiration to create it?
Pat Arunanondchai: Evrynet originated as a passion project of the co-founders Chatchaval and Tridbodi. At the time they were focusing on developing a layer 2 global remittance and payments network, but saw a need for an open-source platform to provide financial services and products catering for the unbanked/underbanked.
And thus Evrynet — the De-Fi network for “Evryone” to build financial products and services on was created!
| Satoshi Club: Interesting to see where your interests have brought you
Pat Arunanondchai: Was just waiting for the right project/opportunity to come along really
Andrés M. | Satoshi Club: Excellent, I think nothing happens by chance.
How big is your team?
Pat Arunanondchai: We have around 50+ people and we’re looking to hire many more as there’re a lot we want to do!
| Satoshi Club: You’ve got an impressive team number
Andrés M. | Satoshi Club: Yes, big family
Well, it was a pleasure to know more about you @Korapata, now let’s proceed with the community questions to know even more about Evrynet
Pat Arunanondchai: Awesome, excited to see what people want to know about us!
Q1 from Telegram user @Josegamboac:
Evrynet consists of the following core technologies: Evrynet Core, Evryscan, Evryhub and Evry.finance. Can you explain each of these technologies offered by Evrynet? What benefits does each of these technologies offer? Are they already available for use?
Pat Arunanondchai: Good question, let me go over them then.
- Evrynet Core is our own blockchain. It’s a fork from Ethereum blockchain, but the proof of work consensus is replaced with Tendermint proof of stake.
- EvryScan is our in-house blockchain explorer. It has all the features any common explorer would have.
- 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 is a proof of concept dApp that we’ve built from the ground up with a focus on bringing institutional investors into De-Fi via a simple to use, yet feature-rich, platform. The platform addresses two key pain points which prevent institutional investors from joining De-Fi, being difficulties with fiat to stablecoin conversion and vice versa, and attractive, long-term, stable yield products.
Andrés M. | Satoshi Club: Which benefits PoS consensus provides to your project that other consensus doesn’t do?
Pat Arunanondchai: This addresses a critical issue relating to scalability and transaction speed. It will also enable us to control the gas fee.
Andrés M. | Satoshi Club: Got it, thanks for the clarification and great explanation about your products.
@Jonahapagu do you have any additional question?
| Satoshi Club: Your explanations are clear and your products are
Q2 from Telegram user @victorogb:
In the last quarter of the year: Q4 2021, EvryNet will look to launch the Evry Wallet on both Andriod and iOS and Evry.Finance v1.5. Even as these products are expected to drive adoption and improve on the service delivery, thereby scaling products to a broader and wider market, can you extensively talk on them, what will be the major features of the Evry Wallet, what kind of transactions and operations can be carried out with it, will EvryNet also have a desktop version of this wallet? Finally, with the awaited upgrade of your flagship product: Evry.Finance v1.5, what improvements will it offer users?
Pat Arunanondchai: Quite a few things to unpack there.
EvryWallet will initially be launched to support iOS and Android. We don’t currently have plans for a desktop version, but we will eventually have our own soft wallet like Metamask available.
EvryWallet will have features and services common to the majority of other wallets on the market.
When the orderbooked feature of Evry.Finance is launched late this year, we intend to look at integrating the ability to perform market/limit orders through Evry.Finance order book, as well as participate in liquid and staking programs, plus allowing for swap between various supported cryptocurrencies.
Additionally, as crypto increases towards a regulated space, we also intend to provide institutional focused functions that allow for increased security through detailed KYT and transaction records, enhanced security built-in such as the ability to create and execute multi-sig contracts and other items that we feel could be important for regulators.
Andrés M. | Satoshi Club: What about a physical wallet? Is it in your plans?
Pat Arunanondchai: We currently don’t have a plan for a physical wallet.
Andrés M. | Satoshi Club: Got it! Would you like to add something before the next question?
Pat Arunanondchai: We can move to the next one!
| Satoshi Club: Alright.
Q3 from Telegram user @Ajpaa:
Evrynet is built around Tendermint and within your 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. Evrynet will intelligently select one or more qualifying nodes to execute a smart contract according to user preferences relying on the reputation score of individual nodes. How does Evrynet ensure that only qualified, reliable and trusted nodes execute smart contracts in your network? What criteria do you use to determine the reputation score of individual nodes? How can users join as nodes?
Pat Arunanondchai: This is part of what we described in our whitepaper as the “reputation system”. For this, each node will have a score that represents the “trustworthiness”.
The score is calculated based on a few criteria:
- The amount of time a node spends in a smart contract’s execution.
- The correctness probability of smart contract execution.
The reputation score is updated each time a node participates with a smart contract execution. Nodes that have a higher reputation score are more likely to be chose to execute contracts and earn the Evry reward/fee.
At the beginning, we’re having our institutional partners runs the nodes. We will look to allow users to become nodes as well, although we don’t have specific details currently.
| Satoshi Club: Do you see this two criteria’s as sufficient enough in determining the trustworthiness score? Will you add more criteria’s as the system develops?
Pat Arunanondchai: To explain a bit more in detail, EvryNet’s reputation system can augment the credibility of individual users or EvryNet nodes. Within the reputation system, all user accounts and EvryNet nodes in the EvryNet network are dynamically updated with reputation metrics based on behaviours, reliability, and contributions to the network. The evaluation of the contract execution outcome is also considered in the reputation calculation.
We’ll also leverage upon eKYC/KYT service to provide the chain of trust for each user account or EvryNet node, serving as a reputation bootstrap.
Andrés M. | Satoshi Club: Please tell us more about your institutional partners, who are your most important partnerships?
Pat Arunanondchai: We’re backed by a few traditional partners, to name a few, they’re UOB Bank (Singapore), CP Group (Thailand), Hanhwa Investment and Securities (South Korea), Hashkey (Hong Kong), Uni President (Taiwan), Seven Bank (Japan).
From the crypto side, we have a close technical partnership with Kyber Network and Stellar Foundation which also help contributed to the development of our platform.
Andrés M. | Satoshi Club: Important and big brands, congratulations
| Satoshi Club: You have great partners I must say
Pat Arunanondchai: Thanks, they’ve been helpful to our development!
Andrés M. | Satoshi Club: Thanks for the answers, let’s proceed with the next question.
Q4 from Telegram user @bigboicity12:
Evrynet provides the infrastructure that allows developers and businesses to build an unlimited number of Centralized/Decentralized Finance (CeDeFi) applications. I noticed that many projects see Ce-Fi as a real problem, want to get rid of it completely, while others like EvryNet think they have the necessary features. So depending on your point of view, Ce-Fi is necessary or not? Or is it really necessary? And what do you think about the explosion of the NFT + De-Fi association that is causing a lot of interest in the world? How does your project leverage and exploit this fact?
Pat Arunanondchai: From a regulatory perspective, Ce-Fi is necessary and we feel it wont be going away anytime soon.
Even if there was a point where we could work in a purely De-Fi world, there would still be a need to transition between the two, so we are future proof for that.
We believe that there is a lot of room for growth in the NFT and De-fi world. Axie Infinity is a good example of Play to Earn game based NFTs with liquidity pools for in-game items.
NFTs bring up a very interesting crossover between crypto gaming and current gaming mechanics for cosmetic items. So beyond the common purpose of protected DRM content commonly used, in-game cosmetic items could be freely bought, auctioned, or exchanged in Evry.Finance.
We don’t currently have short term plans to support NFT on Evry.Finance, but it’s something we’re actively looking at supporting.
Andrés M. | Satoshi Club: In your opinion, which one could provide more benefits for users, Ce-Fi or De-Fi?
Pat Arunanondchai: Depends on the situation and users really. DeF-i offers more flexibility and control over assets and generally less fee, while Ce-Fi offers more security and more diverse range of financial products and services. This is an area we’re looking to expand with our Evry.Finance.
Andrés M. | Satoshi Club: Great point, I agree with you, it depends of the perspective and aims of each user.
Pat Arunanondchai: In terms of institutional investors, there’re still a need to operate under a regulatory framework, something that De-Fi can’t provide. So that provides a barrier to entry for some of the institutional investors.
| Satoshi Club: I agree with you in this
Q5 from Telegram user @Jmagsss:
I browsed into your roadmap and saw that by Q2-Q4 next year, EvryNet plans to deploy its “Virtual Swap” product. Can you tell more details pertaining this specific product? What will be the structure of your virtual swap? For its initial release, what will be the tokens/coins that can be traded? How is it different from the traditional token swaps/exchange platforms we see today?
Pat Arunanondchai: For Virtual Swap we will be an evolution of EvryHub, where the smart contract will be automatically settled on both chains, regardless of the blockchain. Evryhub will provide the ability to perform an atomic swap on both chains.
Evrynet will then monitor the chains and submit the transaction sequences to claim the assets for the initiator and participant on both chains.
It’s an exciting technology we’ve been working on for some time so, will be a major development for us next year.
Andrés M. | Satoshi Club: Very innovative btw
| Satoshi Club: By the way, can you share us your roadmap?
Pat Arunanondchai: Yep!
We provide our roadmap on our website here: https://evrynet.io/#roadmap
| Satoshi Club: Thank you for sharing
Andrés M. | Satoshi Club: Let’s proceed with the next question
Pat Arunanondchai: Yep, sounds good!
Q6 from Telegram user @Antoni_azx:
Evrynet is considered a De-Fi app that provides dedicated institutional features among which is a fiat to non-fiat on ramp/off ramp, can you tell us about the details of this feature? Will Everynet have integrated payment services such as debit or credit cards for use on other platforms? What are the benefits of using Evrynet as a bridge to the fiat world?
Pat Arunanondchai: We do not have plans to have the ability to store digital fiat in the wallet at launch as in most countries, this is a regulated service and requires a specific licence.
We do intend to look into that in 2022, but it won’t be at launch.
The biggest issue institutional investors face is moving fiat currency into the De-Fi space. Evrynet, through the CeDeFi nature of how we’ve built the network, not just with our own underlying technology, but also with our technology partners, will help to significantly reduce lag time for these investors to move fiat currency into a De-Fi platform and back again.
At launch, Evry.Finance will be providing select tokens to swap, provide liquidity, stake and farm. We will be ramping up institutional support and provide additional financial products in 2022.
Andrés M. | Satoshi Club: Thanks for clarify it, could you tell us something about the coming public sale of you token? What will be the main use cases of your token?
| Satoshi Club: And also share your tokenomics as well.
Pat Arunanondchai: We do have a plan token sale sometime in October. They’ll be more announcements on that at a later date closer to the sale.
For people who are intrested, they can follow our news from the channels we have: https://linktr.ee/evrynet
For the token use, it’s a utility token for the Evrynet platform.
It’s used for:
- Gas fee for dApps and DeFi projects on Evrynet
- Base token for liquidity pool (yield farming)
- Base token for swap on decentralized exchange
- Base collateral and asset for lending
- Collateral stake for validator nodes
- Delegated voting on network governance
- Block reward for validator nodes
| Satoshi Club: Satoshi clubbers follow this
Andrés M. | Satoshi Club: Don’t forget to share the info with our community
Pat Arunanondchai: Will do! We’ll actually launch our CMC campaign as well!
| Satoshi Club: Awesome, I’m sure the Club members will be interested in this
Andrés M. | Satoshi Club: Is the max supply established?
Pat Arunanondchai: Yes, the max supply is 1 billion tokens.
Andrés M. | Satoshi Club: Thanks for sharing it!
| Satoshi Club: Do you have a breakdown of how these 1 billion tokens will be allocated?
Pat Arunanondchai: We do have a breakdown on our website on the tokenomics. For those interested they can check it out!
| Satoshi Club: Thank you!
Andrés M. | Satoshi Club: Well @Korapata, thank you so much for your answers in this first part of the AMA!
Pat Arunanondchai: Thanks.
| Satoshi Club: Before we proceed to the second part of the AMA, do you have any useful links you want to share with the community or anything to add?
Pat Arunanondchai: Yep, just to share again, all of our social media links are available through this link: https://linktr.ee/evrynet
Andrés M. | Satoshi Club: Now is time to proceed with the live segment, our community is excited to interact directly with you
Pat Arunanondchai: Great!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Jonathantross:
Can you please tell us about your project name “Evrynet”, what does it signify?
Pat Arunanondchai: Evrynet stands for “Everybody’s Network”. When our founders started Evrynet, they saw a need for an open-source platform to provide financial services and products catering for the unbanked/underbanked. Using blockchain technology, they wanted to create a platform to improve financial inclusion for everyone, hence the word “Evrynet”.
Q2 from Telegram user @satishgmr:
As you are working with real world companies to allow tokenizing real world assets, could you tell us about these companies?
Pat Arunanondchai: Due to the sensitive nature of the projects currently, we can’t mention them by name specifically. What we can tell you is that the first projects being brought to the platform are from leading real estate developers in South East Asia.
Q3 from Telegram user @Fazilfazillll:
Nearly almost 4/5 of investors are focusing purely on the prices of tokens in short terms instead of understanding it’s real value and health of the project. Can you tell us on motivations and benefits for investors to hold your token for long term?
Pat Arunanondchai: We’re able to receive backing from leading corporations because they believe in our long term vision for our project. As a utility token, holders will benefit from the growth of the system as more transactions = more fees, which drives the price of the tokens. We also have a lock up period for our early backers and investors to ensure no short term dumping. That should give some confidence in our long term future for the general community.
Q4 from Telegram user @SHELBYWINAMA:
Is there an interesting story behind the construction of the Evrynet project? Have you ever encountered problems when setting it up? And how do you solve this problem?
Pat Arunanondchai: When we originally started this project, cross-chain crypto currency transactions were not possible. It is only in recent years that technology has caught up with our aspirations, so we were able to look at publicly releasing EvryNet. The virtual swap piece is a huge part that has taken three years of development, so we’re very excited to have that planned for release next year!
Q5 from Telegram user @Orlemys:
You’ve talked in an article about the current crypto situation where hacking and exploiting of funds has become a regular occurrence. What are you doing to protect your platform from these malicious hackers? Is there any insurance in your platform?
Pat Arunanondchai: Security is a top priority, especially given the history of hacks and data breaches that have occurred in crypto. Before launching EvryNet to the public, we will be undergoing security audits of our smart contracts with three reputable companies in the crypto cybersecurity space. Once the security audits are complete, we will have these audit reports available to the public.
The audits are quite comprehensive and don’t just look at the contracts and code individually, but also into interlocking aspects of each component or contract.
For Evry.Finance, we are also looking at various mutual insurance coverage options to protect user funds. We will be making an announcement once the insurance coverage is finalised.
Q6 from Telegram user @Ajpaa:
I noticed that Evry.Finance is said to be launching soon and while reading through your document, Evry.Finance will go a long way in helping to bridge real-world assets/yields to De-´´´´Fi. How will Evry.Finance product be deployed in your ecosystem and what are some of its features? What sets/type of real-world assets/yields will you be transferring to De-Fi? What will be the requirements for users to do this?
Pat Arunanondchai: As mentioned in the previous question, we’re looking to offer long term fixed yield through tokenizing real world asset. Apart from the real estate project we mentioned, there is another real estate project currently being considered together with a eco-friendly power utility project.
Another yield product we’re looking to bridge liquidity from De-Fi to liquidity providers to Microfinance platforms in Southeast Asia.
Q7 from Telegram user @Phunsuk9999:
What role does community play in the ecosystem of Evrynet? Are you planning to take feedback sessions in coming days or months?
Pat Arunanondchai: We always look for community feedback to improve our products. We’re launching our dAPP Evry.Finance soon and will look to incorporate some form of user feedback questions into one of the activities that we will do to promote it.
As for the future of the ecosystem, we want to provide a building blocks for other projects/developers/communities to build dApps on our sytem. We hope to accomplish this towards the end of 2022.
Q8 from Telegram user @DF3295:
Recently China has banned crypto for the hundredth time, how is Evrynet dealing with so many different situations and regulatory frameworks? Is it easy or complicated?
Pat Arunanondchai: EVRY token is a a utility token that we have a supporting legal opinion for to launch the platform as we’ve indicated. So at least for now, we’re not encroaching on any regulatory hurdles.
As we’ve specified earlier, we are building Evrynet and its products with a regulatory framework mindset. Things such as audit reports, ISO27001 security requirements, ISO20022 considerations, AML/CFT recommendations from FATF, etc. So we feel that if regulators come knocking we’ll have everything covered!
The second part to this is that as part of building our CeDeFi network to support institutional investors, we’re also working with licensed/regulated entities to ensure we’re building trustworthy and reliable on/off ramps.
Q9 from Telegram user @doithay1617:
The color of the logo is a combination of green and blue, why not other colors? What does it mean?
Pat Arunanondchai: The color represents the earth with green = land, blue = ocean. It illustrates that we want our network to be for everyone.
Q10 from Telegram user @Asela1112:
With KyberDAO platform, you made a proposal to liquidity mining program to help improve liquidity for the $EVRY token on KyberDMM protocol. What are the currency pairs that LPs may provide to the mining pools and what will the LPs receive in return? How about the vesting period, will you allow to claim daily basis or weekly basis?
Pat Arunanondchai: For the proposed liquidity mining program, LP tokens will be provided for users who deposit tokens on the EVRY-ETH and EVRY- USDT pools. The LP tokens received can be staked to receive additional EVRY and KNC token rewards as well.
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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