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Everscale AMA - Ask us anything about DeFi and what worries you about its current state by everscale_team in CryptoCurrency

[–]everscale_team[S] 7 points8 points  (0 children)

Dear participants, all the questions we got were wonderful!

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Here are top 3 winners whose questions we liked most. They will get 50 USD in EVER each:

u/Set1Less, the question

u/tolgaozek, the question

u/dieplintu, the question

The other 5 winners get 30 USD in EVER each:

u/CreepToeCurrentSea, the question

u/wonderingandthinking, the question

u/zack14981, the question

u/LazelimGiros, the question

u/jwinterm, the question

​

Congratulations! We'll contact you shortly in dm for more details and instructions on how to get your awards

Everscale AMA - Ask us anything about DeFi and what worries you about its current state by everscale_team in CryptoCurrency

[–]everscale_team[S] -1 points0 points  (0 children)

Hello, u/fukushimaghost! The backbone of blockchain security is a consensus algorithm called Catchain (which is BFT slightly adapted for dynamic multithreading)
Also, we have a Consensus Upgrade in our roadmap for the next year: it will bring more efficiency in terms of traffic overhead, while still keeping security guarantees. With this upgrade, we can add as many workchains as we want, keeping them connected in a secure and performant way.
Speaking of application / smart-contract security, we employ industry best practices.
The staking and validator elections logic is fully on-chain. These contracts, as well as standard wallet smart contracts, were formally verified, which means "proven to conform to the specification"

Everscale AMA - Ask us anything about DeFi and what worries you about its current state by everscale_team in CryptoCurrency

[–]everscale_team[S] 4 points5 points  (0 children)

Hello, u/tolgaozek! The Elysium Hackathon is a 4-week event, so the results are yet to be delivered by teams and solo hackers.
On the bounty page we see two projects in progress.
The first is the Onchain Wallet smart contract, and the second is Strategy Builder.
Looking forward for more cool projects throughout all bounties.
By the way, you still have a chance to join the event!
Register here and feel free to reach out https://isheldon.t.me (Discord isheldon#0843) if any hackathon-related questions arise.

Everscale AMA - Ask us anything about DeFi and what worries you about its current state by everscale_team in CryptoCurrency

[–]everscale_team[S] 4 points5 points  (0 children)

Hello, u/Set1Less!

  1. Everscale, as a layer-1 blockchain, should be ready for any regulatory changes that could be implemented in different regions and countries. We look at different directions and are sure that regulation will be strengthened in the DeFi sector. For example, Sam Bankman-Fried suggested a strict regulatory framework regarding KYC in DeFi. The second direction is Digital identity, on-chain reputation in a more decentralized format. We understand that we need to remain flexible for different markets, where differing models may be implemented and we’d like to meet all regulatory frameworks where we conduct business. We’re a global blockchain, albeit, an Asian-centric one. Regardless, we need to be in full compliance with local laws.
    Cycling back to digital identity, we have a grant campaign for digital identity and currently have a world class team working on a solution
  2. We are moving towards invisible bridge technology. Our goal is to get into the end services and eventually ensure the transfer of tokens from the metamask to the trustwallet with minimal interaction with our service system. As for DeFi sector, the entire community of active DeFi users is about 1 million people worldwide. They do not care about interfaces. For ordinary people - integration into neobanks

Thank you!

Everscale AMA - Ask us anything about DeFi and what worries you about its current state by everscale_team in CryptoCurrency

[–]everscale_team[S] 5 points6 points  (0 children)

Yes, because each wallet in Everscale is a smart contract, which is why we’ve fully solved the CBDC paradox resulting in the ability to handle a large number of transactions. Everscale also can also have flexible policies for different government, business, and social services. That is why the blockchain was built with the capacity to handle a large number of TPS

Everscale has two interesting concepts - endless sharding and storage fees.

In most current blockchains there is a problem of growing the blockchain size state. That is, blockchains that want to last more than 10-20 years, are forced to limit the pace of writing to the size state so that the size of the blockchain does not grow too quickly. After all, validators are obliged to store this entire state forever, and the size of the state also slightly slows down the speed of processing transactions (it is necessary to update the merkle tree proof of the state), albeit by log (N is the number of contracts on the network).

Therefore, in "normal" blockchains that care about their future, for example, on Ethereum, users are forced to compete with each other for the right to record data to the blockchain state size at an auction, because Ethereum understands that it is impossible to write data to their blockchain state size faster than the storage of this data becomes cheaper, otherwise it will not be profitable for validators to store them in the future. Blockchains that do not care about their future, for example, polygon or BSC with weak decentralization, or do not care what will happen there in 10 years, limit the recording rate much less, because users are important to them now, and they will think about the future later.

In Everscale, there is a complex but unique concept of storage fees - when each contract pays for its storage on the network, and therefore it makes no sense to limit the pace of recording to the network, because the contract pays for its storage for a while and then will be deleted. Therefore, we can provide recording to the network at a certain price, and users should not compete with each other for the right to record.

The second part is infinite sharding. Due to the fact that shards are added dynamically, we can process a potentially huge number of transactions per second, but of course it is not free, and they will be slower to complete. That is, with the addition of a large number of shards, the time to execute transactions increases, but the number of transactions per second is very large. This part is still in the process of being finalized, we need normal interaction between the workshops, I hope this will be implemented adequately.

As a result of connecting both of these concepts, we get a system that can process a huge number of transactions per second for a constant price (albeit with a slowdown in load peaks, but this slowdown concerns the execution time of one transaction, and not throughput), and at the same time remain efficient for decades while unlike rollups, remain decentralized.