Everscale Weekly AMA Recap — recent updates on Everscale development

Recently, we hosted Everscale community meetup #114 and discussed the recent updates in the Everscale network and ecosystem. We’ve prepared a short recap for you.

During the meetup, we discussed some updates from the Everscale Strategic Committee and recent reforms approved by the community via EverDAO. As for ecosystem products, there were updates from GrandBazar and progress for the Chinese community, Pi Union together with EverCash, and Identix.Quests. Let’s go into more detail.

Strategic Committee

There were no big updates from the Strategic Committee. A lot of development that was discussed before is now in progress, and active discussions about DriveChain architecture are ongoing. The roadmap for all features has been finalized, and the Strategic Committee will be holding more discussions next week.

Later, the roadmap will be published for the community to discuss and everybody will see the actual updated version and know what to expect in the near future.

EverDAO reforms

Together with the network’s key contributor’s, EverX and the Everscale DeFi Alliance came up with a series of reforms, the whole intention of which was to initiate a step change in Everscale’s growth in terms of liquidity and market cap. We’re doing great on the technical side of development, implementing the most innovative features and utilizing the most advanced tech in the crypto space, but we need to increase our market capitalization, and that’s why after thorough research by the key contributors and initials members we came up with these reforms of economical and financial aspects.

The first such initiative involves implementing the LEVER token that has recently been introduced as an instrument to fulfill partnerships and minimize the selling pressure on EVER tokens.

The second one concerns addressing the challenge of the large amount of resources spent on EverX and the Everscale DeFi Alliance for Everscale’s development and their contribution to the network. The main goal was to decide how to appreciate this huge contribution, and at the same time provide an environment for the substantial development while taking into account community and investors interests. We came up with an elegant and simple solution to link it to KPIs and the market cap of the Everscale network. EverX and the Everscale DeFi Alliance’s allocation of EVER tokens starts only when EVER enters the top 100 tokens on CoinMarketCap, and the last batch of tokens will be allocated upon entering the top 10, excluding stablecoins and wrapped tokens. That’s a challenging task, but it will boost the cooperation and coordination for both teams.

The third reform, regarding zero net issuance, aims to stop inflation of EVER tokens and allocate validators’ rewards from the Treasury. The decision was made to allocate 200,000,000 EVER tokens, which is enough to cover validators’ incentives for more than five years. This solution eliminates all fears and concerns of community members and investors regarding dilution of the EVER value. A complete transition to zero net issuance requires node upgrades and new elector contracts and messaging. It will happen by the end of 2022 after all of the required components are delivered.

As stated, this amount of tokens (200,000,000 EVER) is enough for over five years of validation, given that less than 60,000,000 tokens have been issued since the start of the network’s existence. The initiative’s implementation would lead to the cessation of issuance on the network and should allay the fears of current and potential investors regarding permanent value dilutions of their stake in the network.

The fourth reform is dedicated to core development, including making EverX’s development completely open, which has been done in the past few months. All core development will be made open-source and financed from the network treasury.

The fifth reform is about grants and partnerships. Looking back on the previous grantees and partners, a lot of EVER tokens were allocated, and in most cases the product was made but it didn’t bring any value or adoption, while in some cases there was no product at all. This reform aims to provide a sustainable and reasonable way of financing grants, with all funds allocated from the Treasury assigned based on actual performance and adoption. However, grant programs from key contributors, such as EverX, Broxus, ITGold, or GDA Capital, can be assigned as private grants and paid upfront or on terms different to those of the Everscale Treasury. To eliminate the selling pressure on EVER tokens, all payment will be assigned in stablecoins.

The listed Everscale reforms, except for zero net issuance, have been approved by the DAO and the community and already enacted. The reforms have been met with almost 100% approval in voting by our community and stakeholders.

GrandBazar updates

An update has been implemented on the GrandBazar website. In a couple of weeks, it will be possible to mint collections consisting of multiple NFTs (up to 10,000 different items) directly from the website UI.

Chinese community updates

First of all, the website gy.live has been released. This shows all the necessary information (including technical documents for developers) about the Everscale network and the ecosystem in Chinese, so that Chinese community members can easily familiarize themselves with the key products and features. Teams who build their projects on Everscale and would like to get some coverage on the gy.live website can reach out to us on our social media.

The final integration of Everscale and BSN is expected at the end of this month. As a short recap, BSN is an equivalent of Everscale, only deployed in China and running domestically on the mainland for the country’s residents. It complies with all regulations and laws within China.

Pi Union updates

Pi Union participated in the AIBC Balkans Conference. At the event, EverCash (a Pi Union service) presented its hybrid gateway for receiving crypto and fiat payments including B2B and customized ATMs for working with cryptocurrency and fiat funds. These services can be easily integrated into any ATM or payment infrastructure and utilize EVER tokens, as well as other crypto assets or fiat currency, for payments or any cash withdrawals.

During the AMA, Pi Union gave a very informative presentation showing all the recent updates and what work has been done. A more detailed article will be published in the near future.

Identix.Quests updates

Identix, an Everscale DeFi Alliance grantee, presented some major upgrades to their Web3 onboarding quests during the session. The whole concept has been changed, adding more gamification elements to the website, and the UI and UX are more friendly for non-crypto users who are only just starting to get familiar with the crypto world. The team also introduced new quests and quizzes related to the Everscale ecosystem, which users can earn rewards by participating in.

As we can see, there’s been a lot of development and work going on in the Everscale ecosystem. Stay tuned to our social media for more updates!

About the Everscale network

Everscale is one of the most technologically advanced blockchain networks, incorporating all of the blockchain innovations and concepts of recent years. Its versatility gives it the potential to become a decentralized hub for lots of blockchains and resource-demanding applications such as GameFi, DeFi, supply chains, etc. Due to its dynamic multithreading and sharding technology, there’s always more room to add new nodes and shards to handle any load — and that’s something that no other blockchain can offer yet.

Everscale has powerful developer tools, such as compilers for Solidity and C++, SDK and API, client libraries ported to more than 20 languages and platforms, and a range of decentralized browsers and wallets.

More About the Everscale network: Website | Twitter | Whitepaper | Github | Telegram Ann | Telegram | Discord