Understanding everFinance: Providing decentralized financial services without time constraints
The launched everPay is a blockchain usability solution and application protocol that provides users with a payment settlement experience close to the internet while ensuring trustworthiness.Author: everFinance Chinese Community
Introduction to everFinance
everFinance aims to provide decentralized financial services without the constraints of time and space. The goal is to enhance user experience, lower development barriers, and provide decentralized and trustworthy financial applications for everyone. With the genetic makeup of a storage computing paradigm, it is possible to build decentralized applications that approach the traditional internet experience. The already launched everPay is a solution for blockchain usability and an application protocol that offers users a payment and settlement experience close to the internet while ensuring trustworthiness. In addition, everPay under everFinance is about to launch the Swap feature.
Introduction to everPay
everPay is a trusted cross-chain settlement protocol based on the Arweave network, built using a storage-based computing paradigm, and is the real-time payment protocol of everFinance.
everPay locks crypto assets from other public chains in smart contracts and maps them to the protocol to provide users with transfer and payment services. everPay has very low transaction costs, allowing for a million transactions for just one dollar. Furthermore, everPay is built using a storage computing paradigm, which eliminates the performance limitations of blockchain; the TPS of the protocol depends on the application architecture and server performance, achieving TPS performance comparable to traditional internet applications.
In the fiat currency domain, there is Stripe providing fiat payment services, while in the blockchain domain, everPay can be used for token payments. The everPay protocol possesses important characteristics of blockchain: transparency, trustlessness, and immutability. Within the protocol, anyone can become a verifier, observing changes in the system's ledger. Additionally, we provide a browser for everPay, allowing any user to access the browser to view everPay's ledger and ensure that the locked token assets and circulating assets in everPay always maintain a 1:1 mapping relationship.
Core Features of everPay
- Real-time Transfers
Unlike traditional blockchain transfers that require waiting for packaging, everPay transactions are verified and cached by coordinator servers, with assets arriving in real-time. Transactions do not need to wait for packaging, and the server ensures that transactions are sequentially recorded on-chain within minutes.
- Free Transfers
The everPay protocol is developed using a storage computing paradigm, storing all everPay transactions through Arweave, allowing for a million transactions for just one dollar. Currently, user transfers are completely free.
- Multi-chain Interconnectivity
The account system of the everPay protocol supports various types of chains, currently supporting Ethereum and Arweave. As more chains are integrated, everPay will aggregate assets from all mainstream chains, supporting various blockchain wallets, enabling payments and settlements of multiple assets on everPay.
- Smart Accounts
In the future, the everPay protocol will support traditional internet accounts. Through Webauthn (R1) technology, everPay can use the cryptographic chip on hardware like mobile phones as the key for accounts. Users only need a mobile phone or an email to easily navigate the crypto world.
How does everPay operate?
The everPay protocol operates through a DAO, which is completely transparent and 100% verifiable. The data sharing and computation within the DAO utilize a storage computing paradigm. There are three types of member roles in the DAO: coordinators, verifiers, and watchers.
Coordinators: Responsible for transaction verification and on-chain recording.
Verifiers: Automatically download and verify on-chain data, generating global states and balances.
Watchers: Multi-signature governance members who generate proposals and sign them; proposals can only be executed after receiving signatures from the majority (>51%) of watchers.
Other Features of everPay
- Cross-chain
Users can perform cross-chain transactions using everPay. Currently, it supports AR cross-chain to Ethereum to obtain WAR, and more assets will be supported in the future.
【WAR is the ERC20 version of AR and the first ERC20 token that is 1:1 mapped to AR. WAR is governed by DAO, completely transparent and 100% verifiable.】
- Batch Exchange
Through everPay's batch transfer, transactional exchanges can be conducted among multiple counterparties, making it simple and efficient.
- Cross-chain Aggregated Wealth Management
In the future, everPay will launch cross-chain aggregated wealth management, allowing users to collect wealth management needs through off-chain computation and execute them in one go, greatly reducing the cost of blockchain wealth management.
everPay Swap is Coming Soon
everPay Swap is developed by the everPay ecosystem partner Goblin team, leveraging the batch transfer payment primitives of everPay to achieve an experience similar to centralized exchange trading on decentralized blockchain applications. The everPay team has deeply integrated this Swap feature, providing exchange capabilities on the everPay product.
everPay Swap focuses on decentralized real-time exchanges, price advantages, and no MEV (Miner Extractable Value), and will initially open the WAR/USDT trading pair. As the capabilities of everPay Swap improve and smart routing is implemented, more asset exchanges will be supported.
everFinance Partners
everFinance is co-led by HashKey and SevenX Ventures, with follow-up investors including the Arweave official, Mask Network, DODO, OKEx Blockdream Ventures, Digital Renaissance Foundation (Cao Yin), D1 Ventures, and others. Individual investors include DeBank CEO Hongbo Tang and DODO founder Lei Mingda.
