What Is Evrynet (EVRY)?
Financial automation is essential to enable the creation of micro-banking services and markets that are customized and responsive to the needs of the under banked. Here, under banked is defined as low income households and those lacking savings insurance,credit instruments and also investment portfolios for retirement savings;village level entities and small to medium-sized enterprises (SMEs) needing inventory and invoice financing. The Evrynet platform facilitates applications that aim to make access and execution of financial services efficient and economical, where lack of trust is a barrier.
Evrynet Banks have legacy infrastructures, yet many of them have failed to deliver affordable banking solutions for the under banked. According to a study by the Asian Development Bank on financial access and digital solutions, the needs met by formal financial service providers in Indonesia, Philippines, Cambodia, and Myanmar range from 11-75% for payments, 16-74% for savings, 48-72% for credit, and 1-4% for insurance. Specifically, 55% to 90% of all payment transactions in Southeast Asia are conducted through physical cash payments.
In other research, Alvarez, Evrynet, and Townsend calculate in “Cash Management in Village Economies” that the costs of cash mismanagement lie between 2% to 9.5% of monthly consumption, thus quite large. In sum, more than 70% of people living in Southeast Asia have no access to basic banking products. Peer-to-peer lending services have emerged, but these are still limited as underlying custodian banking services are still lacking. Both services and exchange markets need to be improved.
Evrynet Storage Key Points
|Circulating Supply||40,389,133.00 EVRY|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
To summarize financial access and informal markets, here, Evrynet will briefly cover the Townsend Thai Project, an in-depth study specifically focused on the topic. In the study, we learn how the overall sharing of risk to mitigate impacts of shocks onto consumption and production is good, but not perfect. Idiosyncratic household and business specific shocks are large, occur frequently, and constitute the bulk of the risk in a village economy. Notably, these idiosyncratic shocks are mostly, though not entirely, pooled away. The mechanisms of shocks are when local village or tampon (county) level “money markets” wherein households borrow to repay other pre-existing loans, then borrow to lend, accruing new loans.
Evrynet These behaviors are shown to be one source of consumption smoothing — an economic concept of human behavior used to express the desire to have a stable path of consumption, in which consumption indicates expenditures. One problem is delayed repayment, where repayment on loans goes back through the credit chain, causing delays for those who have borrowed to lend. On the other hand, early repayment could also go back through the credit chain, even more so when kinship and transaction-based links are involved.
Here Evrynet review the basics of a contract; for example, but not limited to stipulations, conditionality, and outcomes to the parties. The relevance of contracts comes to life and is super charged with the possibilities created by the new distributed ledger technology, commonly termed “smart contracts”. This section summarizes and outlines the various meanings of the word trust, as with trust in third parties, needed or not. The simplest form of contracts between two parties is the purchase and sale of a commodity or asset.
Evrynet If transacted as a spot market exchange, the language of contracts could be omitted, but on the blockchain, there is a need to define the contract as an agreement of the buyer to surrender cash and the seller to surrender the commodity (the buyer is debited, and the seller is credited). When there are lags between the time of the agreement to trade and the eventual payment, issues could arise. The permissioned set of nodes for a given contract still have their access controlled by a doorman, so in that sense all contacts are only semi-private.
Evrynet If there is no collateral, the parties trust each other to carry out their part, commonly referred to as a full commitment contract, where promises are made and honored, assumed in the contract literature, hence, one notion of trust. An alternative method is for a third party to stand between the traders making trade possible among strangers. Banks and dealers can do this, for example, but as noted this kind of legacy infrastructure has limited outreach so far and typically display markups that advantage profits and not client welfare.
Validity consensus is a transition or transaction accepted on the Evrynet only when it has the required signatures, both for the current proposed transaction and for every transaction that led up to the proposed transaction. Unique consensus is different and is the key differentiator to make the blockchain attractive. In a unique consensus, a given party is not required to record every transaction, only that necessary to complete a given transaction.
However, a party could potentially request missing transaction information from notaries. The latter is necessary to prevent potential problems such as the double spending problem. These transactions and verifications are dependent on the underlying environment and the objective of the ledger, ideally as part of a Constrained-optimal arrangement. Evrynet A contract is entered into by multiple parties, with parties defined as nodes on the blockchain. Identities of nodes could be anonymous, as in bitcoin, but this is not required.
Evrynet Identities could be named and public, for example, the legal identifier of an organization or the service identity of a network service. Note that trusted parties such as banks are allowed to be there, and be public, but so are others as well as strangers. A node that writes contracts is an app providing a service, also allowed to be a universal service, if desired.