As mentioned in the announcement, Evrynet joins other members including IBM, Ripple, Celo, and others in order to help develop universal digital currency APIs. As noted in the update, the SPEEDEX tech will “make its way to Evry.Finance’s decentralized exchange dApp.”
The update also noted that the Stanford Future of Digital Currency initiative “welcomes Evrynet as its latest member.”
As stated in a release shared with CI, the objective or main goal is to “collaborate with Stanford’s FDCI and incorporate the SPEEDEX technology into the upcoming Evry.Finance decentralized exchange DApp.”
Via SPEEDEX, the DEX will “improve its overall transaction speed and achieve a theoretical throughput of up to 100,000 transactions per second,” the announcement added.
As confirmed in the release, Evrynet has appointed Muharem Hrnjadovic as CTO. He has “filled the CTO role for Monetas and Sygnum AG in the past” and is a former Senior Software Engineers for the Kraken Digital Exchange, the update confirmed.
Together with technical lead Sam Wong and advisory board member Geoff Ramsayer, Evrynet will enter its next phase of development and traction. As noted in the update, Sam and Geoff have worked cooperatively with Professor David Mazieres on developing the SPEEDEX technology.
Professor David Mazieres stated:
“The Stanford Future of Digital Currency Initiative (FDCI) is working to ensure digital currency APIs are open to innovation and can benefit the greatest number of people. A key part of this is enabling everyone to participate in the global economy on equal footing, regardless of their native currency. SPEEDEX takes a giant step in this direction by providing fast, fair, and economically efficient asset exchange at layer-1 in decentralized blockchains. We are delighted that Evrynet has embraced this technology and will be deploying it in a production setting.”
Evrynet continues to “attract attention from without and outside of the blockchain space.”
The project works with MIT to “expand its reach in the financial world”
Evrynet brings the infrastructure to developers and businesses seeking to create centralized, decentralized finance (CeDeFi) apps via “a set of intelligent financial services.” Evrynet is interoperable with various blockchain ecosystems, “allowing for exploring numerous products, services, and use cases,” the update revealed.
Geoff Ramsayer remarked:
“If digital currencies are to benefit the greatest number of people, they will need to be built on high-performance infrastructure, and in particular, will require a high-throughput distributed exchange where any user can freely trade one currency for another at a fair exchange rate. Conventional wisdom holds that the only path to blockchain scalability lies in Layer-2 networks; SPEEDEX, by contrast, shows that it is possible to construct a scalable DEX that runs directly within a replicated state machine. And in doing so, SPEEDEX eliminates internal arbitrage, risk-free front-running, and treats users fairly, regardless of their access to capital and computing resources. I am beyond excited to see Evrynet deploying the technology based on SPEEDEX.”
Earlier this year, Evrynet secured $7 million in private funding. The proceeds should allow the team to create its DeFi application for institutional investors. Its Evry.Finance app will “serve as a decentralized exchange, but also encompasses liquidity pool and staking solutions,” the announcement noted