Evrynet Joins Stanford’s Future of Digital Currency Initiative and will incorporate SPEEDEX as part of its ecosystem

Through SPEEDEX, Evry.finance will improve its overall transaction speed and achieve a theoretical throughput of up to 100,000 transactions per second.

Evrynet is proud to announce it will join the Stanford Future of Digital Currency Initiative (FDCI) as a member. Evrynet joins other members such as IBM, Ripple, Celo, and others to help develop universal digital currency APIs. Moreover, the SPEEDEX technology will make its way to Evrynet’s hybrid decentralized exchange, Evry.Finance.

The objective is to collaborate with Stanford’s FDCI and incorporate the SPEEDEX technology into its ecosystem in 2022.

Through SPEEDEX, Evry.Finance, as well as the cross-chain bridge, Evryhub, will improve their overall transaction speed and achieve a theoretical throughput of up to 100,000 transactions per second.

By joining Stanford’s FDCI, Evrynet joins other members Algorand Foundation, Celo, Polkadot, Ripple, IBM, and the Stellar Development Foundation.

Additionally, Evrynet has appointed Muharem Hrnjadovic as Chief Technology Officer (CTO). Muharem has previously filled the CTO role for Monetas (Swiss-based blockchain wallet developer) and Sygnum AG (world’s first digital asset bank). He is also a former Senior Software Engineer for the Kraken Digital Exchange.

Together with technical lead Sam Wong, and advisory board member Geoff Ramsayer, Evrynet will enter its next phase of development and traction. Moreover, Sam and Geoff have worked closely with Professor David Mazieres in the development of the SPEEDEX technology.

Professor David Mazières said:

“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 within the blockchain space and traditional finance world. The project works with notable MIT Professor, Robert Townsend, to expand its reach in the financial world. Evrynet brings the necessary infrastructure to developers and businesses looking to build centralized, decentralized finance (CeDeFi) applications through a set of intelligent financial services. Evrynet intends to be interoperable with many blockchain ecosystems, allowing for innovation of numerous financial products, services, and use cases.

Geoff Ramseyer commented:

“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 raised US$7 million in private funding. It was quickly followed by an additional US$8 million just prior to the $EVRY token listing on 20 October this year. These funds will allow the team to continue enhancements in the Evrynet ecosystem as well as expanded feature development of its DeFi application for institutional investors. The Evry.Finance application will serve as a hybrid-DEX supporting AMM/DMM, with an off-chain order book, auto routing, and synthetic asset offering.

Evry.Finance is the first DApp developed by Evrynet. It aims to provide features friendly to institutional inventors to allow them to participate in DeFi as well as providing more diverse yield products through bridging real-world assets into DeFi. Individual investors will also be able to enjoy the simple user interface Evrynet aims to provide as well as additional innovation of financial products and services in the ecosystem.

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Source: cryptobriefing.com