Broxus founder Sergey Shashev gave an interview to Korean crypto news outlet Blockchain Today recently. Sergey spoke about what interested Broxus in working with blockchain, as well as the features of the Everscale network and Broxus products.
Q1. What kind of work have you been doing and what sparked your interest in the blockchain field?
As a company and a team of professionals who have been working with complex, highly-loaded financial applications with predictive analytics, big data, trading, etc. for many years, we have always been keyed in on the newest financial solutions. So, when the team was invited in 2017 to participate in the implementation of the Crypto Index project (a decompositional index from a currency target) we gladly accepted and took the project on. The index has been quoted by Nasdaq, Reuters and Bloomberg. During the implementation of this project, we got deeply acquainted with the technology of different blockchains and later, based on this experience, created an integration tool for businesses that allows them to work with blockchains in Web 2.0 mode. In order for that to be seamless, we remove all the complexity of the integrated blockchain on the client side and allow them to experience this new wonderful world with ease. Later, when we began to understand blockchain topics more and more deeply, we focused on blockchain development and decentralized solutions. As a result, our team has expanded its expertise into DeFi, NFTs and all things related.
Q2. What kind of company is Broxus?
Broxus is an end-to-end blockchain development company and the core technological contributor to the Everscale blockchain network. Broxus is renowned for its expertise in developing high-quality blockchain solutions that are both scalable and secure. Our team consists of some of the most talented and experienced blockchain developers in the industry, who have been at the forefront of blockchain innovation for years. Broxus has played a significant role in the creation and rollout of nearly all the major products and platforms that have elevated Everscale to its status as one of the most groundbreaking blockchain systems in existence.
Q3. Please briefly explain Octus Bridge, EVER Wallet, FlatQube, and Everscan.
Octus Bridge is a cutting-edge, DAO-controlled Bridge that facilitates fast cross-chain transfers in any direction within a single interface. Octus Bridge supports the most popular networks, including Ethereum, BNB, Polygon, Solana, Avalanche and Fantom. As one of the fastest and cheapest bridge platforms in DeFi, Octus Bridge has emerged as a crucial platform not just in the Everscale ecosystem, but in DeFi as a whole.
EVER Wallet is the leading wallet used in the Everscale ecosystem. In addition to providing convenient storage and transfer functionality, EVER Wallet also serves as a place where users can stake their tokens safely and easily, and as a tool for developers to easily integrate with Everscale.
FlatQube is the premier DEX in the Everscale ecosystem. Users of FlatQube can enjoy fast token swaps among the most popular and significant cryptocurrency assets as well as some of the highest APR rates for staking and farming.
Everscan is an all-in-one blockchain explorer that guides users to all relevant on-chain data for the Everscale blockchain.
Q4. What are the background, goals, and characteristics of Everscale?
Background of Everscale
Over the past two years, Everscale has established itself as one of the premier blockchain networks in Asia. It is a 5th generation layer-1 PoS blockchain that has brought together the most cutting-edge technological developments in the blockchain industry.
The Everscale network built upon the progress of its predecessors by taking a previously created unique virtual machine called TVM and rewriting it in Rust from scratch to produce an enterprise-grade smart-contract solution.
Powered by an infinite sharding mechanism, the Everscale network adapts to any workload it is tasked with without the size of the load affecting transaction times or processing fees.
Everscale will celebrate its 3rd birthday (since the launch of mainnet) on May 7th, 2023. In honor of this milestone, the EVERPOINT conference will be held in the UAE to bring together key representatives of the ecosystem and other blockchains and projects for effective networking. The last conference was held in Indonesia and marked the beginning of our entrance into the Asian region.
Goals of Everscale
The Everscale network has unmatched capabilities, so Everscale has highly ambitious goals that go beyond the current limitations of cryptocurrency and DeFi. Everscale aims for its blockchain to become the basis of high-load applications with real use cases, CBDCs, and money remittance services that serve customers throughout the world.
Main characteristics of Everscale
Everscale is a 5th generation layer-1 PoS blockchain that has brought together the most cutting-edge technological developments in the blockchain industry. Everscale has set the record of 64,000 TPS throughput and unrivaled transaction fees and speeds.
One of the network’s main distinguishing characteristics is that Everscale is a TVM blockchain (threaded virtual machine). For example, the Ethereum virtual machine is synchronous, while the TVM is asynchronous. Asynchronicity allows smart contracts in Everscale to interact with each other without getting blocked, which is not possible with EVM. This facilitates the deployment of workchains and allows TVM to process significantly more transactions than EVM.
Another key characteristic is the network’s infinite sharding mechanism, which allows Everscale to accommodate any size workload without it negatively affecting network operations. This ability has led to the build up of a flourishing ecosystem around the network, with a wide range of offerings in GameFi, DeFi, micro-transactions, remittance services, stablecoin infrastructure, CBDC infrastructure and more.
Everscale has almost limitless scalability thanks to its sharding mechanism inside of its workchains, where all nodes are divided into threads. Depending on the load on one workchain, either up to up to 256 (reasonable limit) or up to 2⁶⁰ shards (implementation limit) can be created. This ensures that no matter how large the workload is, it is always possible to add additional nodes to process more transactions. Everything in Everscale — every wallet address, every NFT — is a smart contract. Applying this technology to CBDC wallets would mean that every individual address and smart contract can have its own logic. This applies to monthly transaction limits, different types of users, etc. Simply put, there is no other blockchain that can match Everscale’s potential as a host for CBDCs.
Q5. What are the advantages of Everscale compared to other blockchain?
Everscale x NEAR
Everscale and NEAR use different sharding models to improve its scalability. Everscale uses two types of sharding — sharding on the masterchain for synchronization between workchains, and sharding inside the workchains, where all nodes are divided into threads. NEAR uses data sharding that distributes data across nodes. While both models aim to enhance scalability and performance, Everscale’s sharding model offers a more robust and flexible approach. It is the ideal solution for developers and businesses looking to leverage blockchain technology to create innovative and transformative decentralized applications.
Everscale x Ethereum 2.0
Everscale and Ethereum 2.0 are both networks that aim to address the scalability issues that have plagued blockchain technology. However, while Ethereum has proposed a sharding solution to its scalability trilemma, Everscale has already set the industry standard.
Ethereum 2.0 uses a Proof-of-Stake (PoS) consensus mechanism and a shard-based approach to scaling. This approach involves dividing the network into multiple shards, each with its set of validators, and transaction history. This technology allows Ethereum 2.0 to handle up to only 25 transactions per second.
Everscale, on the other hand, uses sidechain sharding to scale the network. The dynamic multithreading and storage sharding allows Everscale to perform 64,000 transactions per second without sacrificing security or decentralization.
Everscale x Solana
Solana and Everscale are both blockchain platforms that aim to provide a high-performance and scalable infrastructure for decentralized applications (dApps) and smart contracts. However, there are some key differences between these two platforms that are worth considering.
Solana uses a consensus mechanism called Proof-of-History (PoH), which separates transaction processing from order settlement and achieves scalability by using tamper-proof timing and sequencing elements.
Everscale’s approach to scalability through sidechain sharding and PoS consensus mechanism makes it more energy-efficient with a lower environmental impact. Also, Everscale’s sidechain sharding approach improves network resilience by having multiple chains instead of one single network.
Q6. What is the trilemma problem that exists in blockchain and how does Everscale solve the trilemma problem?
To help solve the blockchain trilemma, Everscale exists as a proof-of-stake (PoS) blockchain, which requires a significantly less amount of energy than its proof-of-work (PoW) counterparts. PoS is key to the solution as a system where transaction validators are required to put a stake up as collateral. With a stake, a bond is created that helps guarantee certain behavior. The Ever OS configuration file determines minimum and maximum stakes to ensure these validators do not get overwhelmed.
But, perhaps more crucial to its differentiation is its operations which include sharding, a solution used by Ethereum, and multithreading. Everscale has recognized that sharding alone will not solve the scalability issue since the concept cannot deliver parallel execution of smart contracts at a high enough speed.
Although sharding does much to solve this issue, it leaves the second problem of a lack of processing power on the table. For this reason, multithreading, a concept referring to parallel execution, is essential.
Through this combination of novel technological solutions, the scalability of Everscale becomes almost infinite. As a result, as the number of validators grows, so does the network’s transaction speed. To put this into perspective, the blockchain has already demonstrated 64,000 transactions per second (TPS) with 400 validators around the world.
There is simply nothing on the market that can match that speed. Plus, that comes with the unparalleled security of the network. As it stands, Everscale is the only network capable of solving the trilemma, but also doing much more, which has made it an ideal network for governments and businesses looking to launch their high-load applications and projects.
Q7. What are the special features and roadmap of Broxie NFT, which was launched last year?
The Broxie NFT Collection is the first ever NFT collection created by Broxus. There are 1221 Broxies in total and each is completely unique. Each Broxie is created via random selection from a pool of characteristics (traits) that is representative of the Broxus and web3 community.
Besides pure collection value, Broxies provide their owners with a number of exclusive advantages in the Everscale ecosystem, including:
- Qamon: Broxie owners are the first to know about special offers, product betas and even early bird access to some products
- SpartaCats: Any Broxie NFT + Sparta NFT gives you 1 boost for free per fight in the game!
- Pokerton: Free private tournaments only for Broxie holders
- Everplay: Periodic X2 reward boosts on the platform. Free private tournaments only for Broxie holders
- TokStock: Personal avatars on Tokstock. Soon — lower fees on the marketplace
- Broxus Internship: Unique opportunity to apply for an internship with Broxus only for Broxie holders
- Everpoint VIP pass: Having a Broxie NFT on your account is one of the conditions to get access to the VIP section at Everpoint
To keep up to date, follow Broxie’s social networks — Twitter, Discord, Telegram and Instagram.
Q8. What kind of email solution is blockchain email Qamon?
Qamon is an encrypted, decentralized email service built on the Everscale blockchain. It provides an interface and email experience that is familiar to most users. Qamon email messages are end-to-end encrypted. That means that no one but the recipient can read the content of sent messages. Each message is encrypted one-way for the end user, and no one else has the key to decrypt it except for the recipient. A cipher is created on the sender’s device, and all messages enter the network already encrypted. Only the receiver can decrypt them. Qamon is one of the first tools to build a new networking experience that is anonymous, secure, stable, cheap and fast.
Q9. You recently signed a strategic alliance with Venom Ventures Fund and received an investment of $5 million. What are your plans for operating the project in the future?
This is a historic agreement that will see the further flourishing of both the Everscale and Venom networks. The Venom and Everscale teams are working together on further network and ecosystem development, bringing blockchain adoption closer to real business use cases. Current initiatives such as digital asset tokenization platforms, a full framework for central bank digital currencies, stablecoins and payment solutions with crypto to fiat gateways are already making good headway.
TVM networks, which include Everscale and Venom, are able to vie with the best that Ethereum and EVM-based solutions have to offer. By providing clear advantages for DApp developers (speed, bandwidth, low gas price, development tools) and by building bridges to existing Web 2.0 users through simple and understandable products, TVM networks are able to create a new digital reality. Our ultimate ambition is for the vast majority of the world’s population to use blockchain technologies without realizing it, just like everyone uses GSM and LTE for mobile communications, or voice messages in whatsapp, without having to delve into the nuances of the technology.
Q10. What are the characteristics of Everscale’s token, EVER, and what effects are expected from the Bybit listing?
As the native coin of the Everscale network, EVER is an essential part of network operations.It is the lifeblood of the network and is used to pay small fees to make transactions and interact with smart contracts (sending tokens, swapping and farming on FlatQube, etc.). Validators receive EVER as a reward for helping to keep the network running. Also, EVER is integrated into the solutions of our current partners and used by communities. And of course, all DApps on the Everscale blockchain use EVER.
Everscale also has a technological solution known as TIP3 — the ability to create your own tokens (similar to Ethereum ERC20).
What’s about listing of EVER on Bybit, both communities overlap because both projects share a target audience. Like Bybit, the Everscale community consists of people who are passionate about the potential that decentralized technology holds. Luckily for us, many of our community members are developers themselves, which makes the input they have invaluable to us. This has helped us refine the platforms and services that we provide and will likewise benefit the Bybit community. Given that there is a lot of overlap in terms of vision and goals, bringing the Everscale community to Bybit will help improve the product-market fit for many of the products of both projects.
Q11. Services related to artificial intelligence such as ChatGPT and Microsoft 365 Copilot are very popular. Are there ever-scale projects related to artificial intelligence in preparation?
AI and blockchain generally serve different purposes. Although there are currently no products using AI over Everscale, there are several areas where it could be useful:
1. Smart contract verification: AI can help verify smart contracts by analyzing the code and identifying any potential bugs or security issues before they become problematic;
2. Fraud detection: By analyzing patterns and identifying anomalies, AI algorithms can help prevent fraudulent activities and protect the integrity of the blockchain;
3. Predictive analytics: AI can be used to analyze blockchain data and make predictions about future trends.
In short, AI can improve the quality of products that use blockchain. An interesting fact is that ChatGPT 4 now understands T-Sol, which is Everscale’s principal programming language.
Q12. Why did you select Korea as a major market and what are your future marketing strategies?
As one of the most technologically advanced demographics, Korea is a perfect place for Everscale to flourish. We have long held Korea to be a key geo location for us for a number of reasons:
- High technological adoption: Korea is a highly developed country with one of the highest levels of technological adoption in the world. This means that there is a high level of interest and investment in new technologies, including cryptocurrencies and blockchain.
- Crypto-friendly regulation: the Korean government has been relatively open to cryptocurrencies and blockchain technology, and has implemented several initiatives to support their development.
- Active crypto trading community: the country has a large and active community of crypto traders, who are known for their high levels of engagement and trading volume.
- Cultural Attitudes: Korean culture values innovation and entrepreneurship, and there is a high level of interest in new technologies and startups. This has created a supportive environment for cryptocurrency projects to thrive, with many Koreans embracing the potential of blockchain and cryptocurrencies.
Q13. Lastly, please say good things to the readers of Blockchain Today.
Thank you for having us today, that was a pleasure! We were really glad to share with Blockchain Today readers in-depth description of the Everscale blockchain project.
Everscale already has many exciting things in store for our Korean users, including cross-chain assets platform Octus Bidge, decentralized AMM exchange FlatQube, EVER Wallet — the core ecosystem wallet, anonymous p2p messaging platform Qamon, Broxus’ Broxie NFT collection and NFT marketplaces Tokstock and GrandBazar.
As for now we are preparing many innovative promising projects and upcoming activities in Korea, which will drive the blockchain industry forward. To stay tuned follow us on social networks — Twitter, Medium, Discord, Github.
Q14. What is CBDC and how is Everscale involved in the development of digital versions of central bank’s currencies?
Central bank digital currencies (CBDCs) are widely regarded to be crucial to the future development of global finance. CBDCs are digital versions of a country’s fiat currency that are pegged at a 1–1 ratio with the original currency. For example, if the US were to release a CBDC, that would be in the form of a digital dollar that is always equal to its fiat counterpart.
Over the past couple of years, the Everscale blockchain has become a decentralized hub of finance in the APAC region. The team behind the project has been working to develop the infrastructure necessary for central banks to deploy digital versions of their traditional currencies (stablecoins and private chains). Everscale has drawn the interest of governments by virtue of its 64,000 TPS throughput and unrivaled transaction fees and speeds, making it Asia’s leading blockchain solution.
Everscale has almost limitless scalability since its sharding mechanism inside the workchains, where all of the nodes are divided into threads. As part of the load on one workchain, either up to up to 256 (reasonable limit) or up to 2⁶⁰ shards (implementation limit) can be created. This ensures that no matter how large the workload is, it is always possible to add additional nodes to process more transactions. Everything in Everscale — every wallet address, every NFT — is a smart contract. Applying this technology to CBDC wallets would mean that every individual address and smart contract can have its own logic: monthly transaction limits, different types of users, etc. Simply put, there is no other blockchain that can match Everscale’s potential as a host for CBDCs.
Everscale has lead a number of movements, from bringing stablecoins to the Philippines, to creating tools necessary for WEB3, and it has been actively working to improve the industry and develop it so that it can finally on its inherent promise.
Q15. How is Broxus related to this process of CBDC development?
As the key development team for Everscale, over the past couple of years, Broxus has been developing the infrastructure necessary for central banks to deploy digital versions of their currencies. As part of these efforts, we have integrated our technology in crucial partnerships with large financial services companies.
DA5 — one of the largest Western Union-approved direct agents in the Philippines.
Remittances from overseas Filipino workers account for 10% of the country’s GDP or roughly 70–80 billion dollars, but the cost of money transfers is high at 8–10% of the total amount. To address this, Broxus and DA5 have partnered to create a blockchain remittance service in the Philippines that will be faster and more affordable for users based on a stablecoin pegged to the Philippine Peso.
2. Venom — a layer-1 blockchain licensed in the Abu Dhabi Global Market.
Everscale is currently working on CBDC projects together with Venom, a network with a strong foundation for central bank digital currencies (CBDCs) and Web 3.0 applications in the Middle East, North Africa, and other emerging economies around the world. Broxus, with its vast experience in designing high-load applications on the Everscale network, is providing technical expertise for the project.