Mastering Evrmore
*A collection of information about the Evrmore Defi
blockchain*
History and Commentary
Commentary:
Bitcoin has proven the value of the
blockchain and the UTX0 architecture as a better form of
money by remaining the dominant cryptocurrency by a large
margin. Bitcoin's design has also demonstrated excellent
security. Surrounding services, institutions, and people
have fallen victim to vulnerabilities, but bitcoin has
proven to be unhackable. Ethereum and other smart contract
based projects promised to extend bitcoin into new
capabilities with similar security. But the reality has
proven otherwise, with smart contract platform hacks and
bugs causing increasingly larger monetary losses on a daily
basis. Evrmore seeks to enhance the proven Ravencoin asset
protocol, based on bitcoin, to enable Distributed Finance
functionality WITHOUT general-purpose smart contracts and
WITH the security of bitcoin.
History:
Evrmore (originally called Evermore) was
proposed within the Ravencoin community as an aggressive
roadmap to participate in the DeFi economy with new features
and new strategies. Evrmore's technology generated great
interest within the community, but Evrmore differed from
Ravencoin's established cautious approach. The perceived
risks of radically changing Ravencoin's feature set and
style motivated some members to suggest that Evrmore should
be a separate project within the Ravecoin community. Evrmore
is being built by current and former Ravencoin developers,
hodlers, and miners who understand these issues and
concerns, and who appreciate the value of the style which
Ravencoin has chosen. Evrmore is a parallel effort using a
different set of trade-offs with different goals and
different strategies.
One area of controversy in the Ravencoin
community has been how to financially support the
development of new initiatives like Evrmore. Ravencoin
itself was founded by Overstock corporation's Medici
subsidiary, who also funded its development. Medici launched
Ravencoin according to the Bitcoin model, taking no
pre-mined coins or other financial interest. Nevertheless,
Medici spent roughly $2.5 million on Ravencoin development
from 2017 until terminating its last employee in late 2020.
The Ravencoin community has continued to be very active, but
funding has been limited to small bounties, and the last
release of the core node software for mainnet was on
2020-Dec-07.
The community members driving the Evrmore
initiative understand the value of the Bitcoin and Ravencoin
ethos, but believe that compromise is necessary and
worthwhile in order to be competitive in the DeFi
marketplace. DeFi is a dynamic fast-moving market which
requires full time software developers and a mechanism to
pay for their salaries. To that end, Evrmore charges a 10%
development funding fee on all mining rewards. Evrmore will
initially have a 2778 EVR coinbase block reward, of which
2500.2 is paid to the miner and 277.8 is retained by the Evrmore
Foundation to fund core development. Coinbase payouts will
follow a halving schedule, halving roughly every three
years.
"In Theory There Is No
Difference Between Theory and Practice, While In
Practice There Is"
Copyright 2022 by Hans Schmidt
Note: this is in no way related to the
wonderful book "Mastering Bitcoin" by Andreas Antonopoulos