last update: July 23, 2022

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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"

Note: this is in no way related to the wonderful book "Mastering Bitcoin" by Andreas Antonopoulos