Everpay, simple blockchain payment backed on arweave

3 min read

everFinance adopts a storage-based computation paradigm to build everPay wich is an easy-to-use blockchain-based solution and application protocol backed by arweave , which enables users to make payments and settlements in a reliable way and as efficiently as an internet application.

Why EverPay?

Due to the scarce computing resources and a high fee, Bitcoin and Ethereum blockchains can hardly support everyday transactions

In the edge cases where users have doubts about coordinators, they can track if their transactions are packaged and included onto the chain with the transaction explorer. Generally, coordinators package all the transactions into blocks according to a fixed order and add the blocks to the chain.

Mechanism

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Roles

Coordinators collect and verify transactions, and then package and add the valid ones onto the chain. They collect valid transactions from users with an API and put them into a serialized pending transaction pool. The pending transactions are packaged in batches and included on-chain every certain period of time. Coordinators generate a real-time global state according to both valid on-chain transactions and pending transactions.

Detector

Detectors download and verify on-chain data automatically to generate a global state and account balances. Detectors generate a state more slowly than coordinators because they only rely on on-chain data and do not count in pending transactions. Anyone can be a detector by downloading and running a detector program.

Asset Manager

Asset managers are detectors that jointly manage assets. They can unlock assets with a multiSig or threshold signature scheme.

Cross-chain

MultiSig

For the public blockchains that support smart contracts, everPay deploys a lockup contract with the MultiSig technology, and the keys are owned by different asset managers.

The everPay protocol listens for the asset transfer event and ensures that the transferred assets are mapped to corresponding assets after the transaction is confirmed.

When users send a transaction to burn assets, the transaction will be included onto a storage-oriented blockchain (Arweave) after it is verified. Asset managers listen for the events on the storage-oriented blockchain. When asset managers receive the burn transactions from the storage-oriented chain, they sign the validated transactions and send them to the corresponding public blockchains. After a burn transaction is signed by a certain number of asset managers, the original assets will be unlocked and returned to the user.

Threshold Signature

For the public blockchains that do not support smart contracts, everPay currently adopts the Threshold Signature technology, which is similar to MultiSig, to ensure the lockup of user assets.

Consensus

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everPay packages all types of transactions, including mint/burn/transfer transactions, in the proper order and sends them to the storage-oriented blockchain. The third-party applications and individuals can check the transaction state with the detector program, which automatically downloads and verifies all the on-chain transaction records. If the states are respectively generated by a coordinator and a detector conflict, the application may have a risk of fraudulent consensus.

Credits (edited) : https://medium.com/everfinance/everpay-a-trusted-cross-chain-payment-protocol-eba4a0af7d66

EverFinance twitter : https://twitter.com/FinanceEver?s=09https://twitter.com/FinanceEver?s=09

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