In the mid 2000s, Devvio’s founder, Tom Anderson, created a site with a digital currency, before blockchain was a term, so it’s a category Devvio’s management has been involved with for many years. Tom followed Bitcoin since 2011. He then looked at building a business in the blockchain space in late 2015, and read the Bitcoin Whitepaper. He loved the concepts it described, such as the need for any two parties to independently transact without using a central authority, and the idea of an immutable public record of all transactions that anyone can audit. While he appreciated the concepts the Bitcoin whitepaper described, he felt there was no technological solution that solved the problems one needs to solve in order to build a traditional scalable business – there were huge problems in scalability, privacy, fraud/theft/loss, stability, and perhaps most importantly cost and ease of integration. He designed a blockchain algorithm that he felt could solve these problems, and submitted multiple patents on those inventions. He then approached Ray Quintana, a very experienced and successful Venture Capitalist. Ray ended up leaving his lucrative career as a VC because, in his words, “It was the best opportunity he saw in his 20+ years in frontline tech”. Ray became Tom’s business partner and helped to grow Devvio. They brought in Bill Anderson, Devvio’s CTO, Nick Williams, Devvio’s Chief Architect and Shawn McKenney, Devvio’s VP Infrastructure, and created the first implementation of DevvX, including our sharding solution (a parallelization strategy). Tom felt the sharding approach would work, but Nick and Shawn implemented a working version that internally proved that Devvio’s approach could scale infinitely, really. From that point they switched from software research to software development. DevvX’s approach represents the fastest blockchain technology in the world. Here are DevvX characteristics:
- – 8 Million cross-shard TPS
- – 1/3 Billionth the energy and CO2 of Bitcoin. 3rd party ISO certified
- – 1/10 Millionth the cost of Ethereum
- – Intra-shard transactions (where most transactions occur) have sub-second finality.
- – Simple RESTful API Integration
At that point Tom took a previous game he had developed called LitCraft, and ported to a modern engine and started using it as a testbed for the blockchain. Games are a great category for testing throughput and speed, and it was also a great testbed for the DevvX API.
In 2019 Devvio began working on ESG applications. Devvio spun out much of its ESG work into DevvStream, a public company on the Neo stock exchange, that is currently in the process of merging with a SPAC to go public on the NASDAQ. DevvStream is managing their data on the DevvX blockchain.
In 2021, the LitCraft game (now called LitCraft Nysperience) was expanded and established as a full commercial product rather than just a testbed. On the blockchain side of things, what is particularly important is the LitCraft Digital Financial Ecosystem (DFE). The DFE is intended to create a deep interconnected ecosystem of digital assets that can be earned, traded, and sold. It includes LitCraft Nysperience with dozens of games, Lit Legion, which is a community based project where people can do real world tasks to earn digital assets, and Lit Land a 3D metaverse application. The token for LitCraft is called Fias (it formerly was called Quint) and the Fias whitepaper is coming out soon as well, and will be managed by the Forevver Assocation. In 2023 LitCraft was listed by CoinTelegraph as the overall #2 blockchain game among thousands of games!
In 2023, the Forevver Association was created to address the challenges of managing a token as a US entity. Because Devvio is based in the US, and given the current regulatory environment in the US, Devvio felt that it would be difficult to launch the token as originally planned. Ray started the Forevver Association, a Swiss non-profit, and Devvio and Forevver signed an agreement providing that Forevver would manage both the DevvE and Fias tokens. On February 7th, 2024, Forevver launched the DevvE TGE.
Although the token has only been out for a little over two weeks (at the time of this writing), Forevver has had a number of announcements. It is clear there has been an enormous amount of hard work going into what Forevver is growing. Forevver announced three exchanges, an approval for a French ICO Visa program, and a relationship with a large crypto brokerage.
Overall DevvX and DevvE represent a long term vision of what Devvio sees blockchain doing for the world. We envision blockchain technology as ultimately benefitting all of society, creating trust for the world, helping to manage our environmental challenges, creating transparency for governments and how they operate, removing unneeded middlemen, letting people control their value creation, and giving people resource to fulfill their potential. It is what we hope to have as a legacy for all of the work that has gone into our blockchain technology over the past 8 years.
What sets the DevvX blockchain apart from other blockchain approaches?
Although DevvX’s approach has characteristics that surpass other blockchain technical characteristics (8 million TPS, 1/10,000,000th the cost of Ethereum, 1/3,000,000,000th the energy usage of Bitcoin), the primary difference between DevvX and other blockchain approaches comes primarily from the DevvX sharding solution, and what it means even beyond throughput.
With DevvX, each application gets its own blockchain/shard. Each blockchain/shard can be customized as needed, from governance, to regulatory requirements, to optimizations and implementations. A DevvX Shard’s blockchain can be made transparent or auditable (or not, as the application needs). The design was based on the original Bitcoin whitepaper philosophy of building a system where any two people can independently audit a transaction without trusting a central authority and anyone can audit the entire chain. To the extent a specific application needs that type of public transparency, a DevvX shard can be implemented in order to solve that problem. We’ve developed a way for third parties to keep an entire copy of the chain by running verification nodes. The chain itself is mathematically immutable across a single copy of the chain, and if the entire chain is public, transparent, and replicated, then the entire record of transactions is also immutable, and you have what is needed to accomplish Bitcoin’s original goals.
Shards can be tailored to traditional business needs. A DevvX shard can be customized to a particular company’s IT reqirements, for example, which is something other blockchains cannot do. Shards can be customized to legal requirements as well. A particular application could utilize 1000 shards in a 1000 different regulatory environments, each customized to a particular legal jurisdiction’s regulatory requirements.
Another equally important aspect of the overall DevvX design, is that interactions with DevvX are implemented with a RESTful API. There are 200,000 Solidity developers across the world, for example, that can develop applications on the Ethereum blockchain. There are 25 million web developers that already know how to develop web3 applications on the DevvX blockchain.
Devvio’s flagship applications were, in fact, created by traditional web2 teams that didn’t have web 3 experience. The DevvX wallet app and the GlassBlock marketplace were both created and managed by a traditional web 2 lead (who created the Amazon kindle global marketplace) who had never created a blockchain application before, and all of his staff were traditional web2 developers who also had never created a web3 blockchain application before. It shows the power of our approach, since developers can work within a domain they are already experienced in and used to. This also creates a user experience that is like traditional web2 applications everyone is used to. This is one of the most important aspects of blockchain growth – easy to use and familiar user interfaces.
What we have found is that the architectural flexibility is equally important to DevvX’s throughput. At this point, we can spin up a shard almost as simply as the push of a button, and easily integrate it with any traditional platform using the RESTful API. One can quickly and easily have a system that is working for any practical application now.
The ability to customize shards to any application, guarantee throughput needed, be cost effective, and implement solutions with traditional developers with an easy to use RESTful API, are all characteristics needed to implement blockchain with large enterprises and traditional businesses. I believe that as blockchain matures, the biggest areas of growth for the entire blockchain space will be in the traditional business world, so we envision DevvX is positioned to become one of the most significant blockchain platforms for the future.
Can you prove DevvX’s 8 million TPS throughput?
Here is an early video in which we benchmarked our early designs for cross-shard transactions.
The way DevvX is implemented, each application has its own shard(s). It should be intuitive that if each shard is run by different validators, then you can create as many shards as needed, and in doing so, increase throughput as much is as ever needed – With one exception – What happens if you need a transaction to move from one shard to another shard? One of Devvio’s main inventions is our cross-shard mechanism.
That is the heart of our invention, that makes DevvX such a powerful technology. Each application shard is called a T2 network, and there is a single shard that runs Proof of Validation consensus and manages transactions that move from one shard to another, called the T1 network. The T1 network is NOT a master record, and T2 shards are NOT sidechains. The T1 network is simply utilized for cross-shard transactions. We benchmarked the T1 network, and showed it could process 8 million transactions per second. Those represent cross-shard transactions. Most transactions in real-world applications will simply run on a single shard, so if there is the capability to run 8 million cross-shard transactions per second, then the overall operation of the blockchain can run much faster than that – tens of millions or hundreds of millions of TPS, or more. We can add other T0 shards to manage cross shard T1 transactions as well. Overall, the architecture can process nearly infinite numbers of transactions per second, so long as there are computers to run the network.
The algorithm is elegant in its simplicity, and again, should be intuitive that it is an effective way to scale, so long as the cross-shard mechanism works. Boiling the problem down into a scaling philosophy as we have, and then providing an effective way to manage cross-shard transactions should satisfy anyone who is technologically sophisticated and can understand algorithms. The algorithm is described in the DevvE whitepaper at devve.io.
I found in the early years that it was a fools errand continually trying to go deeper and deeper into the rabbit hole of proving TPS. Millions of TPS implies a system orders of magnitude bigger than Visa, and that type of system is very expensive to operate. We found that we would have needed hundreds of thousands of dollars just to do a test on a system that was only up for a portion of a day, and then people would still question it at the point the test is over. Fundamentally, we proved it internally, and from that point on we developed the business focusing on production rather than research. Right now, we know that we can use our architecture to scale as big as ever needed, and we are focusing on building real-world applications and deployment now.
Yes! You can try out DevvX in the LitCraft Nysperience game, in the GlassBlock marketplace, and in the DevvX web app. LitCraft Nysperience is downloadable at LitCraft.com. The GlassBlock marketplace is available at GlassBlock.io, and the DevvX wallet app is available at devvx.glassblock.io
You can, for example, go into LitCraft Nysperience, within a few seconds and mine some grass and dirt. Those assets go into your LitCraft inventory. Then on the DevvX web app, you can transfer those assets to the blockchain
- go to Inventory, on the left
- click on LitCraft Nysperience
- find an asset you want to transfer, then click the three-bars on action, and “Send to blockchain”
- click Inventory -> DevvX, and you will now see those assets in your blockchain wallet.
You can send assets to another user on the blockchain itself, and see the transfer in your history. This example, also, is a pretty compelling bridge to/from web2/web3 applications.
You can see initial history of your own account, which is the initial aspects of a block explorer. We are also finalizing another important aspect of a block explorer, where you can input a transaction ID and see the details. This functionality will be available within the DevvX wallet web app shortly.
If you are a developer wanting to try out DevvX, we are planning on having a publicly available shard in March, including the first ever public access to the DevvX APIs (keeping in mind we have had internal testnets, and mainnet shards available for years).
There are several applications running on DevvX right now – The LitCraft Nysperience Game and the LitCraft Digital Financial Ecosystem (DFE), the GlassBlock marketplace, the DevvX wallet web application, and the DevvX Block Explorer. There are several other upcoming applications including Lit Legion, and the DevvExchange. There are also applications that are not publicly available to show, built by traditional businesses. These are typically constrained to give details on, given contractual relationships with customers. One that we can describe, for example, is that DevvStream is building a system that will track ESG (Environment, Social, and Governance) data on DevvX. We believe this is a powerful use of blockchain technology, as transparency and trust is needed in the ESG space, and blockchain is a perfect platform for providing auditability and transparency.
With respect to why there are not more publicly available applications on DevvX right now, 2-3 years back, we had a fork-in-the-road decision to make. Do we focus on 3rd party development or first party development? both have pros and cons. We could have easily made a strong business case for focusing on building a developer ecosystem, but the biggest challenge there, is how do you get developers on board before you have working applications. Also, how do you effectively monetize growth from a real-world business perspective. There are reasonable answers to those questions, and paths that we feel we could have made work, but a better fit for us was to build our own first party applications, and hone the blockchain with those applications that we are in control of. We feel it was a good decision. The applications – the DFE, the GlassBlock marketplace, DevvExchange, etc – have enormous potential. The result was that we built real applications that indeed did hone the blockchain.
The primary focus right now for Devvio, Forevver, and DevvDigital is DevvExchange. We are actively moving towards a product launch of DevvExchange.
We have also, over the past year, hardened and productized the blockchain itself, so we are at a point now where we can starting looking to add 3rd party applications. We have begun a business called DevvX S2, which will allow third parties to build their own applications on DevvX shards, and we feel that will be a big area of growth for us. It will be implemented as a traditional SaaS business, and is planned to be similar to Amazon’s AWS business. If you have a business need for blockchain, such as applications that need transparency, auditability, asset management, etc., you can start one of our shards and run your business’s data on the shard. We don’t yet have our pricing model as that business is just getting started. The work over the past year has positioned us to implement this business. Other products we have been building will also contribute to the S2 business, such as the DevvX wallet web app, the GlassBlock marketplace, and our expanding digital asset business.
The Forevver Association’s Innovation shard is now up and running for third parties to develop applications, and the first API key was delivered in March of 2024!
Devvio does Agile software development and Scrum sprint planning. We use Jira for project tracking, Confluence for documentation and architecture visibility and Slack for constant communication. We typically do 2 week sprints. Every team does a 15-30 minute daily standup. For our current pipeline, these are the projects currently being worked on, along with their stage:
- Glassblock Buyer – Production
- Gassblock Seller – Production
- Devvx Web – Production
- Admin portal for developers and support – Production
- INN (Database that sits on top of DevvX shards) – Production
- DevvX Core – Production LitCraft Nysperience – Production
- Infrastructure/DevOps – Production
- DevvExchange – Beta
- LitLegion – Beta
- DevvVerify – Development
Devvio’s team has varied in size over time, like any technical project. Through much or our core development, we had larger teams, but were able to scale back as we shifted to production from development/engineering. Devvio is continually focused on security, stability, and alerting/monitoring. The primary application focus is DevvExchange. In the short term we are also improving our automation and CICD pipelines, getting DevvVerify/Lit Legion/DevvStream further along the development path, preparing for expansions of LitCraft Nysperience in addition to continuing to build out the digital financial ecosystem (DFE).
We give updates frequently on the Devvio (https://t.me/Devvioinc) and LitCraft (https://t.me/LitCraft) Telegram groups. Forevver has frequent updates on their Telegram channel (https://t.me/DevveOfficial).
Devvio and LitCraft do larger updates on the announcement channels (Devvio: https://t.me/DevvioAnnouncements, LitCraft: https://t.me/LitCraftAnnouncements)
Devvio occasionally does a larger video meeting with updates for the community. The most recent on 11/16 is here:
Here are topics (times are approximate as we ran over, but generally about the right timeframes)
- 11:00 – Tom introduction
- 11:05 – Sunny Update on DevvStream.
- 11:15 – Tom update on the digital ecosystem business, including LitCraft Nysperience and demonstration of the mobile version of LitCraft Nysperience.
- 11:25 – Bill overview of Lit Legion and demonstration of the LitSquad avatar system
- 11:30 – Adam update on marketing plans for the mobile launch.
- 11:35 – Jenae update on GlassBlock and DevvX, including a demonstration of our web2 to web3 bridge, and any other GlassBlock/DevvX demos.
- 11:45 – Shawn update on the core blockchain, sharding system, and the Inn.
- 11:55 – Tom description of DevvX S2, and a summary of where we are headed.
we ran a little over, so those times are approximate
I recommend Jenae’s demo if you only want to look at one thing. We show an easy to use web2 to web3 bridge that is really impressive. (and as an update, is live on the DevvX wallet web app now).
Yes, there are smart contracts available with DevvX.
That said, DevvX was designed with a different mentality than Turing Complete on-chain smart contract systems such as the Ethereum Virtual Machine (EVM). Within the DevvX philosophy, that level of on-chain processing is just not needed for most real world applications. Our approach, in contrast, is to focus on having assets and data on chain, then manage it through traditional web2 interfaces. It is a practical way to scale in real world business use, and focuses on blockchain utility, where blockchain is best, but traditional infrastructure where blockchain is not needed.
There are occasionally needs for smart contract processing, where the processing itself is actually on chain. One example, was an on-chain genetic algorithm for LitCraft LitPet creation in the LitCraft universe. That particular smart contract was needed so that the provenance of the creation of the LitPets could be maintained and proven on-chain. Where DevvX needs smart contracts, we can program them in C++ as part of the core blockchain processing, then create a RESTful API interface to utilize them.
Beyond on-chain smart contract processing, Devvio also sees a future where we create bridges for assets and data on EVM chains.
DevvProtect is a low-level DevvX mechanism for implementing various types of protections with a focus on user control (not your keys, not your crypto). Each of fraud, theft, and loss protections have their own logical flow that DevvProtect uses to give protection on the blockchain at the validator level. Everyone in the crypto space has felt the trepidation of sending assets, the fear of theft and scams, and the risk of losing access to your wallet. The crypto space right now is full of nerve-wracking experiences, and many of us have experienced loss of some sort. DevvProtect solves these issues at the validator level of a layer 1 blockchain, but does NOT require trust, as is needed in the traditional finance world. All three protections are optional, so if a user does not set them up, then DevvX works like any other blockchain with respect to fraud, theft, and loss.
LOSS PROTECTION
With DevvProtect’s loss protection you can add an NFT in your wallet that gives rules and an ability to recover assets if you lose your private key. For example, a user can set up a service to contact and have assets moved to a new wallet if a private key is lost (keep reading to understand why there is no trust required). This is an important mechanism if you lose a private key or if someone dies and their heirs do not know where a private key is kept. A recovery system like this begs the question “What if the third party uses the recovery mechanism to try and steal”. DevvProtect’s loss protection prevents this… the movement of assets is locked for a time period (e.g. 30 days) and during that time the original private key can undo the recovery transaction that moved the assets. Therefore, overall, there is recourse if you lose your private key but no actual trust required because you can undo the transaction if you didn’t actually lose your private key. It is a clever solution to a problem that has plagued the crypto space, and is only implementable at the validator level, as we have done.
THEFT PROTECTION
Thieves stealing private keys or otherwise draining a wallet is a significant problem in the crypto space. With DevvProtect’s theft protection, a user can create multiple wallets (i.e. multiple public-private keypairs) that maintain locking timeframes. A user can therefore put 5% of their assets into a hot wallet that is at risk of theft, but 95% of their assets into a wallet that has a 30 day release period. For many situations, this alone is a strong solution – if someone wants to buy a cup of coffee with their crypto, they use the hot wallet, and if they want to buy a car with their crypto, they manage the timing. Lending programs can give access to locked funds, with no risk to the lender, if funds are ever needed early.
FRAUD PROTECTION
DevvProtect can implement the protections we are all used to in the traditional world when buying items. If you buy something online with a credit card, and the item is not delivered, there is recourse. DevvProtect can put any transaction into escrow for a time period in a way that is transparent to a buyer and a seller. If there is a dispute, then a dispute resolution system is implemented, much like Visa’s. DevvProtect is entirely optional, so anyone that feels that it contradicts what they feel blockchain represents, can use DevvX entirely without it. In contrast, many mainstream users and businesses rely on these types of traditional protections, so they are valuable for them. Fundamentally, DevvProtect enables mechanisms on the blockchain that the traditional business world relies on.
Often, when people ask this, they are not distinguishing between decentralized operations and decentralized governance. DevvX is decentralized in its operations, and is Byzantine Fault Tolerant. There are multiple validators that work together to provide consensus, and a percentage of the validators need to agree that a block should be added to the blockchain, in order for it to be added. The percentage of validation, the number of validators, and other aspects of how the blockchain run can be adjusted on a per-shard basis. In that way, it can be customized to any given use case. For example, a high security application, such as a defense industry use, might require many more validators for improved security, but at an increased cost per transaction. In contrast, a gaming application might focus on profitability, while maintaining strong security, but not at the same level of requirement as a national security use case.
Governance, is also defined per-shard. Any given application can choose which validators can maintain the operations of the shard, for that application. This gives good flexibility for an application’s needs in terms of governance. Often, decentralized governance is not needed, as it is the actual public blockchain that gives the value that blockchain provides. If a blockchain is public, held across many computers, and auditable across any of those storage locations, then you have a truly public and auditable record where any two parties can transact without working through a central authority and anyone can independently audit the entire chain. Theoretically, a consensus algorithm like Proof of Work could even be implemented in a shard. For DevvE, the ultimate vision is that the world’s leading businesses, educational institutions, and governments will ultimately maintain a global record of truth. It will be highly decentralized, but permissioned using rules that validators must meet to join in consensus.
Given that any application might have different requirements and needs, having governance defined on a per-shard basis allows for an architecturally flexible system that can meet the needs of many applications, where other blockchains cannot meet the application’s needs.
DevvE is the one and only platform token for the DevvX blockchain.
DevvE is the world’s token for creating, owning, and transferring value.
DevvE will be an exchange mechanism for exchanging assets, a payment mechanism for buying and selling assets, and a verification mechanism for creating assets.
Devvio (which makes the DevvX blockchain) is not going to make another coin. That said, DevvE is unlike most coins in that it has its own design and ecosystem plans, and business model. For reference, Ripple and XRP is a similar example – XRP is designed for use in global banking, but you can use their mainnet without using XRP.
A primary area of utility for DevvE, that has a lot of potential, is in its use on DevvExchange – a non-custodial, regulatory compliant, high speed exchange. The idea of DevvExchange is that it will take the best of CEXs and DEXs and combine them into a much needed solution in the space that is fast, compliant, but also non-custodial. For the DevvExchange, DevvE will be used to pay for fees, but will also be an intermediary token used for liquidity across other digital assets like cryptocurrencies, stablecoins and Real World Assets (RWAs). In this way, it will be the “money of money”.
DevvE has its own business model and ecosystem, that the Forevver Association is building. ERC-20 tokens have the advantage of an existing ecosystem. It is easier to list an ERC-20 token with crypto exchanges, for example. That said, much of the reasoning behind DevvE being implemented as an ERC-20 comes from legal considerations. Forevver wants to have its i’s dotted and t’s crossed before future expansions that use the DevvX capabilities. Forevver wants to be careful that regulatory bodies do not raise concerns about DevvE being managed on a blockchain controlled by a US company. Forevver is taking a top down approach in everything it is doing, and as the utility is expanded, it will make sure that DevvE’s use on DevvX follows all laws.
DevvE’s business model overall includes oversight by the Forevver Association to utilize and issue DevvE towards creating value in the overall ecosystem that DevvE supports. Forevver will use DevvE issuances to create value for DevvE, its ecosystem, and its stakeholders. The total available supply in this type of model is not the most important measure of the token and how it is managed. What is more important, is market cap (circulating supply times price) and how new issuances of DevvE are used by Forevver to create value for the ecosystem. That is how Forevver should be judged.
It is expected that the majority of tokens in Phase 2 will be unowned tokens (i.e. there is no owner, who can sell them for profit, and therefore they are not part of the circulating supply) primarily used for creating liquidity underlying DevvExchange.
In Phase 1, while DevvE is implemented as an ERC-20 token, there is a hard cap of 300 million tokens max supply. This puts DevvE into a framework that is more familiar to the current crypto space. Only approximately 100 million tokens are scheduled to be issued by Forevver over the first year. Beyond that, issuances will be made in a way that creates value for all stakeholders.
Phase 2 is intended to happen at some point in the future when Phase 1 has demonstrated the effectiveness of the model, where additional token issuances can reliably be made to grow the ecosystem, and at that time a much fuller definition of rules around issuances will be made available. Phase 2 also requires a bridge from Ethereum to DevvX for DevvE (though a bridge from Ethereum to DevvX could happen before Phase 2 – i.e. the bridge is required for Phase 2, but Phase 2 is not required for the bridge).
Phase 2 may never actually be used. If Phase 1 allows for the needed issuances to effectively grow the DevvE ecosystem, then it will not be implemented. Similarly, issuance may instead be defined to be drawn out over a very long time period, of many decades. By the time Phase 2 could become feasible, it will have constraints implemented to make sure issuances continue to grow the DevvE ecosystem.
This is an update on our roadmap as of February 2025.
The primary focus for Devvio, Forevver, and DevvDigital is DevvExchange.
DevvExchange is scheduled to be launched in the second half of 2025. In order to launch, the following efforts must be finalized.
Bailment Partners
DevvExchange needs to put in place a strong bailment system for wrapped tokens where users are guaranteed access to their funds, even if DevvDigital (the company running DevvExchange) were to go into bankruptcy. Of course, we do not believe it will, but we are designing the system where users’ funds are not at risk even in that extreme case, which no other exchange can assure. Bailment partners will either be large trusted TradFi institutions or large crypto institutions protected through insurance. We believe this is a strong area for partnership announcements.
Technical Development:
DevvDigital needs to finalize the release of the MVP for DevvExchange. DevvExchange has been in development for over two years, so it is already a relatively robust system, and the core enabling features for DevvExchange are already finished, but there is work remaining for a production level release. We also need to finalize the technical integration with other 3rd party technologies from companies we are partnering with. More will be announced on this soon.
Legal analysis
Initial legal analysis has been completed, but it is still an ongoing process. DevvDigital’s goal is to create a new gold-standard for exchanges that are used for trading cryptocurrencies, and with that goal, we have a higher bar than existing exchanges.
Customer Acquisition
DevvDigital, Devvio, and Forevver have strong plans for acquiring customers. Much of DevvExchange’s designs allow for characteristics that we feel will draw many users. A large part of our overall strategy, though, is to leverage our compliance capabilities and unique features to bring in customers through partnerships with large TradFi institutions.
There are a number of partnerships, milestones, and efforts we are excited to announce.
Devvio is always continually working on advancing the core DevvX blockchain as well, and is looking at making a publicly available shard available for testing.
In a competitive space, this is a good question. The short answer is that DevvExchange solves problems that other exchanges cannot. DevvExchange is designed to be the safest place to hold, transfer, and exchange assets. DevvExchange will be the first exchange to combine all of the best aspects of Centralized Exchanges (CEXs – speed, throughput, cost, experience) and Decentralized Exchanges (DEXs – non-custodial). DevvExchange can trade tokens from any platform and will trade most of the biggest coins, like CEXs do. Here is a description of what makes DevvExchange different.
— INSTANT SETTLEMENT – A FUNDAMENTAL INVENTION
DevvExchange is built on a compelling invention called Contingent Transaction Sets (CTS). Users can sign contingent transactions, where they only go through as part of a set where the contingencies are filled. For example if you want to buy 1 Bitcoin for $100,000, that means you are willing to send $100k if and only if you receive a Bitcoin. That is the contingency. A seller who wants to sell a Bitcoin for $100k, will send their Bitcoin if and only if they receive $100k. The buyer’s and seller’s transactions are matched and grouped and they are both then approved by validators. This gives Mathematically Instantaneous Settlement (MIS). For the first time ever, you can have high speed, cost-effective non-custodial exchange transactions that settle instantaneously. We believe that CTS will be viewed in history as one of the world’s great financial inventions.
— NO MIDDLEMEN
CTS therefore removes all middlemen. When you use a CEX, you give them your assets. CEXs fundamentally act like brokerages rather than exchanges. That is why FTX was able to steal their users’ funds. In our case, theft is not possible, as users directly maintain their assets at all times. Not your keys, not your crypto.
— COST, SPEED, THROUGHPUT AND EXPERIENCE
DevvExchange runs on DevvX which is the fastest (infinite TPS and sub-second settlement) and most cost effective (1/10,000,000th the cost of Ethereum) blockchain. In contrast to CEXs, with DEXs you can maintain control of your assets, but DEXs are slow and create a poor experience. They can have high levels of slippage and are plagued by manipulations such as front running. Smart contracts do not guarantee security and are rife with manipulations. DEXs also are not regulatory compliant. The drawbacks of DEXs are non-starters for TradFi businesses, which is a primary category that DevvExchange is targeting.
— FRAUD/THEFT/LOSS PROTECTIONS
The crypto space is fraught with risk. No one in the crypto space hasn’t felt some fear in sending a transaction or hasn’t worried about their assets being stolen or lost. It is an all-too-common occurrence in the space. DevvX has consensus-level protections for fraud, theft, and loss, which do NOT require trust. Even the hardest core crypto purists will like these protections. Again, not your keys, not your crypto. You can read more here.
— BAILMENT PROTECTION
What happens to your assets if an exchange goes out of business or the underlying assets are stolen? Historically, too many times, users are the ones that suffer the loss. DevvDigital, in contrast, is building a system where it is not the holder of assets in bankruptcy. Instead, large financial partners will maintain nodes for the blockchain, and will be legally required to deliver customer assets in the case of a DevvDigital bankruptcy.
— PRIVACY SOLUTION
Our patented privacy solution gives true privacy for users (a requirement for TradFi) but is also implemented in a regulatory compliant way. This is a critical functionality we have that other blockchains do not.
Imagine a world where you aren’t afraid of losing your crypto or transferring it into the wrong hands. Imagine being able to trade at high speed with low cost, where there are not a bunch of financial entities manipulating transactions and extracting an unfair share of profits in the system. Imagine doing all of this while maintaining full control of your assets at all times.
When you put all of this together, you have a new gold standard. Regulators love what we are doing because we don’t take custody. Perhaps most importantly, DevvExchange, FOR THE FIRST TIME, checks all of the boxes that traditional finance companies need to see in order to hold and trade crypto for themselves and for their customers. A medium sized bank cannot put their customers’ deposits into an exchange like Coinbase – they have a fiduciary responsibility to maintain and control their customers’ deposits. They can use DevvExchange, though, because customers maintain control of their assets, have recourse for fraud/theft/loss, and are comfortable with the bailment system managed by large institutions that they already trust.
Think of what this means within the context of the global tokenization movement. Tens of trillions of dollars are expected to enter the blockchain space, controlled by institutions that cannot use the world’s current exchanges. We feel we can become the new gold standard, and the new leader in the category.
We are creating the world’s safest and most reliable exchange, and, importantly, the only exchange feasible for all of these new entrants into the space.
These characteristics, and the credibility our technology and approach have, have led us to be able to bring on important team members and create strong partnerships, including one with one of the world’s biggest tradfi companies. This creates further credibility and momentum, which lets us grow further. DevvExchange is growing with strong momentum at this point.
