It’s hardly arguable that a proof of identity is one’s ticket to the world. You can go places, work in an office, go to school, avail yourself of financial services, and so on. It goes to say, to be considered part of the economy and enjoy its numerous advantages, you need to first prove your identity.
This may surprise you, but despite this intrinsic need, around 15% of the world’s population are still without any proof of identity. Even sadder, 35% do not have a bank account, while 5% have to rely on alternative financial services to address their financial needs, which often causes them inconvenience.
Everest is confident it can bring the numbers down through its blockchain-based platform, featuring a digital biometric identity application (EverID), a multi-currency wallet (EverWallet), and a transaction system (EverChain). Everest will enable a device-free verification, which means to say, one does not even need to have a smart phone to enjoy the benefits of the platform. And this is great news because statistics show that 75% of the total population does not have a smart phone.
Everest’s core products, EverID, EverWallet, and EverChain, are developed to remove the barrier, the inability to prove one’s identity, that has long prevented people from taking part of the global economy. They will combine forces to make financial servicing available to the multitude of people with no identity, no bank accounts, and who cannot qualify for financial services because they cannot sufficiently comply with the KYC requirements or they don’t have a smart phone that will enable them to have a digital wallet to enjoy some form of financial services. And we’re talking not just a few thousands here but billions of people. Thanks to Everest, this lot will be able to enter the market because now they have the identity to do so, and you can just imagine how big the global economy will then be when this happens.
Here is one use case of the Everest platform: there’s a woman who’s interested to avail herself of a financial service. She will take her need for this kind of service to the Everest platform. Here an agent will register her identity then the info is forwarded to the service provider who will issue a digital voucher in the form of a smart contract. The digital voucher will go straight to the woman’s ID or wallet, and the woman may now spend her voucher.
While Everest aims to provide the means for those who have no proofs of identity to have one, it does so while taking privacy issues to heart. EverID is therefore developed to run on a decentralized platform. This will give individuals the power and the ability to control and manage their data. While pertinent information will be recorded and stored in the ID network, EverID can guarantee that no piece of information will be shared with anyone without the individual’s consent because everything will be moved by smart contracts.
Everest, apparently, will benefit banks, financial institutions and all others that require the submission of documents as proof of identity. EverID will make the verification process 100% accurate, simpler, easier, and less costly. Not many of us are aware that these institutions actually have to spend a lot of money just to verify KYC documents. It’s necessary for institutions to do this in order to prevent fraud which can cost them a significant amount of money. According to reports, banks have to allocate as much as 50 million dollars yearly on KYC compliance alone. With the EverID, the cost of verifying a single transaction will only be around a few USD cents. The EverChain, meanwhile, will have the capability to process billions of transactions per month, bringing down the time to complete a single transaction.
Everest is therefore offering an effective solution to banks and other institutions to streamline their operations and reduce their expenses particularly with regards to KYC compliance, and at the same time presenting a unique opportunity to the billions of people to have a verifiable identity.
The EverID network will be accessible via Everest’s utility token, ID, 800 million of which will be available for purchase by banks, financial institutions, governments, NGOs, and individual users such as remittance senders. Proceeds from the sale will be used to build a credit-based economy, powered this time by CRDT, Everest’s internal currency. CRDT is designed to be a stable currency and will be used to purchase services and applications running on the Everest platform, as well as a means to incentivize participants of the ecosystem. For example, Everest agents will be rewarded with CRDTs for every valid registration they bring, users, likewise, will be duly compensated with CRDTs for verifications made on their identity and for taking part in platform activities. CRDTs may be tradeable or redeemable for cell phone minutes.
Token Name: ID
Supply: 800 million IDs
Target: $20 million
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