EVEREST

EVEREST PLATFORM : Elevating Humanity

Everest is a for-profit organization that will fund the non-profit Identity Network (IN) foundation. The IN foundation is designed to ensure transparency, neutrality, security and longevity of the Identity Network.This economic model will sustain this organization by earning market rates for identity verification from organizations such as government institutions and commercial organizations. The IN foundation will have an independent board of directors, drawn from internationally and regionally recognized global organizations, NGOs,IGOs, and philanthropic organizations that share the same principles surrounding the right of identity as Everest.
The management of the IN foundation and the Everest operating company are mostly different as their primary focus is different. The IN foundation is governed by a board of caretakers, the criteria for selection of which is that the organization must be a not-for-profit organization or an economic development focused organization and show at least 10 years in serving the public good. The Everest operating company will then be managed by a CEO, CTO, and management team.

a. Everest Platform
Everest combines EverID, a user-centric self-sovereign identity solution, with EverWallet, a value transfer and document storage solution, which are based on blockchain technology and the cryptographic underpinnings of that system. The core focus of the Everest operating company is to create economic and social value. Institutions, corporations, and government organizations can effectively, cheaply and quickly validate user identity, at scale. Value can then be transferred securely, to the correct recipient, with reduced transaction costs, lower losses from leakage, as well as innovations in service and value transfer. Everest facilitates verification of users by multiple third-parties and allows the secure transfer of value between members of the system.
b. Identity Network
Everest will fund the non-profit Identity Network foundation that will oversee elements of the shared systems in the Everest Supernodes. If $10M USD is raised from the initial token sale then 5% will be allocated to establish the Identity Network foundation and for every USD$ 1.00 above $10M, 2% will be allocated to the Identity Network foundation.
The governance of the Identity Network foundation will be to safeguard the independence, and transparency of the network so that it exists for humanity forever.
Everest will donate a percentage of capital raise per the above, plus a percentage of identity verification earnings on an on-going basis, thus creating a self-funding,
autonomous network.The responsibilities of this governing board will be to ensure the network cannot be taken over and transactions are transparent and to maintain at least 50% authority. In a “proof of authority” network, this prevents any organization, including Everest, from ever changing the base code. They will also be required to establish independent observer nodes and ensure that two board members are signatories on all code releases.
HOW EVEREST REMOVES THE BARRIERS
Everest is the world’s only device-free globally accessible, digital transaction protocol with built-in identity. Through the use of digital identities, digital wallets, document management, and biometrics, users will be able to digitally verify their identity for public services and claim their social and economic rights.
*Device-free identity verification
Peer-to-peer registration using biometric data allows anyone, anywhere to enroll in the platform, without the need for a device.
*Seamless value transfer
By verifying identity with 100% accuracy Everest reduces leakage, fraud, friction, verification, and data access costs.
*Total financial inclusion
Creating global access to existing financial services unlocks the $20 trillion economy of emerging markets.
*Individual empowerment
Everest enables users to be in total control of their data and provides access to formal economic systems.
*Institutional efficiency
Reduced transfer and data storage fees will allow institutional growth in emerging nations.
*Economic growth
Deviceless identity verification will empower over 4 billion people and create a $40 trillion economic opportunity.
TOKEN ECONOMY
By building an economic ecosystem that leverages the power, transparency and security of the blockchain, Everest enables value exchange for the previously disenfranchised at a global scale. This will reshape over 20% of the global economy.To enable this, Everest utilizes both a utility token, the ID, and a credit or currency,the CRDT. The ID represents the value of the economy and will be offered for sale. The CRDT, or CReDiT, is the native currency that Users and Institutions use to verify identities and exchange value through all the interactions in an economy.
a. ID Token
IDs are a utility token enabling access to the network and a myriad of applications and services that are the conduit for every exchange of value in the economy. Varying levels of access to network resources are granted to the holders of the ID Tokens. For example, institutions need to stake varying large amounts of IDs to gain tiered levels of access for a limited amount of time (i.e. SDK, API, etc.). They will also be required to hold additional amounts of IDs for functions like market-specific applications (medical records, land title, voting eligibility), aggregated data, anonymous geographic market research, credit scores, smart contract functionality beyond simple cash transfer, etc.
Holding ID Tokens
Institutions that wish to access the various applications in the Everest economy or operate Observer/Transaction Nodes will require the holding of 1,000 to 250,000 levels, intended use, etc.) in their EverWallet. Such a construct will allow banks,governments, NGOs, hospitals, rewards programs, and other large organizations to have tiered, time-based access to the network and applications.IDs, (depending on the size of the institution, user base, access to higher service.
b. CRDT Token
By selling ID Tokens, EverID will raise capital to establish a CReDiT-based economy. The CRDT — the stable currency of the Everest ecosystem — will be used as a digital credit or currency that allows institutions and end-users to purchase services and applications on the Everest platformand the aforementioned applications. CRDTs will be spent to interact with an individual’s identity, similarly to the way Ethers (ETH) are spent to acquire collective computing on the Ethereum blockchain.
THANKS FOR READING.
To know more about this project;
visit the website: https://everest.org/
whitepaper link: https://everest.org/wp-content/uploads/2018/08/wp_15.08.pdf
join the telegram group: https://t.me/Everestdotorg
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AUTHOR-adulojuclara