A significant proportion of the world’s ever-growing population does not have any legal proof of their identities. This proves to be a deterrent in their attempts to open a bank account or to avail of any financial benefits. Identity verification is often the stumbling block for most people to gain access to banking, insurance, and lending facilities. This, in turn, affects their influence on the economy and hinders economic development. They are also denied access to the internet or digitized banking because of the same lack of proof of identity. Is there a solution?
Everest proposes a solution – A decentralized platform comprising of three sections, a digital biometric identity system for storage and verification of user identity data called EverID, a built-in multi-currency wallet with document storage called EverWallet, and ever EverChain the blockchain based transaction platform. The platform is available to a user throughout his life from birth to death, is encrypted to protect the user’s privacy and is interoperable with other systems available. It allows users, governments, and businesses to carry out identity verification effectively and cheaply at scale. Value can then be transferred immediately with reduced costs and losses.
Existing systems incorporate data storage, document verification, and conditional access and can service only a finite number of users until it gets overloaded. Everest, on the other hand, is fast and cost-effective and is capable of handling trillions. The decentralized nature of the platform ensures complete personal data ownership and higher levels of security while reducing fraud and countering losses.
Everest provides its users a universal identity and consequently access to all services to sustain life. The identity network is decentralized and autonomous and allows users to protect their identity data across platforms like licenses, voting Ids, and biometric ids that is cryptographically secured at the granular level. dApps are provided for users without access to smartphones to avail the services via a third party. The ability of the network to scale indefinitely provides faster, cleaner and more cost-effective mechanisms enabling institutions to expand into emerging markets and create a new digital global economy.
Everest was formed on the basis of a few principles, All individuals can access the platform without a device, Identity is controlled and owned by that user, and Resilience against attack and selective data sharing.
Where can Everest be used?
- Everest provides governments, businesses, and organizations with the ability to verify and validate biometrics, official Ids and attestations from third parties.
- Everest offers users 100% validation of money sent between biometrically verified users.
- Users are provided with an easy and cost-effective method that banks offer for the transfer of money and related services.
- SME’s and people in need can use the Everest platform to acquire loans.
- Healthcare related services are also available with documents hosted on device or cloud. This allows users to easily manage them and also track individual healthcare.
- Real Estate is also a related industry with all documents related to purchase and sales like title deeds, agreements, GPS coordinates and identities for bank procedures.
- Everest can also be used for micro-finance where documents are collected and contracts signed biometrically. This helps provide Everest’s services to millions of users, even those without their own devices.
Features of Everest
Everest is the world’s first globally accessible, device-free, digital transaction protocol with a built-in identity. Everest through the use of digital identities, wallets, document management and biometrics breaks through the identification barriers blocking users from claiming their social and economic right.
Major feature of the Everest platform include,
- Device-Free ID verification – The Peer-to-Peer registration model via biometrics allows users across the globe to sign up without needing to actually own a device.
- Seamless value transfer – The use of blockchain principles give Everest 100% accuracy in identity verification. This, in turn, reduces costs, losses, data leakage, fraud, and data access costs.
- Inclusion – Through the global access provided by Everest allows users to access a global economy worth over $ 200 trillion in emerging markets, thus including user totally in the market.
- Empowerment – The decentralized nature of the Everest platform gives users complete control over their data and empowers individual users with access to formal economic systems.
- Efficiency – Emerging nations are those that see a greater need for economic growth. This platform allows institutional growth in these nations through reduced transfer and data storage fees.
- Economic growth – Deviceless identity verification empowers upward of 4 billion people and grants them access to economic services that can help build a $40 trillion industry.
What are Everest’s components?
Sustainable Development is the goal of the Everest platform with an emphasis on safeguarding user data and keep user access free. Its main components are,
Identity Network Foundation – IN is a non-profit, stewarded identity and value transfer network that cannot record, transfer or use the individual data of users in any way without their consent.
EverID – EverID dApp is a mobile decentralized application that ables users to tape, upgrade, shop, and transfer worth. It is likewise constructed with Peer-to-Peer representatives for identification verification.
EverWallet – EverWallet is included as a part of the EverID dApp and is used to provide inclusivity into other software solutions for partner organizations.
EverChain – The Everest system works on top of the EverChain model, it being the underlying technology for all activity on Everest. It records all transaction from document sharing to value exchange on an Ethereum blockchain.
The Everest team is made up of individuals experienced in IPO’s, blockchain, and startups. The team is led by Co-founders Bob Reid (CEO) and Brad Witteman (CPO) who have both held senior positions at BitTorrent, and Mike Kali (CTO) who has worked at Yahoo and Netflix.
The team is also assisted by a board of advisors like Aya Miyaguchi of the Ethereum foundation, Atsushi Taira CGO of Mistletoe, former President of Estonia Toomas Hendrik, and Dr. Virgil Griffith of CalTech.
For More Details of Everest:
Official Website: https://everest.org
Post By Anton De Mel
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1770640