Abstract
Identity verification is an obstacle to growth in emerging markets as it prevents people from accessing formal economic services, such as banking, insurance, and lending. Ultimately, this significantly limits the number of people who can access the economy, and thereby stalls economic development at the institutional level. Without a verifiable identity, economic exchange and value storage become very difficult.
Of the 7+ billion people on Earth, over 1.1 billion1 still lack any form of legal identity, 1.5 billion2 cannot prove their identity, close to 1.7 billion3 are without a bank account, and 5 billion do not have a smartphone or access to digital wallets.
EverID’s Decentralized Platform
Everest has built a decentralized platform made up of three components: EverID, a digital biometric identity system to store and confirm user identity data; EverWallet, a multi-currency digital wallet with built-in , document storage, and EverChain, a blockchain-based transaction system. The platform is available to all human beings from birth until death. It does not require a mobile device to join, is encrypted to protect users’ privacy, and is interoperable with other systems.
Everest is a disruptive product with an existing prototype, a highly experienced team, and is working with a large Bretton Woods banking institution4 and UN Agencies. It is building the biggest single opportunity for expanding financial inclusion amongst emerging markets and established financial institutions.
Sustainable Development
It is estimated that US$6.6 trillion was lost to fraud and leakage in developing countries between 2003 and 20125. By validating user identity with 100% certainty with EverID, verifying value delivery into the EverWallet, and tracking final consumption with EverChain, Everest is able to drastically reduce leakage, fraud, friction, verification, and data access costs.
Everest’s EverID makes user validation fast and cost-effective: it costs just a few USD cents per verification and EverChain can handle a volume of 1–10 billion transactions per month — with the ability to scale to trillions. The decentralized architecture of the platform also provides complete personal data ownership and higher levels of security compared with current centralized or public distributed databases
Total Financial Inclusion
Through the use of digital identities, digital wallets, and document management, users will be able to validate their identity for public services and claim their social and economic rights. By building an identity ecosystem that leverages the power, transparency, and security of the blockchain, EverID will catalyze dormant value exchange into a vibrant economy.
Personal Empowerment
Multiple types of biometric information for each identity are recorded and stored in the Identity Network. Legacy identity documents, including national ID cards, driver’s licenses, passports, voter ID cards, etc. are captured, as are 3rd party attestations by cryptographically signing those affirmations of claims.
If an individual does not possess the technology, an agent system will enable them to be enrolled via the Everest Agent DApp. Public Access Devices (PADs) will be used for EverID validation, EverWallet use, and data updating. PADs will use a Software Development Kit (SDK) to add identity validation and wallet services to devices for banking, government services, healthcare, and more. The Bridge Service allows a user to securely access and use their data from their EverID and EverWallet on another device that they do not own.
Everest, with EverID, has created a universal digital identity that will elevate all of humanity into the global market, thereby providing access to a robust set of services in order to enhance livelihoods and promote economic development.
The Identity Network will be an autonomous, non-capturable, decentralized network, owned by no one, functioning in perpetuity and embodying the Principles of Identification for Sustainable Development Goals (SDGs)6 in its software.
Institutional
Investment Everest, through EverID, provides the ability to remotely verify identity, at scale, enabling institutional investment in the $20 trillion-dollar economy of countries in emerging markets. The advances made possible through economic inclusion means this economy will be transformed into a $40+ trillion opportunity when identity is fixed and true value transfer is made possible. EverID makes user validation faster and more cost-effective than ever before.
Universal identity will allow institutions to expand into emerging markets. It will promote individual economic development through financial systems such as credit and insurance, and gives over half the world a new on-ramp to the global digital economy.
Everest Principles
Users should be informed and compensated for access to their identity information and able to share data with another party or deny access selectively. We propose to fund a network of identity verification nodes which will be governed as a standalone foundation to ensure longevity, security, and transparency
Project Architecture
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
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.
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WEB SITE: https://everest.org/
WHITEPAPER: https://everest.org/wp-content/uploads/2018/08/Everest_whitepaper.pdf
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ABOUT ME:
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Forum Username: sergey1301
Wallet Address: 0xdb23f26d4244117dd46ec78b5bc8afb5444200
