User-centric Society and Fair Financial Platform for the Planet
In order to create a “Blockchain Society’’ encompassing financial, political, social systems, the system must achieve user-centricity, transparency, fairness. The system requires all of the following components: deduplicated identity with user-control, a wallet, a stable currency, and a fast, cheap ledger.
Everest implemented all of the components of a crypto/fiat global “bank” for those who stake ID tokens. As a vertical stack with interfaces to multiple systems, Everest facilitates the coming convergence of fiat/crypto and transition to the next-gen economy. For example, Everest diligently spent the past 2.5 years working with regulators to be able to issue & redeem its USD-backed stablecoin, CRDT. From that capability, Everest is turning on low-cost fiat-on/off ramps globally. Additionally, Everest can facilitate buy/sell/trade fiat-to-crypto on partnered centralized exchanges. With its internal ledger, and a bridge to Ethereum mainnet, Everest can empower users to take advantage of multiple DeFi protocols at very low prices, and incredibly fast speeds.
This level of vertical integration with both crypto and fiat capabilities lends itself to traditional finance adopting the Everest platform with commensurate amounts of ID tokens being staked for the functionality they desire. Similarly, the global nomads and diaspora who want to manage “money” on their terms, sending/receiving cross-border, saving in USD, earning yield, etc. will naturally adopt the Everest platform.
Multiple partners are starting to consume Everest’s APIs for such things as eKYC/AML, identity verification, fiat-in/out, credential sharing, etc., all with the guidance and support of Everest. Going into Q3–4, Everest will open its APIs to allow partners who stake ID tokens to build dApps on top of Everest’s infrastructure; and those dApp providers will be able to issue their own tokens over Everest as well. And given the system components’ breadth and capabilities, the dApp ecosystem can cover any interaction in society, be it financial, social, political, what-have-you.
Moving beyond access to a single chain, Everest will build bridges to other blockchains to facilitate seamless sharing of data and value. That is, users and businesses will confirm themselves (pseudonymously or not), and transfer value in a myriad of tokens and fiat currencies. Additionally, Everest will be issuing its own prepaid debit card that will support multiple crypto & fiat currencies.
In order to deliver on the vision of a truly fair, user-centric economy and society, we will be opening Everchain itself to make it permissionless. As such, nodes will stake ID tokens and receive remuneration incentives for doing so. With bridges to multiple L1 protocols, Everest’s fast, low-cost, permissionless Everchain will deliver the fabric to interconnect crypto, fiat, identity data…..all with the user in control.
Going into 2022 and beyond, we will see partners and dApp providers build on the Everest infrastructure, and issue their own tokens — likely derivatives of the CRDT and/or 721s…..that are intrinsically linked to the ID token.