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- Everest uses EverChain to offer a complete solution for the new economy
- Focus on microinsurance, ID verification and medical records
- BlockchainReporter had the opportunity to interview Everest co-founder, Brad Witteman
Blockchainreporter interviewed Brad Witteman, co-founder and chief product officer of Everest to discuss how their platform is helping global distressed areas through biometric and blockchain technology.
BR: Could you define your target market? Also, for someone to enjoy the benefits of your platform, he must have crypto-coins and keep them in his Everest wallet, right?
Brad: To use the platform the user does not need anything:
- No devices required: employees and agents from partner organizations provide the device (smartphone, tablet or Android computer)
- No identification: we can still provide someone who has nothing with a biometric identification, EverID
- No resources / capital: an individual can get an EverID and attached EverWallet and receive vouchers and resources in their EverWallet without resources / capital – similar to depositing into a bank account, there are no restrictions
BR: Since your platform is designed for people who are "at the bottom of the income pyramid", please elaborate the criteria for doing so, because it is clear that people in this state are very unlikely to have cryptocurrency, let alone have knowledge of technology.
Brad: The Everest platform is designed for community management. We are a B2B2C company, which means we provide for companies that have large communities of people who need to manage. These companies can be institutions, NGOs, governments or banks.
The "pyramid fund" is a classification of individuals living at $ 2.5 a day or less – about 2.7 billion people at the end of 2017. People on the "bottom of the pyramid" can not afford the technology as they do indicates, that's why it is important that Everest partner organizations provide them with the technology interface – the device and the agent / employee – a person skilled with the device and software to guide the user and guide it through the process. The user does not need to understand anything about the system to benefit from the system.
BR: Are there any limitations on how much crypts can an individual spend?
Brad: In order for a transferred bitcoin (cryptographic currency) to reflect on the recipient's account (which will be the portfolio for the service provider – bank or hospital), it must be confirmed by three peers that may require more processing time. How are you dealing with this situation to ensure that the transaction is quick and fast? And how many transactions can you have in a day? Is there a limit?
The Everest platform is managed by two ERC-20 tokens, which are independent of BTC, ETH or other cryptocurrencies: the ID and the CRDT. The token ID is a utility token that will be purchased by those using the money exchange platform: our partner organizations and those individuals who use advanced platform features such as microloans or remittances. No token is required to receive value on the platform.
The CRDT token is a stablecoin anchored to the USD, which is a safe value for our partner organizations and individuals to denominate vouchers in or to send funds.
The entire platform is instantiated on a pair of private and authorized Ethereum blockchains and does not touch public networks. The consent algorithm is the Clique Proof of Authority algorithm, which is the fastest consent mechanism available.
This platform is managed by the Identity Network Foundation, a Swiss non-profit foundation created to finance and manage this infrastructure indefinitely. The number of transactions possible in a day is not a known number, but we will be able to meet the needs of our partners for many years to come.
BR: What are the loan prospects? You said people could get loans in the Everest platform. What will be the nature of the credit? Since you're targeting people who earn low income (which may not have valuable guarantees), what insurance would you have that will repay you? In addition to the use of cryptocurrency, what are the aspects that Everest does differently from banks when they issue loans?
Brad: The platform's advanced features, in addition to community management functions, require additional information provided by the user. These advanced features of the platform include microloans, microinsurance, land tolling, remittances and more.
Unlike banks, Everest knows the user and has a biometric identification of the user. Users will be highly incentivized to reimburse data loans as their access to the platform is based on being a good actor on the platform.
As other services are used, for example, titration of land, the user creates a more connected profile that includes additional guarantees or social constructs that will encourage repayment of loans or payment of taxes / premiums.
BR: C & # 39; is it something new that Everest is working on? What message would you like to convey to our readers about your company?
Brad: We are aggressively working on many projects, as close to launching and one that is publicly announced is the distribution of aid to the Indonesian government.
The Everest Project is an example of the blockchain technologies used to solve a "real world" problem that goes beyond the challenges faced by computer users. This is a solution for managing communities, identifying those individuals in the community, distributing resources to that community, and monitoring resource consumption. This is a valuable solution for 1/5 of the world's population, for those who are not identified and not hired.
Information on the Everest platform
Everest is a platform that addresses the most significant problems that human beings face; Lack of digital identity and economic inclusion. The platform is an economic solution that offers people on the bottom of the pyramid a digital identity and a portfolio in which they will be able to transact with different institutions simultaneously, ie governments, banks, hospitals and all other important organizations requiring the transfer of value to work.
The platform is more than one app because it is designed for people who may not have smartphones (about 5 billion people). Everest combines biometric identity (finger scan and facial recognition) and third-party plans such as Government Id, Village Head, Facebook, Linked In, or your company ID all put together with a portfolio around it.
