- Everest uses EverChain to deliver a complete solution for the new economy
- Focus on micro-insurance, ID verification, and medical records
- BlockchainReporter got the opportunity to interview the co-founder of Everest, Brad Witteman
Blockchainreporter interviewed Brad Witteman, the co-founder and chief product officer of Everest to discuss how their platform is aiding globally distressed areas through Biometrics and blockchain technology.
BR: Could you define your target market? Also, for someone to enjoy the perks of your platform, they have to possess crypto-coins and store them in Everest wallet, right?
Brad: To use the platform the user does not need anything at all:
- No device required – the partner organizations’ employees and agents provide the device (Android smartphone, tablet or 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 into their EverWallet without any 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 what’s the criteria for it, because it is understood that people in this state are very unlikely to own cryptocurrency let alone have knowledge about the technology.
Brad: Everest platform is designed for community management. We are a B2B2C company, meaning we deliver for businesses who have large communities of individuals that they need to manage. These businesses can be institutions, NGOs, governments or banks.
The “bottom of the pyramid” is a classification of individuals who are living on $2.5/day or less – roughly 2.7 billion people at the end of 2017. The people at the “bottom of the pyramid” cannot afford technology as you indicate, which is why it is important for Everest’s partner organizations to provide the technology interface for them – the device and agent/employee – someone who is expert with the device and software to help orient the user and coach them through the process. The user does not need to understand anything about the system to benefit from the system.
BR: Are there limitations on how much crypto an individual can spend?
Brad: For a transferred bitcoin (crypto coin) to reflect on the recipient account (which will be the wallet for the service provider – bank or hospital), it has to be confirmed by three peers which might take longer to process. How are you dealing with this situation to ensure the transaction is fast and swift? And how many transactions can one have in a day? Is there a limit?
The Everest platform is driven by two ERC-20 tokens – which are independent of BTC, ETH or other cryptocurrencies: the ID and the CRDT. The ID Token is a utility token which will be purchased by those who are using the platform for monetary exchange – our partner organizations, and those individuals who are using advanced platform features like micro-loans or remittance. To receive value on the platform does not require the holding of any tokens at all.
The CRDT Token is a stablecoin pegged to the USD which is a safe value store for our partner organizations and the individuals to denominate vouchers in, or to send funds over.
The whole platform is instantiated on a pair of private & permissioned Ethereum blockchains and does not touch the public networks. The consensus algorithm is the Clique Proof of Authority algorithm, which is the fastest consensus mechanism available.
This platform is stewarded by the Identity Network Foundation, a not-for-profit Swiss foundation created to fund and operate this infrastructure indefinitely. The number of transactions possible in one day is not a now known number, but we will be able to satisfy the needs of our partners for many years to come.
BR: What are the loan prospects? You said people could get loans in Everest platform. What will be the nature of the credit? Since you are targeting people earning low income (who might lack valuable collateral), what assurance will you have that that they will pay you back? Apart from using cryptocurrency, what aspects is Everest doing differently unlike banks when issuing loans?
Brad: Advanced platform features – beyond the community management features – will require additional information provided by the user. These advanced platform features include micro-loans, micro-insurance, land titling, remittance and more.
Unlike banks, Everest knows the user and has a biometric identification of the user. The users will be highly incentivized to repay loans given as their access to the platform relies on being a good actor on the platform.
As other services are used, for example, land titling, the user builds up a more connected profile which includes additional collateral or social constructs which will encourage repayment of loans or payment of fees/premiums.
BR: Is there anything new Everest is working on? What message would you wish to pass on to our readers about your company?
Brad: We are aggressively working on many projects – the closest to launch and one that is publicly announced is aid distribution for the Government of Indonesia.
The Everest Project is an example of the blockchain technologies being used to solve a “real world” problem that is 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 tracking resource consumption. This is a solution that is valuable to 1/5th of the world population, those who are unidentified and unbanked.
About Everest platform
Everest is a platform that tackles more significant problems humans face; Lack of digital Identity & Economic Inclusion. The platform is an economical solution that gives the people on the bottom of the pyramid a digital identity and a wallet where they will be able to transact with various institution simultaneously, i.e., governments, banks, hospital and all other prominent organizations that require the transfer of value to work.
The platform is more than an App since it is designed for people who might not have smartphones (around 5 billion people). Everest combines biometric identity (finger scan and face recognition) and third party plans like government Id, the village chief, facebook, Linked In, or your company Id all put together with a wallet around it.