The Everest Foundation (EF), a non-profit governed as a decentralized autonomous organization (DAO), commits itself to hand out 15 billion digital identities and wallets with ID tokens free of charge. The Everest Foundation is opening its decentralized, permissionless blockchain, empowering every human being access to a “global credit union”, a bevy of financial services. The chain leverages the advanced infrastructure provided by Everest Network, a licensed and regulated custodian with blockchain solutions for eKYC, crypto, payments, cross-border, and other financial services.
The Everest Foundation gives individuals free digital identities and an account to hold money, crypto, credentials, and documents – registration is open and available today at this link. The identity and associated wallet are private by design; no entity or organization, including the EF, can unilaterally access a user’s identity store. Users can be pseudonymous and granularly share their credentials. While the system is built around a de-duplicated, unique human identity, its privacy-minded design enables users to share zero-knowledge proofs of specific information, such as their age or KYC status, without giving away personal details. The system requires no special hardware, enabling any user to create or verify an identity and a wallet with nothing but an auto-focus camera with a resolution of at least 2 megapixels and an internet connection.
The ID token powers the system, and every user will be given 0.001 ID on creation to enable access to the system; referral campaigns are forthcoming as well. 15 million ID tokens in the Everest Foundation reserve are earmarked for providing the initial 15 billion identities and wallets to all humankind. The ID token also has utility functions, bringing its holders various benefits within the system. The Everest community will be voting on the tokenomics model, pricing, rewards, and burn percentage in the next few weeks. Following the initial vote, validators and delegators will vote on governance decisions of the decentralized, permissionless blockchain.
The ID token is also used to access a great variety of services within the ecosystem. These include identity creation and verification, payments, global remittances, eKYC, DeFi services, minting new fungible or non-fungible tokens, and buying Everest Network’s “Universal Stablecoin,” pegged against any fiat deposit. With its secure, licensed, and regulated stablecoin, Everest Network delivers a globally accessible ecosystem, enabling both transactions and withdrawals in fiat for maximum versatility.
The tokenomics model offers users a safeguard against inflation, as the maximum supply is set at 800 million. The fee-burning mechanism sees a portion of every transaction fee in the network removed out of circulation, while a percentage of the fee is handed to the validator verifying it as a reward.
“With the new governance and tokenomics model, we are ushering in an inclusive future, where anyone can join, empowering users to control their identity and transact globally,” says Jamal Khokhar of the Everest Foundation.
About Everest Foundation
The Everest Foundation is a non-profit decentralized autonomous organization working to create a global decentralized, permissionless network with integrated identity creation and verification. Based on the Principles of Identity for UN Sustainable Development Goals, the Foundation aims to make secure, easy access to identity and financial services available to all of humanity with decentralized and democratic tools. For more information, visit https://everestfoundation.net/
About Everest Network
Everest is a licensed crypto custodian with its own high-speed blockchain, and the world’s first global and programmable stablecoin. Everest offers its users global fiat-in/out to crypto, a portfolio of financial services, including crypto trading with an access to 200+ coin pairs, international remittances, earning and borrowing, foreign exchange, and staking. Its unique biometrics-based digital identity platform empowers users to digitally verify their identity, and selectively share proofs, credentials and attributes. For more information, visit https://www.everest.org/