ID

Overview of Everest(ID)

Everest (ID) is a blockchain-based protocol that focuses on providing an ecosystem for digital identities, documentation, and compliance regulations. Everest was created with the objective of establishing a decentralized platform that can verify user identities, maximize financial inclusion and securely store cross-border information.

Key features of the Everest (ID) platform include a digital identity solution (EverID), a wallet for storing cryptocurrencies (EverWallet), and a fiat ramp for currency transfers (EverChain). The platform works in conjunction with the native ID token to facilitate transactions and incentivize user participation.

The Everest blockchain is specifically designed to cater to sectors including remittances, micro-finance, and social benefits. Nevertheless, its applications also extend to medical record systems, voting systems, and other spaces where secure digital identities are crucial.

Pros and Cons

What Makes Everest(ID) Unique？

One of the key innovations brought forward by Everest (ID) is its focus on digital identity solutions and financial inclusion. While several cryptocurrencies are centered around transactions and generating digital assets, Everest (ID) emphasizes the development of a secure system for user identity verification through its platform, EverID. This approach aims to bring a broader population into the digital economy by providing accessible identity solutions.

Another differential factor of Everest (ID) is the integration of its components - EverID, EverWallet, and EverChain. These three components together form an ecosystem that is not just limited to cryptocurrency transactions, but also facilitates secure identity verification, and cross-border currency transfers. This integration provides comprehensive solutions within the single platform, diversifying its use-cases compared to traditional cryptocurrencies.

How Does Everest(ID) Work？

Everest (ID) combines blockchain technology with digital identity solutions, creating an ecosystem that revolves around three core components – EverID, EverWallet, and EverChain.

EverID is a decentralized digital identity system that seeks to provide verifiable and self-sovereign identity solutions. This system secures and verifies user identities using biometric data and personal information, providing a distinctive 'identity chain' for each individual or entity. With EverID, users have complete control over their data, and can choose to reveal or conceal it as per their requirements.

EverWallet is an integrated part of the Everest ecosystem, and it's designed to store the native ID token along with other cryptocurrencies. It also acts as a mechanism to facilitate transactions within the Everest platform.

EverChain is a multi-chain platform with a fiat gateway that enables global, low-cost and high-speed money transfers. It allows for the cross-border exchange of value between different fiat and cryptocurrencies, making it a reliable solution for remittances.

Exchanges to Buy Everest(ID)

There are several major cryptocurrency exchanges that allow you to purchase EVER tokens, including Binance, OKEx, Huobi Global, and KuCoin. Each exchange has its own account setup process, trading fees, and currency pairs available for trading EVER.

Binance is one of the largest global cryptocurrency exchanges, offering competitive trading fees and a wide selection of altcoins. Users can fund their accounts with credit/debit cards, P2P trading, and bank transfers.

OKEx is another popular exchange providing spot and derivatives trading for hundreds of coins. It offers low trading fees if you hold its OKB token. You can deposit fiat currencies by card or wire transfer.

Huobi Global has high liquidity across many trading pairs. Users enjoy low maker/taker fees and the option to stake tokens through Huobi Earn. Fiat gateways are available.

KuCoin is known for listing new and small-cap altcoins. It charges low fees and offers a beginner-friendly interface. Convenient fiat on-ramps are provided through Banxa.

How to Store Everest(ID)？

Everest (ID) has its own dedicated wallet, known as EverWallet, which is specifically designed for storing the native ID token. It operates as one of the core components of the Everest ecosystem. The EverWallet not only stores the ID token but also facilitates transactions within the platform.

The wallet type for Everest (ID) is essentially a digital wallet, and it is also considered a hot wallet since it is connected to the internet and allows for quick transactions. The nature of the EverWallet as a hot wallet might imply that it provides less security against potential hacks than cold wallets but offers greater convenience for regular transactions.

While EverWallet is the dedicated wallet for storing Everest (ID), the compatibility of Everest (ID) with other software and hardware wallets (such as MetaMask, Ledger, Trezor) is dependent on the blockchain protocol Everest (ID) is built on and the wallet's support for this protocol.

Should You Buy Everest(ID)？

Everest (ID) might be suitable for individuals or organizations that are interested in the use-case and potentials of a blockchain-based identity solution and are willing to get involved in the developing and highly speculative world of cryptocurrencies.

Some potential participants could include investors looking for diverse exposure in the blockchain space, or entities in sectors like finance, healthcare, or government looking for decentralised identity verification solutions.

FAQs

Q: What consensus mechanism does Everest use？

A: Everest uses a Delegated Proof of Stake consensus algorithm on its own proprietary blockchain.

Q: How does Everest handle disputes over identity claims？

A: Everest uses an on-chain dispute resolution process through staked deposits and challenge periods to resolve disputed identity claims.

Q: What encryption is used to secure personal data on Everest？

A: Everest uses zero-knowledge proofs to encrypt identity data so it remains private but verifiable.

Q: Can Everest integrate with existing KYC systems？

A: Yes, Everest offers SDKs and APIs to allow easy integration with existing KYC/compliance systems.