Chapter 1 — Principles & Architecture
Estonia led the way for digitizing a society…..the government did it by digitizing users’ identities for the banks, and then layering on financial services, followed by governance, health, schooling, etc. India followed suit a decade or so later with Aadhaar + India Stack, digitizing all identities and financial transactions. And although both significantly increased their economic output, they relied on central databases and control mechanisms. Imagine if we could take that blueprint to the blockchain, and give users control! Everest did that.
Without the fundamental elements of all human interaction (value exchange) crypto and blockchain communities will not be able to grow their economies. A comprehensive system with all the fundamental elements, not just a permissionless ledger & token, must be developed. The attributes of that system, like all economies, require the following:
Everest solved all of these issues, and built a platform to bring a global community into the 21st century.
Similar to a bank or nation-state like Estonia and India, Everest’s platform is anchored on verifiable identity (user-controlled, and pseudo-anonymous for legal transactions), and layered on infrastructure with accounts, transactions, programmable stablecoin, license to operate globally, and a set of APIs to interact with traditional, legacy systems (i.e. banking systems).
And like most nation-states, Everest is starting with financial services suite of applications. A user-centric, global “bank” or credit union that brings the billions in mass markets into crypto and blockchain. That is, we integrate ALL the requirements in the existing stack.
Registration by an agent, when the user has no device, can be seen here: ttps://youtu.be/EcuV_qpPZp0. Authentication and transaction of eMoney over the ledger can be seen here: https://youtu.be/ti_UBUOjXHc. When using fingerprints or palm-prints, Everest accommodates countries where burkas are prevalent.