A DECENTRALIZED PLATFORM FOR PAYMENT SOLUTIONS

With the emergence of the now traditional banking system way back after the second world war, financial transaction became easy and faster than it ever was. With banking system, one became able to transfer money from one party to another without ever needing to meet.

However, we all know the blockchain was built because of the current financial system which is centralized and the blockchain is meant to disrupt this financial industry. To do this, blockchain cryptocurrency wallets and even the traditional banking system have one thing in common, which is their need for verification.

In our today’s economy, without a valid means of identification one is impaled from almost all forms of life such as banking, healthcare and many more restrictions. This lack of identification has prevented billions of individuals on a global scale from owning a bank account and other major services which should be their basic rights as a human being. Ultimately, the lack of ID verification has limited the number of people who can access the economy which therefore stalls economic development at the institutional level.

The provision of a device-free, universally accessible, digital identity will provide the needed opportunity for the entire world to be a part of the global economy.

INTRODUCING EVEREST ID DECENTRALIZED PLATFORM

The EVEREST project has been created with multiple components in order to enable users safe guard their data and keep their access free and forever ongoing.

EverID is a mobile decentralized application which will be giving users the ability to record, update, store, transfer value while allowing peer-to-peer agents to be able to provide access through a biometric identification and will be made available to everyone on the planet.

The platform will not be needing a mobile device to join and will be encrypted to ensure the protection of user privacy and will be interoperable with other system.

THE STRATEGY

The platform will be making use of all 3 of its components in order to ensure its payment solution.

EverID; the digital biometric identity system which will be responsible for storing and confirming user identity data through a biometric identification

EverWallet; a multi-currency digital wallet system which will be included in the EverID app and also include a document storage.

EverChain: an Ethereum blockchain based transaction system which will be responsible for recording all the transactions going on in the Everest system.

With this, institutions, corporations and other agencies will be able to effectively and speedily validate user identity. The value can then be transferred securely to the right recipient for a low-cost fee while reducing the potential of losses in a transaction.

CONCLUSION

By using this medium to unlock the global access to the existing financial services will ultimately open up a 20 trillion-dollar economy of emerging countries in the market thereby creating a path to combine these sectors with mainstream economic processes and institutions.

With the use of digital identities, document management and digital wallets, users will hence be able to validate their identity for public services and partake of their social and economic rights.

You can get more information from the links below:

Web ★ Whitepaper ★ Twitter ★ Medium ★ Telegram ★ Reddit ★ Ann Thread

Author: Sorento

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