Everex community update — the truth is out there, indeed
Recently some of our community members asked us about a number of allegations posted in the article by “James Watt” “EVEREX (EVX) — The truth is out there!”, which has now been renamed as “EVEREX (EVX) — Q1 2018 Future Price!”. Here are my comments to our supporters in that regard.
Let’s start with the writer’s background and the reason he posted this “revelation”. Although he chose to be anonymous, we know that he’s among the group of contributors who fell for a phishing attack and sent ETH to the scam site back in September. After Everex offered compensation, he was initially thankful, but a month later decided that our offer wasn’t good enough. After demanding much higher compensation and not getting it, he turned to blackmailing. He threatened to bring prominent figures in the crypto-world into the debate and to contact all social media channels showing them how bad Everex is. It is worth mentioning that the whole debacle happened over the amount of 2 ETH, for which the author was compensated in the form of EVX tokens.
OK, let’s go over the allegations.
“Let’s look at the hype and red flags around Everex (everex.io)”
First of all, there was never a hype and never will be. Our community members know better than anyone that Everex is very cautious of doing unsubstantiated marketing.
“Everex has a working product”
We have 3 working products: Ethplorer, Wallet, and Chainy.
Chainy is now integrated with RSK. Ethplorer has millions of visitors, and its API is used in many Ethereum apps (all listed on the site) with MEW using a link to Ethplorer for tokens display.
Ethplorer is the foundation of our technology and, specifically, the Everex.cash wallet. The latter has Send/Receive functions working perfectly. The Add Money (Deposit) function is currently disabled due to us setting up partnerships with licensed financial entities and working with legal consultants on regulations. Everex Cash is for remittance business ONLY and not for storage of EVX.
In his own screenshot, the poster admits that he sent — by mistake — EVX to Everex.cash wallet. Despite the fact that we warned people not to send EVX to Everex.cash wallet, a few people unfortunately still did.
“Iphone App”
95% of our user base is on Android. We have not prioritized dedicating our technical resources to develop the iOS app when our wallet is working on Safari on every Iphone, as optimized for web application.
An iOS app will be developed. But first we need to launch what we have and make necessary adjustments and changes after receiving feedback from the users.
“Everex is OmiseGo 2.0”
In no public channels has Everex ever called itself OMG 2.0. OMG indeed works together with Ethereum on Plasma technology, and we wish them all the best.
Everex is a business application builder on top of an existing blockchain, Ethereum. Therefore, we don’t use buzzwords like “Plasma” or “sharding” to promote our business.
OmiseGO did not partner with Alipay or McDonalds. That was their parent Omise, a traditional card payment service provider, which has little to do with OMG, blockchain, or Plasma.
“Roadmap and white paper is not on the website”.
We want to have a professional website that is no longer related to the token sale. If you look at other fintech company sites, you typically won’t see their roadmaps or white papers. The white paper has been added to the new site a few days ago, and an updated roadmap will follow.
The original roadmap was published in July, before regulatory environment shifted globally. Hence, the release of our token and security upgrades took longer than expected. Let’s go over some points at which our anonymous friend claims we failed.
1. “Regulatory Framework Compliance Execution Plan” — Succeed
Note the word PLAN, not regulatory framework itself. Unfortunately, the author can’t see that. We did define the PLAN and engaged an experienced legal consulting company with offices in UK and HK, who consult directly with central banks, to help us to map the execution OF THE PLAN.
2. “License Application for lending and currency exchange” — Succeed
We always said that we prefer to partner and work with already licensed companies, but when we need to have our own license in particular countries, we will apply for them ourselves.
Because the regulatory framework is still in the works, we find it inefficient to apply for licenses when we don’t even know what kind of licenses will be required and in what countries. That directly relates to Number 7 of the “failed” goals. We have no problem launching business with at least Myanmar now — we have done this before and have customers and partners waiting. But ask yourself a question how long this business will be operational without, again, having regulation covered?
3. Partnerships with banks and Liquidity Providers. — Succeed.
If the author paid attention, he would have noticed our existing partnership with Bangkok Bank, where we spent the productive month in a fintech accelerator. In addition,
- Bank of China (HK) reached out to us to explore the application of Everex technology for South East Asia remittances. Just last week we had a 2+ hour long meeting with their top managers from payments and digital banking where we outlined the collaboration plan. Due to a signed NDA we are unable to provide more details at this time.
- our Chinese investor, Holley Group, stepped forward with the idea of using their business for a pilot as a testing ground for our payment technology. We are putting together a working group to create a test pilot for SME trade finance transactions between China and Thailand.
Sure, it’s much simpler to put “Failed” on every major step of the roadmap, without going into detail, if the only purpose served is to discredit the company.
“No CTO, core developers in the team”
Publishing personal information of the top project developers results in them being spammed by questions and offers from other token sales and blockchain companies. This attracts unnecessary attention, breaks privacy issues, security, and work focus. Therefore, we see no reason to list the members of our tech team, including the CTO. This article only proves our point.
It’s our final decision and we do it for the sake of the company. Haters can take it or leave it. The core team members are listed in the About Us profile page on the website. Those who want to find more can do a simple LinkedIn search.
If the author thinks that apps like Ethplorer or Everex.cash wallet can be developed by one person, who is not even a developer, then readers must be wary about what kind of information they are presented with.
“Unable to get Official regulatory approval”
Author calls tokencash a cryptocurrency, which again states his lack of the understanding of Everex and crypto in general. We’re not looking for regulatory approval in Thailand as our business has a global footprint. That’s why we are working with an international legal firm on policies with the goal of finding existing regulations that our model will fit into. Going door-to-door with central banks was never a plan.
Stating that no bank in this world supports or are ready to accept cryptocurrency is a misstatement. Many banks in the world now work with Ripple, which in fact operates with XRP cryptocurrency. Many banks and traders happily trade bitcoin and other crypto inside their hedge funds.
“No office”
Thank you for explaining what the co-working space is. We are sure the public was unaware.
Why the author makes assumptions that working from a co-working center equals not having full-time employees is illogical. Almost all blockchain development teams have members working in different locations, and it only increases their productivity, allowing them to cover many time zones. Digix had no office for years, and it didn’t prevent them from becoming a leading project on Ethereum a few years ago. Ripple, to this day, operates from co-working offices.
To give a little history, starting from May this year, the activities due to the token sale, and our team becoming more international, traveling more, and globally allocated, our main office at SSP tower Ekamai in Bangkok did not see many people. When Bangkok Bank offered us a space in their main office, it was logical to move there and close the SSP office, as our lease had expired by that time.
Co-working offices are perfect for maintaining flexibility without taking on expensive leases in multiple office locations across the world.
It’s been an amazing year at Everex. With the growing team and the token sale admin work behind us, we have had the time to exponentially increase our strategic partnership conversations. It is the feedback we receive from the public and our token holders, that allows us to build better, more useful products and services on the way to achieving our goal of Money Without Borders.
Warm regards,
Alexi Lane, Everex
