Encouraging individuals to perform socially-useful work through a CRDT-based economy

Everest plans to allow regular people to #earncrypto for doing socially-useful work

We were recently engaged on social media regarding how we plan to allow the average person to earn crypto for doing socially-useful work. In response, we are going to take the opportunity to explain the CRDT-based economy and how it propels the Everest Platform, along with providing a better understanding of how Everest facilitates the ability for the average person to earn crypto for doing socially-useful work.

The CRDT is the stable token in the Everest ecosystem and will be used as a digital credit that allows institutions and end-users to purchase services. Everest will initially peg the CRDT to the US dollar ($). Each CRDT is equal to USD $0.01. CRDTs will be spent to interact with an individual’s identity. CRDTs will be used by individuals and institutions to verify identities and exchange value. They will also be distributed to contributors of value in the network (like Agents, Users), incentivizing engagement, development, promotion, and adoption.

It is important to highlight the two different types of EverIDs — Personal and Organizational. A Personal EverID is the digital biometric identity used to store and confirm user identity data. It is entirely user-owned and user-accessed. However, the nature of society is that individuals belong to various organizational entities. To provide the ability for these entities to exist in the Everest system, there is a special kind of EverID called an Organizational EverID. An Organizational EverID allows an individual, using his or her Personal EverID, to be part of large organizations, including banks, governments, insurance providers, NGOS, etc. From there, individuals are able to receive funds, subsidies, and other benefits from that organization.

Some of the use cases include-

  • Aid Distribution: 100% validation of aid sent to biometrically verified users
  • Micro-insurance: Collect documents, biometrically sign contracts to serve billions of users with or without devices
  • Remittance: Easy, cost-effective way for banks to offer money transfer services
  • Micro-finance: Full solution to lend money to the billions of people and SMEs
  • Medical records: Document management hosted in the cloud or device, tracking healthcare records for users
  • Cash Transfer: 100% validation of money sent to biometrically verified users
  • Land: Bank and secure land by combining titles, GPS coordinates, and identities.
  • ID verification: Verify users through biometrics, government IDs and third-party attestations

Using the Everest platform, large organizations are able to deploy funds for different causes and these funds can be guaranteed to be distributed to “real” individuals doing real work, and not fraudulent individuals providing no value. Charitable partner organizations can enroll local people to help as “boots on the ground” aiding to perform socially-useful work, and compensate those people using the Everest platform through distributing CRDTs to the users EverWallet attached to their personal EverID via EverChain.

Additionally, new users can become agents and enroll new people into the Everest platform, creating a ripple effect of more people being rewarded for socially useful work. Everest agents are compensated based on valid registrations of individuals, and earn a subsequent portion of those individuals’ validation fees. Users will be compensated for verification of their identity, and other services. For example, if Everest earns $10 million, 10% or $1 million worth of CRDT tokens could be given to Users who were verified, sent money, managed docs, etc.

End-users do not need to own ID tokens to receive value as a consumer on the network. Transactions can only be conducted in CRDT tokens, and incentive rewards are based in CRDT. For example, when a consumer registers for an EverID, Everest could deposit 10 CRDT into their EverWallet. When they validate their ID, they could get another 10 CRDT, when they invite a friend who signs up, another 10 CRDT, when they consume content, generate value data, take education and certification classes online, get a health checkup, apply for credit, etc., they earn CRDT.

At the outset, Everest will produce applications for refugees, protection of women and children, and micro financing. For refugees, Everest is enabling civil registration and conditional cash transfer driven by Everest’s partner organizations. For protection of women and children, Everest will leverage the biometric registration of family members to facilitate the screening of girls and women to prevent human trafficking. For micro financing, Everest plans to integrate EverID as an Identity Provider in the Gates Foundation’s Mojaloop framework, to promote financial services for the unbanked.

Learn more details in our whitepaper: https://bit.ly/2qwQCYe