Everest Will Integrate Chainlink Price Feeds and Launch a Chainlink Node for ID Services
What happens when you enable bi-directional communication between Chainlink — the industry-leading decentralized oracle network, and Everest — a next-generation blockchain that enables identity creation and verification, account creation for users or businesses, and transaction tracking and validation? A proverbial Cambrian explosion of new use cases for smart contract applications!
We’re excited to begin the process of realizing such use cases via an upcoming Everest and Chainlink integration. The initial focus will be two-fold:
- Everest will use Chainlink Price Feeds as a way to price all user token balances in USD on its decentralized exchange (DEX), making for easy payment conversion when purchasing Everest’s data/services.
- Everest will launch its own Chainlink node to offer unique human identity solutions to smart contract applications, including know your customer (KYC), anti-money laundering (AML), and know your business (KYB) data.
We selected Chainlink as our go-to oracle solution because it’s widely used, fully-featured, and time-tested, already relied on today to secure billions in on-chain value across DeFi, insurance, gaming, and other blockchain-based markets. Chainlink’s blockchain-agnostic framework and extensive set of oracle functionalities can enable a multitude of possibilities based on secure and seamless interactions between the Everest ecosystem and various other smart contract-enabled blockchains.
Using Chainlink Price Feeds for More Reliable Payment Conversion
Chainlink Price Feeds are the market-leading standard for smart contract applications needing highly accurate, secure, and reliable market prices to execute on-chain functions. Everest will begin by using the Chainlink USDT/ETH Price Feed within our DEX, with plans of integrating additional price feeds in the future to bring about a more robust set of payment options. Chainlink Price Feeds will serve as the basis for calculating the USD conversion value of all user balances and token amounts, ensuring Everest’s DEX and global fiat-in/out ramp is positioned to lead the market.
We chose Chainlink Price Feeds over other oracle solutions because they supply volume-adjusted global market prices sourced from across numerous premium data aggregators with extensive market coverage. This price data is retrieved using a large collection of independent, security reviewed node operators run by leading blockchain DevOps with a strong track record of reliability, even during high gas prices and network congestion. By decentralizing at the oracle node and data source levels, Chainlink offers highly precise, available, and tamper-proof price feeds that are able to mitigate various vulnerabilities, such as API downtime and exchange inaccuracies/manipulation (e.g., flash loan resistant).
An example of the Chainlink ETH/USD Price Feed
Launching an Everest Chainlink Node to Bring KYC, AML, KYB, and Unique Human Identity Solutions to Web 3.0
Everest will also launch its own Chainlink node to provide smart contract developers with a critical new component to the Web 3.0 infrastructure stack; identity. This enables two bi-directional capabilities: 1) Allowing smart contracts to call the Everest blockchain (Everchain) to obtain cryptographically-proven identity information that’s then used to trigger on-chain functions, and 2) Enabling smart contract applications to automatically trigger identity account creation/verification processes on Everchain and then return the results back to the original blockchain.
These new capabilities will be made possible through the development of custom Chainlink External Adapters, which can read and write data on Everchain and other blockchains. Initially, an Everest external adapter will be developed to allow Chainlink oracles to read a user (KYC) or organization’s (KYB) verification status within the Everest ecosystem. New or existing Chainlink External Adapters can then be leveraged to write that results across multiple other blockchain networks. There are many other possibilities here too, such as smart contracts from various blockchains directly triggering account creation or storage of on-chain identifiers on Everchain.
Initially, smart contract applications will be able to call the Everest node using the everestDirectoryCheck function to determine if an associated wallet is in one of four states: Unknown, Human and Unique, Identity Verified, and KYC Status Checked. Similarly, they can check between three states for an Organization: Unknown, Unverified, and Verified (KYB). Additionally, KYC’d and KYB’d organizations can use the fiat or crypto-in/out facilities that are provided by Everest to easily provide support for various payment options. It’s important to remember that users will ALWAYS maintain control over their data on Everest, particularly, what gets shared, with whom, and how. Also, any credential sharing will be accomplished privately and securely.
This bidirectional data integration positions Chainlink as the most frictionless solution for any smart contract developer wanting to perform KYC or integrate other human and unique identity solutions between Everest and external systems. Due to Chainlink’s blockchain and API agnostic infrastructure, the Everest node can be made compatible with any smart contract enabled public or private blockchain, as well as combined with any off-chain resource to greatly expand the scope of applications developers can create.
Leveraging Everest and Chainlink to Create Novel Use Cases Around Private Permissioned Identity
As smart contract applications become more advanced and necessitate more compliance from regulators, there is an increasing demand from Web 3.0 developers wanting to use Everest for fiat-on/off ramps and human/unique identity verification solutions to satisfy KYC and AML requirements. Thus, they can leverage the Everest Chainlink node to empower a variety of new private permissioned identity use cases, including:
- Human Detection — The Everest Chainlink node can offer human and unique status data that verifies if an address is a known individual. This can prevent duplication of users within an external ecosystem or verify someone is a unique human before voting in a DAO.
- KYC/AML Verification — The Everest Chainlink node can verify an individual’s KYC status and if it has been recently checked or updated. This allows organizations to scale up their support for blockchain-based applications, reducing operational costs while still maintaining KYC/AML compliance.
- KYB Status — The Everest Chainlink node can check an organization’s KYB status and if it has been recently verified or updated. Most B2B companies need to identify legal representative(s) and their connection to the company in order to meet mandatory legal compliance. Everest simplifies this tedious process, dramatically reducing costs, time, and administrative procedures.
- Personal Information — The Everest Chainlink node can facilitate the creation of a “monetize my personal information” marketplace, where users can choose what private permissioned identity information they want to sell to others on-chain about themselves.
- Credit History — The Everest Chainlink node can inform a lending platform of a user’s off-chain credit history to enable undercollateralized or unsecured loans according to their creditworthiness.
- On-Chain Identifiers — Users automate the storage of data on Everchain, such as their transaction history on other blockchains. This allows users to update their account information on Everest as a means of improving their credit history or becoming accredited.
“Our upcoming integration with Chainlink will serve as a major upgrade in Everest’s ability to bring identity solutions on-chain to smart contact developers and dApps. Not only will we be able to open up a multitude of payment options for purchasing Everest services, but having a Everest Chainlink node will make data stored on Everchain accessible across any smart-contract enabled blockchain. The result is decentralized applications that can use Everest’s identity information to augment their own applications, opening new possibilities like credit-based lending and plug-n-play regulatory compliance.” — Bob Reid, Everest Co-founder and CEO
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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About Everest
Everest is the world’s most vertically integrated blockchain and crypto platform, incorporating user-owned identity, electronic wallets, a fast, secure, cost-effective ledger, and regulated stablecoin. As a licensed custodian with global fiat-on/off ramps, portable eKYC and unified DeFi & CeFi, Everest delivers the next generation economy.
