Chapter 3 — The full Everest solution Platform
Platform: Full Vertical Stack
The Everest platform consists of the following six modules:
- Gateway Node: enables partners to quickly and seamlessly integrate Everest with their own legacy platforms via lightweight, secure and inexpensive APIs.
- Identity Creation/Verification: Quick and inexpensive biometric ID creation & verification with integrated KYC/AML. Any smartphone with an auto-focus camera can create or verify a user’s identity. A user does not need any device at all if relying on an agent’s smartphone, and support for different biometrics markers is possible.
- Universal Account: An account in the cloud (distributed storage) that stores documents, identity data, access to bank accounts, currencies and investment vehicles. Also, the account provides access to the 4+ billion users who don’t have a smartphone and are often un-bankable; a user with the proverbial shirt on their back can visit an agent with a smartphone or ATM with camera, scan their face, type in their PIN and then access their account to make a withdrawal or deposit.
- Stablecoin: an eVoucher available for purchase globally that functions like programmable money, or a digital gift card, with full compliance tracking and reporting. For example, a user can send a voucher from Europe to his mom in Mexico that can only be used to pay for utilities, or convert a national currency to/from crypto. Partners can program their own “money” with Everest’s tools, or use Everest’s eVoucher on a co-label basis.
- Ledger Management: Tracks all inbound/outbound transactions associated with a given account, and ensures that compliance rules are satisfied for the FI and its regulators.
- Network: A growing network of fiat and crypto accounts in banks and exchanges in US, Europe, Australia, Indonesia, Philippines, Mexico, India, and elsewhere that enable Everest to send money cross-border in minutes and for pennies.
The Solution: Everest’s Global “Banking” Platform
Everest combines secure, mass-market biometrics and encryption technologies to facilitate identity creation/verification, account creation, and transaction tracking and validation. With any smartphone, a user or Financial Institution can capture a myriad of biometrics (e.g. face, palm, finger) and create an account — Everest accomplishes this in minutes and for pennies per customer, compared to days and tens of dollars as necessitated by traditional financial institutions (FIs). The patent-pending “datagram” of attaching biometrics to an ERC20 wallet with associated distributed storage for authentication and authorization, promotes true agency for end-users; that is, no one can open users’ accounts except the user themselves. And with the combination of storage of digitized money and docs with a blockchain, users’ can granularly share attestations, attributes, digitized monies, etc. at their leisure. Further, by being a regulated custodian with the ability to issue its own Stablecoin, and leveraging an incredibly scalable ledger (300,000 transactions per second), Everest is bringing DeFi into the mass market.
By vertically integrating all FI functionality, including biometric identity creation/verification, remote onboarding, virtual account creation, multiple currencies, bridge to DeFi protocol processing, cross-border, crypto, payment stack & rails, and regulatory compliance, Everest delivers all the necessary requirements to satisfy the regulatory regimes, and the demands of mass market DeFi consumers. Everest’s patent-pending biometric identity + cloud account technology solves the problems associated with cost, reach and compliance that prevent FIs from offering these new services in order to remain competitive with their larger brethren. Further, due to recent regulatory changes in Europe, Everest is now licensed to issue and process payments of “programmable money”, which can be turned into any national currency, crypto, gift card or eVoucher; and since the programming of money is similar to a gift card, Everest is allowed to offer the service in most jurisdictions with merely a merchant account. Everest is regulated in Europe, adhering to GDPR guidelines and is also compliant with California’s recent CCPA data privacy law.
The regulatory approval of Everest for stablecoins/eVouchers opens up the opportunity to accept deposits, issue instructions and process orders of “programmable money” on a global basis; a capability Everest can sell to partners, like legacy financial institutions, local payment providers, mobile carriers, any community globally. Due to these patent-pending innovations, and recent regulatory changes, Everest’s platform delivers new services like access to and processing of DeFi protocols, instant cross-border sending/receiving, conditional loans, remote on-boarding, credit scoring, digital money orders, purchase of crypto, etc.
Registration by an agent, when the user has no device, can be seen here: https://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.