ICO Review — Everex

Priyab Dash
Jul 25, 2017 · 7 min read

ICO Review — Everex

Summary

Symbol: EVX

Crowdsale opening date: 24 July 2017

Crowdsale closing date
: 30 Aug 2017

Platform for Fundraiser
: Ethereum

Country of Incorporation
: Singapore

My View

Earlier Everex twitter account was hacked and a fake Ethereum address was put, thanks to their prompt action the account was freezed. And thanks to the proactive involvement of Everex team members notably “Juan Manuel Dominguez” 24/7 the ICO investors were helped and all their queries answered. This goes onto show how much mature and serious this team is in not only raising capital but also engaging and helping prevent against phishing and hacks. Hence this goes on to show the professionalism and their commitment. Also to me their architecture was one of most practical, mature and grounded Ethereum based architecture till now. Also, cross border Remittance and micro lending is one of the hottest use cases where the impact of Ethereum Blockchain as a platform can be huge.

Value Proposition for Investors

Despite the volatility in ETH and risks related to participating in ICO, this platform is a promising platform as they already have mature products in their portfolio and have a good track record in working on Ethereum platform. Even they are planning to list this token within 3 weeks of the token sale in prominent exchanges. Apart from the speculative value they have a very good usability of token in their platform. With a better track record and a promising team, I am sure this will be a good investment for any ICO investor.

Introduction

EVEREX is a young technology startup in the blockchain space with both a team and a business-model uniquely qualified to answer some of the challenges of international micro-financing. Everex focuses on easing the financial inclusion problem by applying blockchain technology for cross-border remittance, online payment, currency exchange and micro lending, without the volatility issues of existing, non-stable coin cryptocurrencies.

Tokensale

Note: Only invest in the ICO through the below link and do not invest via any other ETH address.

The EVX token sale is happening between July 24 2017 to 30 Aug 2017 and will come to an end as soon as 70000 Ether have been raised.

During the sale, EVX will be offered in 5 price tiers:

Tier 1, starting on July 24, at 09:00 am GMT 1 Ether will buy you 250 EVX

Tier 2, starting on July 27, at 09:00 am GMT 1 Ether will buy you 225 EVX

Tier 3, starting on August 3, at 09:00 am GMT 1 Ether will buy you 200 EVX

Tier 4, starting on August 10, at 09:00 am GMT 1 Ether will buy you 190 EVX

Tier 5 staring on August 17, at 09:00 am GMT 1 Ether will buy you 180 EVX

The sale period will not exceed beyond August 31, at 08:59 am GMT

TO know more about the token sale and the allocation funds and Vesting schedule, please refer to the below link.
The EVX Token Sale Starts NOW!

Token Usage

The EVX token has many utility functions on the Everex remittance and micro-credit platform:

  • Membership — Proof of EVX ownership will be required to access advanced features, such as immediate on demand credit.
  • Tradable Credit Scores & Collateral — Accumulation of EVX will allow users to improve their credit score. Also, EVX will be accepted as collateral to access credit at lower interest rates.
  • Incentive Mechanism -Loans paid back in time will reward users with an EVX bonus, adding to a credit scoring.
  • Buyback — If profitable with surplus they will launch quarterly buy backs EVX will be purchased at market price.

Analysis

Problem

Existing money transfer systems suffer furthermore from long lines, exchange rate losses, counter-party risks, bureaucracy and extensive paperwork. Also there is a huge population without access to bank accounts, thereby excluding them from basic and daily services such as payments, remittances and access to credit.

Solution

They are trying to focus on solving the financial inclusion problem by applying blockchain technology for cross-border remittances, online payments, currency exchange and micro lending using Cryptocash, without the volatility issues of existing, non-stable coin cryptocurrencies.

Users can convert their paper, or digital fiat-currencies to Cryptocash at their local bank branch, or at currency exchanges and transfer them via a blockchain peer-to-peer (P2P) (Ethereum), using wallets kept on mobile phones, or online browsers. For lending, as part of our internal reward system, EVX tokens are used to improve user-credit score by rewarding both the Borrowers for paying back their loan in grace period and to lenders as a reward for their risk in addition to the paid interest rates.

For Everex Capital Transfer System they use a Agent-Oriented Modeling (AOM) method through which lending, payment and remittances services of the Everex system are provided within a desirable response time. Everex does not operate on the basis of P2P loans and instead invests its own aggregated capital to provide globally accessible credit services.

Platform

Application & Technology

In Everex capital transfer system is the lending system is provided besides the remittance, payment and currency-exchange functionalities.
The following key components make the Everex Distributed Application Architecture:

Core
Everex hosts its own Ethereum blockchain service nodes to provide the services of its capital transfer system such as creation, reading and confirmation of transactions as well as management of the Everex smart contracts that control the Cryptocash tokens.

Wallet
Wallets are stored on the blockchain, whereas user data is stored in a database inside the Account Management component.

Services
The Everex-Services component comprises all services provided by the capital transfer system. Services and user interactions that trigger, or create blockchain transactions are also handled by this component that interacts with the blockchains using ports and interfaces.

Account Management
The Account Management component is utilized to authenticate users and manage resulting transactions that are logged on the blockchain.
The Ethereum-Parser application is used to index and track all Cryptocash transactions on the Ethereum blockchain and store them in the database component. The parsed information is used for the billing of Everex services and the calculation of credit scores of borrowers.

Remittance
In the context of the Remittance component, this includes identifying and authenticating the sender and receiver, selecting a currency for the remittance process as well as preparing all information for the transaction triggered by the remittance process.

Lending
The Init-Lending component corresponds to the preparatory stage of the lifecycle of a micro lending contract. The negotiation stage of the micro lending contract maps to the functionalities provided by the Contract-Negotiation component. Lender and borrower negotiate the loan conditions based on the specification of the loan requested by the borrower and the credit-scoring results.

Credit Scoring
The Credit-Scoring component calculates a credit score of the borrower based on information available to the lender.

Roadmap

Team

  • Alexi Lane — CEO, Founder
  • Alexander Kakunov — CTO, Co-founder
  • Jean-Baptiste Decorzent — Inclusive Finance Director
  • Anton Dzyatkovskii — Microlending Director
  • Artem Kolesnikov — Lead Engineer
  • Anastasia Khizhnyakova — Marketing
  • Dimitriy Karpenko — Country Representative, Russia
  • Harry Ye Kyaw — Country Representative, MM
  • Jacquiline Romorosa — Business Analyst

Conclusion

Their architecture is well grounded and they have host of open source products like Ethplorer, Chainy, Everex wallet and Crypto Cash in their portfolio. They are an early starter in the Ethereum platform and have done limited pilot for cross border remittance in Thailand & Myanmar, they have a better understanding of the challenges that their product may face and hence they have a better business plan taking the challenges of a Blockchain and cryptocurrency based solution to the masses.

But there are challenges regarding to security and Ethereum being still an evolving platform and still having issues in Transaction scaling. And given the fact that the whole lending process in not completely Peer to peer there significant human interaction required at the sale endpoints and also the involvement of representatives to collect and help with remittances limits the full power of Blockchain to the masses. How ever on the upside these services bring the much needed speed in micro-lending and remittance which are still non existent in some geographies. It remains to be seen with their multi pronged offerings how they can compete in the market where already Transferwise, Ripple and Currency Cloud are some big players though the market and opportunity for them is huge.

Reference


CRYPT BYTES TECH

Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via https://www.patreon.com/cryptbytestech. You can join to chat with me at https://t.me/joinchat/E-6WAkQsiIyJ2tQ4423hrA.

Priyab Dash

Written by

CRYPT BYTES TECH

Articles on ICO, Cryptocurrency, Blockchain. If you like the blog then please help support the publication via https://www.patreon.com/cryptbytestech. You can join to chat with me at https://t.me/joinchat/E-6WAkQsiIyJ2tQ4423hrA.

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