Everest Q3 Progress Update

Below is an update on the progress since April/May 2021, when the direction of the Everest ecosystem was outlined. A few things have come in earlier, and a few slipped, but generally everything is coming together. Additionally, it’s heartening to see regulations on stablecoins and DeFi, as well as a multi-chain universe, coalescing around the vision of Everest.

Before delving into where the Everest ecosystem is at relative to the goals published earlier this year, let’s review some highlights from this summer…….hiring (got some all-stars onboard), website/rebranding (looking much better), partnerships (deals closed with serious companies), so traction appears on-track.

Integrated Vertical Stack:

Update:

• Fiat-in/out. EUR over SEPA running smoothly. Partnerships completed for lots more low-cost, local rails done; starting with ACH in the US, and adding Japan, Korea, New Zealand, Singapore, Mexico, Philippines, Brazil, and a few others. The implementation and timing on those rails will start going live in Q4 (i.e. couple clicks from a US bank account into an EverWallet), and continue into Q1. FYI we were approved to accept debit card fiat-in globally recently, so expect that to be implemented shortly as well.
• 5 sec TXNs at $0.0001 per. Yeah, the ledger is done, and a DEX is running on it, but connecting it to 50+ API endpoints with identity and flows is taking longer than expected — coming live in Q4.
• Integrated DeFi + buy/sell/trade. DeFi (a DEX) is integrated into the wallet, and runs on Ethereum mainnet. Buy/sell/trade APIs are integrated as well — updating the UI for those features over the next couple of weeks. Next up is to move the DeFi protocols onto EverChain for fast, cost effective transactions, per the above — expected in Q4.
• Send/receive crypto & fiat globally. Attached to our local fiat integrations, so slipping to Q4.
• Biometric wallet. CARA initiatives are improving every week. Video captures will be down to 3–5 seconds, 75% reduction in time, with increased accuracy over the next few weeks. A better backup mechanism is needed, and that is part of the plan as well.

Open APIs:

Update

• APIs. Identity creation/verification, eKYC/AML and fiat-in/out done; we are currently integrating with partners to facilitate their fiat-in/out. Opening up additional APIs will go well into Q4 and Q1. This is important work (opening up to developers) to extend the ecosystem to a broader community, so expect more work on that front.

Building Bridges:

Update

• Bridges. The bridge between BSC and Ethereum is in the final stages of QA (the gas fee estimator is doing things correctly eth-> bsc, $16; bsc->eth has a high fee, so we’re tuning that), and you can see the beginnings/alpha on Solana’s wormhole (see below for screenshots). Both are for ID tokens. The bridge of ID to Polygon is coming quickly as well.
• Issuance of an Everest debit card will likely be in Q1, dependent on card guys (we have offers, and need to go through the paperwork + implementation).
• Ongoing integration for “interoperability” with Polygon, plus integration with ENS, Ocean and Chainlink is the technically deep, ongoing work that is expected to be completed later in Q4 with a few additional features coming in Q1. The results of those “bridges” will be the following:
• CRDT stablecoin, ID token and eKYC/AML data seamlessly passing back & forth between Everest and Polygon. This will enable, for example, Ocean users to do eKYC + fiat-in/out. It also positions the Everest ecosystem as the “regulated DeFi” solution.
• With ENS integration completed, Everest users will give human-readable names for free with every identity + wallet; a second phase will enable users to share credentials and attestations over various mainnets.
• The Chainlink bi-directional integration is incredibly exciting, as it gives the Everest ecosystem solid price feeds, AND enables all Chainlink node operators & users to leverage the Everest ecosystem as an oracle for identity verification, KYC/AML status, etc. Thinking through the existing and upcoming regulatory requirements, this initiative is very important to the entire industry.

Additional Decentralization:

Update:

• Infrastructure: building a method for staking and delegating, which will further decentralize the ecosystem.
• Tokenomics: forthcoming in October/November-ish, pending legal and community approvals, we will be upgrading the tokenomics model to reflect the increased decentralization, staking, running nodes, identity creation/verification. Additionally, the model will take into account moving from the alpha/building phase to one more congruent with a transaction platform. Expect to be able to purchase ID much more easily in Q4 as well.
• Future: most of the blockchain and crypto communities are thinking in terms of L1s, which are currently operating like mini fiefdoms and walled-gardens. Over time, all L1s will interconnect with each other, AND the majority of use-cases will require some level of identity and stable currency, just like “normal” economy and societies — that happens as sure as the sun sets in the west. Becoming the Ultra-L1 with universal bridges and integrated identity + regulatory-compliant stablecoin with fiat-in/out globally is the future.

* None of the aforementioned should be construed as forward-looking statements, nor any promise of future value.

On EverChain we will have these tokens supported:

ETH ETC SAI HUSD BUSD EOS BRZ BNB PAXG LEO HEDGE XAUT DAI QKC CBSE COMP CRE SXP STEP ATOM RAY BSV BTT ONT MEDIA BEAR BEAM MAID PAX TUSD USDC HBAR ALGO CRON HT ZEN SUN CUSDT FTT GLD SLV GDX WRX GDXJ NC TRYB HALF MKR DMG SRM SUSHI TRX XLM USO AAVE CHZ MOON XTZ BAT ENJ MATIC DOOM MITH NEO BNT LRC OKB ORBS LINK BAL MTA XEM BAO QTUM BTMX DASH BYND WBTC OXY YFI YFII TRU IBVOL BULL BVOL FLX ACB APHA BB MATH WAVES LOOM CRV REN PERP PFE ZRX REEF NPXS BABA SPY AMPL UNI RUNE CREAM UBXT HNT FRONT 1INCH RSR ALPHA AKRO TOMO LUA HXRO AUDIO OMG HOLY SECO SNX MAPS FIDA BADGER MOB GRT EL BAND SUN_OLD LINA ROOK KIN FTM CRO DENT STMX ALCX CONV COPE DODO MTL SKL STORJ PUNDIX DAWN HUM AXS