What is ID?
ID is the native access, staking, and governance token recognized by the Everest protocol. Varying amounts of ID held in an EverWallet grant access to different levels of access, functionality and time. The ID is also used to pay for various services in the network. Those who possess ID tokens in their EverWallet are “ID Holders.” Those who possess sufficient ID tokens in their EverWallet to qualify, can pledge their holdings to a Validator for a pro-rata amount of the rewards and become “Delegators.” Those who possess sufficient ID Tokens and contribute to the network by operating a network node are “Validators.”
Staking Rewards and Transaction Fees
Transaction fees are added on to each transaction to avoid spamming. Initially based on a community vote of minimum thresholds, Validators set network prices and reject transactions that have implied fees priced below this threshold. At the end of every month, the fees are (a) disbursed to the participating Validators pro-rata to stake, and (b) burned per the governance set by the network.
The primary functions of the ID are to provide access to the network, and protect the integrity of Everest ecosystem - in providing network security, node Validators and Delegators are exposed to the risks of maintaining a long-term position on a fluctuating asset. Staking Rewards therefore provide the incentive to maintain long-term ID ownership.
Staking Rewards are distributed to Validators who take a commission for providing the computer infrastructure, and then distributed to their Delegators. Delegators can delegate to a multiple Validators at the same time.
Rewards from stakes are determined largely by the relative size of each stake, and are structured in such a way that rewards increase as transaction volume increases.
Pricing for services is initially determined by a vote of ID holders with over 1,000 IDs in their EverWallet (one EverWallet = one identity, which equals one vote), and then on an on-going basis by Validators according to the governance system. Fees are priced in USD, but paid in ID. Pricing will be updated quarterly (four times per year) to match market prices, and will be determined by the governance processes. The EF will offer the below services.
|User Identity + Wallet (creation)|
|ID Verification (human & unique)|
Based initially on a community vote, a percentage of transaction fees will be allocated to Validators, a percentage of the transaction will be burned, and 10 percent will be allocated to the Foundation for the purpose of maintaining storage and access for identities.