1.1 Everest Protocol
The Everest protocol is the largest decentralized, public blockchain protocol for the creation and verification of digital, biometric identities & wallets. Using the native access, staking & governance token, ID, the Everest protocol creates and verifies identities + wallets, ranging from proving uniqueness and humanness, to allowing for additional storage (docs), and organizational identities + wallets; and it functions as a general purpose, permissionless blockchain capable of processing transactions and building dApps that use the infrastructure. In part, the Everest protocol leverages a fast, cost-effective blockchain, the EverChain, that is secured by Validators and built with open tools. Users will be able to create and verify identities & wallets, combined with a state-of-the-art blockchain and tokenized value, the Everest Foundation (EF) catalyzes an expanding ecosystem of decentralized applications, which include health care, insurance, financial services, supply chain, voting, etc.
1.2 The Everest Foundation (EF)
The Everest Foundation (EF) is a non-profit organization, governed as a DAO, leveraging the Everest protocol to bring about a more transparent and fair society. The EF is currently giving away 15 Billion biometric, digital identities + wallets, each with 0.001 ID token for access to basic access (15M ID tokens) over the coming years.
Summary: The Everest Foundation (EF) supplies access to the ecosystem by creating identities + digital wallets verifying identites, and facilitating decentralized governance for EverChain that processes transactions for dApps built on top of it, and similar services:
a. User identities will be free to individual users, and include biometric, digital identity + wallet + 0.001 ID token for every human on the planet
b. Validators will compete for creation, verification, transactions and similar services based on a minimum price of USD, but paid in ID tokens.
c. The identity and associated wallet is private by design. No entity or organization, including the EF can unilaterally access a user’s identity store.
d. Users can be pseudonymous, and granularly share various credentials. Although anchored in a de-duplicated, unique human identity, users can, for example, show zero-knowledge proofs that they are human, unique or are of age or KYC status, without necessarily giving up their privacy.
e. No special hardware is required to create an identity and wallet. Any camera with auto-focus, 2 megapixel and internet connection can create or verify an identity + wallet.
f. Governance of pricing, transaction fees & rewards will be per similar proof of stake methodologies such that the network is decentralized and that no active participant controls it.
g. There will be 100 validating nodes:
i. At the outset, each node is required to stake 400,000 ID tokens.
ii. The minimum time for a node to stake is 12 weeks. Un-staking requires a four week un-bonding period. During the un-bonding period, the stake shall remain locked up and the Validators will continue to be able to receive fees for their network services.
iii. Future staking amount, rewards, and burning fees will be governed by node Validators after the vote on the initial schema.
iv. Fees voted on per governance methods are illustrated below; validating nodes will determine the fees charged, not the issuer of the transaction. A simple transaction over EverChain may be $0.0001 or $0.0002, either of which are paid in ID tokens.
v. For identity and wallet creation, as well as transactions on the network, all fees are paid in the native ID token. Each transaction has a fee, which will be paid in part to node Validators, and in part will be burned. The percentages are determined by the node validator governance system after the initial vote of ID holders. This model benefits everyone in the ecosystem as a whole, instead of one set of players.
Vi. The staked ID tokens by validators do not serve as collateral, and there is no “slashing” or risk of losing one’s stake. Each validator will be identifiable to the EF, ensuring protection against a Sybil attack. Staking ID is independent of consensus, and the 100 node Validators will share in the reward on a pro-rata basis based on staked value.
Vii. Emissions of rewards to staking Validators, minimum pricing for identity creation and verification are determined on a quarterly basis based on community governance outlined below. Rewards are set by the validators (and associated delegators) and can be changed by votes up to a maximum of 1% per voting period
Viii. Every seven days the “Active Validators”, are chosen from all validator candidates. Up to 100 validators are selected from all validator candidates based on the amount of the ID they have staked. The amount of staked ID is the combination of the Validator’s pledge stake (400,000), and the Delegators’ additional pledges.