By FintechNews staff
The Everest Foundation (EF) has announced a new biometric-based digital ID and wallet project based on a tokenomics model. Available to everyone free of charge, the initiative will leverage blockchain infrastructures by Everest Network to hand out 15 free billion digital identities and wallets with ID tokens. According to the Foundation, this decentralized, permissionless blockchain will enable individuals to access a “global credit union” with a connected group of financial services.
The Everest Foundation gives individuals free digital identities and an account to hold money, crypto, credentials, and documents – registration is open and available today at this link. The identity and associated wallet are private by design; no entity or organization, including the EF, can unilaterally access a user’s identity store. Users can be pseudonymous and granularly share their credentials. The system requires no special hardware, enabling any user to create or verify an identity and a wallet with nothing but an auto-focus camera with a resolution of at least 2 megapixels and an internet connection.
The ID token powers the system, and every user will be given 0.001 ID on creation to enable access to the system; referral campaigns are forthcoming as well.
The ID token is also used to access a great variety of services within the ecosystem. These include identity creation and verification, payments, global remittances, eKYC, DeFi services, minting new fungible or non-fungible tokens, and buying Everest Network’s “Universal Stablecoin,” pegged against any fiat deposit. With its secure, licensed, and regulated stablecoin, Everest Network delivers a globally accessible ecosystem, enabling both transactions and withdrawals in fiat for maximum versatility.
From a regulatory perspective, members of this community will have voting rights within the ecosystem and will be able to vote on the tokenomics model, pricing, rewards, and burn percentage in the next few weeks. Validators and delegators will then vote on governance decisions concerning the blockchain infrastructure.
“With the new governance and tokenomics model, we are ushering in an inclusive future, where anyone can join, empowering users to control their identity and transact globally,” explains Jamal Khokhar of the Everest Foundation.
The EF tokenomics model is designed to offer users a safeguard against inflation, so the maximum supply is set at 800 million.
The system also has a fee-burning mechanism that sees a portion of every transaction fee in the network is removed out of circulation, while a percentage of the fee is returned to the validator verifying it as a reward.