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AMA With Bob Reid (Friday 6th August 21) Transcript

R V: will we be able to store many different cryptocurrencies in the everwallet, or is it only for eth/id?


Bob: It’s an ERC20 wallet, so it holds multiple different crypto currencies. FYI we are looking to add BTC in the future as well.




Jordan: will we focus more on CEXs soon, and be adding more liquidity where it is needed such as Bitfinex? $ID is currently just a uniswap coin, hard for retail to buy


Bob: We can’t comment too much on future CEX. However, empowering users to buy, sell, swap ID directly on EverChain + adding local rails solves a lot of the retail constraints.




Buffsaur: how many ppl are on the team?


Bob: About 25




TheBookOfEverest: Is Everest member to this organization? If not, what might be some of the benefits of joining. I noticed ENJIN, a popular project in APAC, recently joined.

https://www.unglobalcompact.org


Bob: No, we're not members. Maybe in the future. FYI we are an approved vendor to at least one UN org




TheBookOfEverest: While Everest may not be able to speak specifically about launch user base targets and transaction targets, can you speak about a target range of circ. supply to be staked for services at launch? 6 months after launch?


I think a converstion about internal targets on lockups for services, not just investor agreements, will help the community get a sense of how the team is actively working to promote the product.


Bob: It’s probably best to answer both of these questions with the comment that we launched the network with staking and governance as the main tokenomic model, but if you see our roadmap of opening up/becoming more decentralized + additional services…...you can pretty quickly envision an enhanced tokenomics model that is more like Sushi, Nexo, Polygon and the like. And we're happy to have more input and conversations with the broader community.




TheBookOfEverest: Reading this article helped me see more of Everest's potential position in history. Though, it did raise one question for me.Does part of your launch plan include asking social media influencers in the banking, fintech, and crypto spaces to give early product reviews?


More importantly than raising awareness, it could be an effective tool for sampling needs across a broad demographic of your direct-to-end user installs.

https://www.linkedin.com/pulse/secrets-behind-most-successful-app-launches-josiah-makori/


Bob: Re early product reviews......yes, and engaging a few. look for an explainer video from one shortly, for example




TheBookOfEverest: Will Everest focus on first party tech support and enable customer-partners to provide support for their users?


Bob: In our D2C app, we supply tier-one support. When we let others white-label the suite of services, then we supply tier-two support.




TheBookOfEverest: It would be nice if users could allocate capital to a managed pool on the Everest platform. Users with enough capital could seek to enter an individual managed pool.


However, if Everest was custodian of a pool of funds allocated to a management company then, users could enjoy the benefits of collective bargaining.


One example of a fund that could perform these services for us is Neptune Digital Assets https://neptunedigitalassets.com


What is your opinion on the pros, cons, and likelihood of this becoming a real option?


Bob: It’s a great idea, and I believe that Everest is well suited for this kind of activity. TBH, it’ll take awhile, as we are slammed integrating a lot of functionality over the quarter or two. Please continue to share these ideas - hope we can open APIs soon enough so that others can build such functionality on top of Everest.




Kev: are there plans to improve the image verification to be quicker and more accurate? sometimes i’ll try about 5 times to sign in and then give up…and yes, i know a brighter light source helps.


Bob: Yep, and that’s happening in the next few weeks. FYI we saw great image quality from phones vs web, so expect advances in this realm.




p0zes: Will we ever see Everest make public statements on relevant current events that prove utility and use case for the project


Bob: Yes, and I have. Multiple times. We are pushing our PR firm to find us more opportunities as well.


Since you’re here, I have to ask…...graduate degree from 4chan University or self-taught smack-poster? Either way, it’s next-level stuff. Golf clap, sir. You are setting the bar.




Xakbik: What is the current readiness status of following aspects of the platform:


1. Remittances

2. Government Integration

3. NGO integration


Bob: 1. Remittances.......Already have fiat and crypto accounts in half a dozen countries, plus separate eKYC and currency + crypto conversion, and ensure both parties are known, the transaction doesn’t violate jurisdictional laws & thresholds, generate auto-reporting, etc.


So, we’re just finalizing local rails integrations, and test end-to-end flows (i.e. map all of those API calls, plus integrate the eKYC/AML into the app flow…...USD over ACH; convert to CRDT; convert to a crypto with liquidity in Manila; send crypto to our account in Manila, and convert crypto to PHP; send PHP to recipient’s bank account over PesoNet.)


2 and 3, Govt and NGOs......Done in Indonesia. FYI each govt or entity has their own legacy system, so “integration” is typically bespoke. That said, the Everest API Gateway makes mapping of fields and basic functions relatively quick. Note how quickly we were able to get Kina Bank going. Same for NGOs.




Xakbik: does Everest have any revenue models that can be made public to the community? I feel knowing the revenue growth of a company is very important especially in defi


Bob: Yes, and we’ll likely be publicizing more details along with our going-forward tokenomics model shortly. That said, I hope it’s apparent that Everest can earn revenue on setup and SaaS models, plus remittances, buy/sell/swap crypto, payments, ID verification, earn/lend…...similar revenue streams as a bank or DeFi and exchange platforms.




Xakbik: What ID access levels will a dapp developer need to use Everest's eKYC?


Bob: eKYC in the fiat world typically costs $0.50 to $2.00, depending on the level of verification - the amount of ID required will need to be price-competitive with that level.




Xakbik:

What is the details of the partnership agreement? Was there compensation to either side in the form of cash or tokens?


Have they purchased tokens?

Will oracle purchase tokens to access the API's and different levels?


Will they purchase this off the open market?

Will banks that are onboarded buy Everest tokens off the open market?

Have any banks already committed to Everest from the Oracle partnership?


Bob: Details of the Oracle partnership are best understood from this article: https://www.banklesstimes.com/2021/07/15/everest-integrates-api-with-oracle-financial-crime-and-compliance-management-product-suite/


Re purchasing tokens......By integrating our APIs with Oracle, their customers (a lot of the banks in the world) can use Everest. As such, the customers that use Everest are required to hold ID tokens; they can buy those tokens from the open market, or in some cases, from Everest.


Re initial joint customers......We recently delivered the APIs. We are doing the integration in Q3-4, and jointly looking for a lead customer. FYI Kina Bank is already working with us, and we speak to other banks often.




Xakbik: Will referral commissions be available during app launch to incentivize users to onboard friends?


Bob: Yes, referral commissions will be available, but likely not until later this year. That said, we have 100M ID tokens in a pool to incentivize onboarding and transactions. See this for model: https://www.everest.org/token




Xakbik: How is encryption done exactly?


Bob: We use ECDSA, like most all other blockchain platforms. I can go deeper on this, especially when compared with some other architectures…..a central bank did a comparison of Everest vs R3 vs a Hperledger implementation, and it was stunning. So, this is more about systemic security, but very relevant.


Encrypted at rest? each element of a user (not just the storage container) encrypted? Encrypted in-flight? Consensus…..i.e. Kafak synchronization of databases in Hyperledger doesn’t count, and using x.509 certs is not scalable naming structure unless the bank wanted to become the equivalent of of GoDaddy. Now, think about how they can enable both (a) users to selectively share parts, not all, of their own data, AND (b) sharing of KYC data that is housed in one bank to another with the implications of account recovery, revocation, etc. The other two solutions were like sticking a square peg in a round hole.




Xakbik: How does data on everest remain private? The issues is that since it's a black box or TEE encrypted you can use machine learning to eventually find answer.


Bob: Not sure I understand your exact question, but I can tell you that by separating the Identity chain (pointers to distributed storage that house credentials) from the Transaction chain, the concept of collecting metadata about a person/single chain concept is exponentially more difficult than a single chain approach. And the platform is private and permissioned.




Jaro: Thank you for your Time Bob, excited for everything you and the team have in the works!

You're building a cross-chain, de-duplicatable eKYC wallet that is being planned to be used worldwide; Is there measures planned to prevent Everest's de-duplication from being used to permanently mass-demonetize an individual or even an entire demographic?


Bob: We designed the system so that such an occurrence could not happen. In order to “mass demonetize”, an entity would need the keys to users' identity store + wallet (Everest doesn’t have those). However, a good example of that potential is the CCP with their CBDC.




Yoki: Since ID has a governance utility, what is the exact difference between ID governance and Identity network foundation governance over the network? I know some, but I’d love to hear a more concise and factual elaboration :)


Bob: The foundation holds some keys, and ensures Everest itself doesn’t have the keys to open data stores. The holding of ID tokens enables users to vote on things relevant to the Everest ecosystem.




Dimitris: A question that comes is how would a company react if crypto volatility remains and levels keep changing. What is todays 250k are 50k in a year but then 250k in 1 year and 3 months


Bob: See above on pricing amount of ID vs fiat pricing.




Unconnected Nodes: Regarding the patenting of the Everest Datagram itself:


In January2021 it said “Patent Pending”; I was wondering what step that process is at - and where it’s being patented.


Bob: Most of the have received comments back from USPTO regarding claims - most claims have been accepted, and we’re at PCT status




Unconnected Nodes: How does the Jurisdiction Definition file deal with dual-citizenship?


Bob: Ah, Nodes, you really know us. Thanks for this question. The Jurisdiction Definition file uses the Jurisdiction of the connected Bank Account, and the user is required to use the corresponding Identification of the same country when KYCing. The jurisdiction whose law is being enforced by the system is dictated by the financial institution that is originating the fiat funds in the transaction. Hope that helps.




Anon: Will Everest partners that will be using the platform like Oracle and Ocean be buying the $ID required to access the SDK from the open market or will they be buying via OTC?


Bob: both




Jaff b: How is the new UI for everwallet coming along? and when can we expect it to be live


Bob: Coming along. I expect in Sept. or Oct. ish.




Jack: If everest is a place of data storage and control, how can a user be sure there is a trusted execution environment to protect your data? The issue with data is creating a Blackbox, with everest it seems that if you have one variable you can figure out enough to exploit the data. Having just anonymity towards data is enough of a variable for machine learning.


Bob: There are a couple of questions in your question - the trusted execution environment and the anonymization of data. I suppose multiple pentests, systems evaluations by a couple of governments (one was GDPR governed) is what I'd point to in terms of knowing that we built the platform with a trusted execution environment. The data on the system about identity is siloed from the transaction data, so there is no capacity to correlate the data unless required to do so. The user’s action potential or capabilities on the system are what is reflected to the transaction system - the user can send a transaction of this size in this way.




Kev: what are your thoughts on this recent post on twitter from gary gensler and how it relates to the future of everest as well as the ID ICO as it relates to being classified as a security?

https://mobile.twitter.com/GaryGensler/status/1422607603708870663


Bob: Re Gensler’s recent comments, I agree that DeFi and stablecoins need a level of regulation that encourages innovation, while still protecting users & adhering to existing laws. Re classifying the ID as a security, we have multiple legal opinions and memos stating that it is not a security, and the team & I took great pains over the past three years to ensure it is not considered one. Additionally, I’m seeing multiple regulators have jurisdiction over certain activities, and the SEC will not be the only entity to determine crypto regulation (i.e. CFTC will have a lot to say about what is a commodity vs a security vs a utility).




R V: what personal data, if any, is accessible by the everest team(profile pictures, profile info, etc)?


Bob: The identity data is not exposed to Everest…..unless there is a transaction that includes a virtual financial asset, (i.e. CRDT stablecoin), running over Everchain. In that case, Everest is a regulated financial institution, which can view basic information relevant to a transaction in a given jurisdiction (i.e. name, address). Again, if there is no transaction running over Everchain, we can’t see personal data.




Neo: What is your take on Gary Gensler's comment on Defi projects pooling assets in promise of interest? As per traditional finance rules, taking funds from investors, pooling them and then offering a return would classify the likes of Aave, Compound as Banks or Mutual funds.

Since Aave is already a partner of Everest, do you see them to have regulatory issues for doing asset pooling?


Bob: Note that Aave is trialing their “pro” version, which includes KYC of all parties, and <I believe> their FCA license in the UK. FYI that team is one of the savviest in the space, so I’m sure they have their situation figured out.


Re “effectuating transfer” or similarly building a platform to pool resources, and hoping that the excuse “it’s just software” saves AMM players from legal compliance obligations…...I would not want to be one of those companies right now. I don’t know the details of how Aave, Uni, Kyber, et al. have constructed their protocols and as importantly, governance, in regards to compliance, but I am aware of what regulators are looking at (the activity of facilitating transfer).


Only those facilitating “transfer” will be required to perform ID verification and reporting. Miners, liquidity pool providers, etc. are not subject to these regulations, as they are not effectuating transfer. Decentralized exchanges with AMMs do that function, and unlike, for example, open source p2p (which can be used to move any file, not just pirated video), an AMM’s purpose is only to match orders for the purpose of value transfer.




TheBookOfEverest: in your opinion, next to connecting the world via digital identity based services, what’s the next best opportunity to improve the condition of humanity?


Bob: Implementing a non-rivalrous economic system that rewards sustainable, “abundance economic” behavior (i.e. the more you give, the better off you are).

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