Everest Foundation unveils ambitious biometrics-powered digital ID token project
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.
These include biometric ID creation and verification, eKYC and DeFi services, payments, global remittances, the minting of new fungible or non-fungible tokens, and the opportunity, of course, to buy Everest Network’s Universal Stablecoin.
Users will also be able to share their credentials at a granular level, with privacy features enabling zero-knowledge proof sharing of specific information (like age or KYC status), without exposing personal details.
In addition, the Foundation clarified no entity or organization, including the EF, will be able to unilaterally access a user’s identity store.
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.