What is Everest ID and Is It a Good Coin To Buy

Published: 2nd April, 2024 | Last Updated: 30th May, 2024

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

In this post, I will walk you through what the Everest ID coin is and how it works. I will then share my research on whether I think this is a good investment or not. 

First, let’s understand what the Company behind Everest ID does.

What is Everestdotorg? 

Everest is a crypto platform that aims to merge the worlds of traditional finance and crypto. The core way it does this is through the use of digital identities.

When you sign up to Everest you submit a photo using your device’s camera.

The technology that Everest uses is AI-proof and ensures that each user is unique.

Everest’s founder, Bob Reid argues that all other forms of complying with Know-Your-Customer regulation such as submitting an ID or driver’s license are easy to hack. 

Now when you submit your biometric photo data it is encrypted on a blockchain.

If a bank or other financial institution needs to verify that you are a real person Everest will facilitate the process for them.

However, the bank will receive only the bare minimum information they need to comply with the laws in their jurisdiction.

This protects the user who has complete control over their identity. 

THE Foundation

The whole ID process is managed by a foundation known as THE Foundation which is a non-profit entity. Once you submit your data no one can retrieve it without your will. 

This unique document management system is what has afforded Everest a Virtual Assets Service Providers license in Malta which will shortly graduate into a MiCA license. MiCA (Markets in Crypto-Assets ) is the harmonized set of regulations for crypto across European Countries and it requires that you know your customer. 

Why their license matters

It took Everest 4 years to get their license. 

Anyone who wants to comply with MiCA regulations will need to spend 2 years developing their own ID solution and then wait for a license.

Alternatively, they can just license Everest’s products. Hence Everest’s license and ID infrastructure give it a competitive moat that will take other players a long time to catch up with. 

Everest product offering

Everest’s strategy centers around offering B2B financial services. Let’s take a look at what these are: 

1. Tokenization engine and Real World Assets

This means that Everest can tokenize fiat, crypto, stocks, and other real-world assets. 

Since RWAs are hot this season I’d like to delve a little deeper into what makes Everest stand out:

Why Everest is well positioned for RWAs

Larry Fink, the CEO of Blackrock, the world’s largest asset manager, with $10 trillion in assets, claims that everything is going to be tokenized.

And he has started by tokenizing treasury bills.

That sounds supremely exciting except that it there is a wall of bureaucracy and government regulations when you try to tokenize other stuff such as real estate or stocks. 

In Larry Fink’s version of the future, you will be able to easily exchange Apple stock for Ethereum.

That isn’t possible today for Blackrock.

But it is for Everest.

They have the KYC, regulatory approvals, and tokenization capability to make this happen.

In fact, they are working on a proof of concept for exactly this use case at the time of writing.

And if Blackrock wanted to they could just plug into Everest’s solution by using a widget to tokenize any asset.

2. Exchange

The exchange allows you to trade between fiat and crypto and other digital assets.

What’s unique about it is that you will shortly be able to trade tokenized RWAs such as stocks as well. 

The other implication here is that Everest can bridge assets in a compliant manner.

While there are loads of bridge providers out there many of them do not hold a license which they will soon be required to do. 

3. Lending

You will be able to borrow against your crypto, RWAs, and fiat as collateral. 

4. Remittances and payments

You will be able to use Everest’s solutions to accept payments in fiat and crypto globally. 

5. Identity and Compliance

Plugging into Everest means you will be able to take care of KYC which you can configure per jurisdiction.

For example, say you are minting a crypto token and want to make sure you are only airdropping it to addresses owned by humans.

Using Everest’s ID solution would allow you to do so. 

6. Multi-currency wallet

Everest’s wallet is biometric-based and can manage both fiat and crypto.

I haven’t seen any other digital wallets that can hold your identity, stock market portfolio, crypto, and fiat in one place.

What is Everest ID

The ID token is a utility token that is used to pay for services within the Everest ecosystem. 

Everest has a maximum supply of 800 Million ID tokens with a circulating supply of 117 million.

The max supply will drop over time as a number of coins will get burned through their fee-burning process. 

ID Token allocation

  • Circulating supply: 14%
  • Staking and rewards: 23%
  • User development fund: 12%
  • team: 16%
  • Strategic partners advisors consultants: 19%
  • Enterprise development fund 16%

What blockchain is Everest built on?

Everest is built on Ethereum but it has built its own sidechain called Everchain for faster transaction processing. 

Is Everest ID a good investment

To answer this I scored Everest ID across four dimensions. 

  • Team: 95%
  • Product: 75%
  • Tokenomics: 95%
  • Momentum: 90%

Team

1. Are the founders legit with related experience?     ✔️    

The founders have many years of experience in IT and inspire confidence.

Advisors include the former president of Estonia, a Managing Director of a PE fund, a Former Chief of Staff at the Inter-American Development Bank, an Advisor to UCSD and Stanford University, an Executive Director of Ethereum Foundation, the Founder of FundV & Beam Capital, and the CEO at Neurohacker Collective.

I’m sold.

bob reid Everest ID co-founder
Bob Reid, Co-founder of Everest ID

2. Have they built Web 3 projects before?    ✔️
 
Founders worked together at BitTorrent and launched some products together, albeit pre-web3. And they helped DAOstack get going (ie Brad wrote half their whitepaper). And Brad built a product at Moby, but they faded away.
 
3. Did they do an exit?    ✔️
 
Founders have been part of exits in the past; everything from employees during IPOs to VPs during acquisitions. Also CEO sold one of his previous companies;

4. Can you find legit profiles on LinkedIn?    ✔️    

Yes

5. Did they raise funds?    ✔️

According to Pitchbook.com, they raised 2M in 2019 from various investors led by Softbank in addition to the 7.5Mn Everest has itself invested. They also won a $100K investment on Malta’s SharkTank show, which helped their publicity recently. 

6. How long have they been around?    ✔️    

Since 2016

7. Public appearances through Interviews/podcasts    ✔️    

Yes Bob Reid makes frequent appearances at events/podcasts

Overall team score        95%

Product

1. Is it easy to understand what they do?     ❌    

No, it took me 3 days of intense studying to get my head around it. Like most crypto projects they stuff long sentences with jargon which harms their marketing efforts

2. What is it?    –    

A licensed crypto custodian with its own blockchain and KYC solution which means they can tokenize anything in a compliant way.

3. Is there a demand for their product?     ✔️    

Yes, many businesses want to be able to tokenize assets in an easy and compliant way.

4. Is there a use case?    ✔️    

Yes bundle Identity with compliance to make life easy for traditional financial institutions to offer crypto, fiat, and tokenized assets to their clients

5. How big is the market?    ✔️    

Tokenizing RWAs opportunity is estimated to be in the trillions

6. Is it being used?     ❌    

Can’t find any stats

7. Github activity    –    N/A

8. Has the product launched?    ✔️    

Yes, you can sign up for an identity and use the exchange.

9. Does it have a strategic moat?     ✔️    

Yes the license plus identity solution will take a while for others to copy

10. Is it focused?    ✔️    

Yes

11. Is the website easy to understand for non-crypto visitors?    ❌    

No the best way to understand what they do is to watch the elevetor pitch the CEO makes in SharkTank. That’s what they should place on their site on the first page. They also don’t have a whitepaper. They only have scattered Medium articles which is why it’s taken me so long to research this review. 

12. Do they have a proof of concept?    ✔️    

Yes a mine just tokenized $250Mn worth of assets with Everest. They are also tokenizing a utility token (they have not disclosed which one) and signed a deal to custody tokens for bridge.

13. Is the UX good?     ❌    

I was unable to sign up for an identity. I’ve reached out to support. Others have reported that they didn’t encounter any issues.

14. Is it already being done?     –    

No

15. At what stage is the product?     –    

They are currently testing tokenizing stocks

16. How does it create value?     –    

You no longer have to have 40 different apps to manage your personal finances. Everest can manage fiat, crypto, and tokenized RWAs in a legal and compliant way

17. How does the project generate revenue?    –    

Licensing their technology and helping with structuring and tokenizing stuff

Overall product score        75%

Tokenomics

1. Why is the coin valuable?    ✔️    

You need ID to pay for Everest’s services. Here is just one example:  say you want to tokenize your mining facility; you can buy $ID to get API access from the Everest Foundation to verify customers to comply with local regulations and sell your token to them. 

2. Did they do a pre-mine?    –    

I don’t know

3. Is supply fixed or inflationary?    –    

Fixed

4. Was it a fair launch    –    

I don’t know

5. Circulating/total supply    ❌    

14%

6. Token release schedule    ✔️    

Token release is gradually every month depending on the tranche

7. Are there incentives to reduce or lock supply?    ✔️    

EverChain Validators need to stake ID and a proportion of the reward is burned. Also, up to 60% of the fees earned in ID is burned. It is not clear to me whether staking delegation is open to everyone.

8. How many tokens    ✔️    

The main token is the $ID token but they also issue a licensed stablecoin called CRDT which is 1:1 backed with fiat. 

9. How much upside is left: market cap vs industry size    ✔️    

$24Mn vs many Bns

10. Is it listed on major crypto exchanges    –    

It is yet to be listed on a major cryptocurrency exchange. The most popular exchange to buy ID on is Uniswap V 2. 

Overall tokenomics score        95%

Momentum

1. Is it trending on social media?    ✔️    

Yes it’s picking up steam on Lunarcrush

Everest ID Lunarcrush
Everest ID on Lunarcrush

2. Is the market cap low compared to similar projects?    ✔️    

Everest ID market cap stands at $26Mn making it one of the lowest RWA market caps. 

3. What is the crypto market like?     ✔️    

The cryptocurrency market is in the middle of a bull run

4. What is the sentiment for the sector this crypto focuses on    ✔️

RWA is a trending narrative

5. Are they marketing heavily?    –    

No

Overall momentum score: 90%

Overall assessment

While it launched in 2016 Everest has been slow to the game as it had to wait a long time to receive a license.

But now the license and the KYC tech stack Everest has built give it a lead in the race to tokenize the world. 

With a market capitalization of $24 Million leaves room for a lot of upside if this project succeeds. Everest recently secured a $ 250M deal with a mining conglomerate.

That, combined with their recent marketing stunt on SharkTank makes me bullish on the current price of Everest $ID.

I plan to take a more aggressive allocation than usual.

Bottom line: The current market price is low for a project of this caliber. I am going in aggressively. 

As always none of this is financial advice. I am not a financial advisor. Price can always move in the opposite direction to what you expect. Make sure you plan according to your risk tolerance and make sure you do your own research. 

References

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Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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