EVERID:UNLOCKING OPPORTUNITIES WITH IDENTITY
Have you ever been the victim of identity theft? It is an ugly experience. Calling up credit card companies to change all your cards and dispute charges. Resetting passwords to all of your applications. Always worrying about whether someone may call up your cell phone provider with your leaked information to commit a SIM porting hack, meaning they would have access to all of your text messages. Once someone has access to your texts this is the gateway to getting into many online services, even if you were being diligent and using two-factor authentication. Thus, as evidenced by the Equifax hack, gaining access to a major database exposes all the personal information of users and exemplifies the high vulnerability of the current system.
EverID builds a decentralized identity system to store and confirm identity, document and biometric data for all good people who are still living to those who have died. At this time the identity verification process cannot be done quickly and accurately because of a large number of sources to contact. It is also limited access to get that data.
With a decentralized architecture from its platform, EverID will accelerate the validation process and get more complete and accurate data. This process will reduce operating costs to be cheaper compared to other public data providers that are still centralized.
Blockchain As A Panacea To Problems Of Identity Management
Blockchain can be used to create a platform that protects individuals’ identities from theft and massively reduces fraudulent activities. The technology can also help businesses build strong blockchains that handle the issues of authentication and reconciliation encountered in several industries. Additionally, it can allow individuals the freedom to create encrypted digital identities that will replace multiple usernames and passwords while offering more comprehensive security features capable of saving customers and institutions valuable time and resources.
Individuals can also easily create a self-sovereign identity on blockchain. A self-sovereign identity simply refers to an individual identity which is fully controlled and maintained personally by the individual. It becomes difficult to steal such an identity from an individual, and this handles the issue of identity theft that is common on the traditional identity management system. The use of permissions blockchains could also provide a decentralized method of registration which connotes that an individual would get an identity that isn’t dependent on any centralized authority and cannot, therefore, be controlled or interfered with by any third party without the individual’s consent.
The ID token
IDs are a utility token that allows access to the EverID network and the applications and services built upon it. The 800 million issued ID tokens will be purchased by banks, governments, NGOs, large organizations, and users (i.e. remittance senders) that want to access EverID’s network. Institutions are given varying levels of access to the platform based on how many tokens they hold while users will not be required to hold IDs in order to receive value.
A device-free digital identity would empower almost 5 billion people to become part of the global economy, thereby facilitating external investment in emerging markets. Universal and inclusive identity will be the catalyst for trillions of dollars worth of transactions, value transfers, and identity verification costs.
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For further information visit the following site:
Website: https://everid.net/
Whitepaper: https://everid.net/wp-content/uploads/2018/07/ever_id_whitepaper-1.pdf
Medium: https://medium.com/@EverID
Twitter: https://twitter.com/@EverID
Telegram: https://t.me/EverID
Reddit: https://www.reddit.com/r/EverID/
AUTHOR:Yusufuntop
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ETHERUM ADDRESS: 0xc619E93DD1039C5EC66A052ede79fD00c8Ef5D1d