SPACE ID

What is Everest?

Everest is a decentralized, permissionless Proof of Stake (POS) blockchain designed to balance decentralization, speed, and cost-efficiency. It operates alongside a distinct component called IDChain, which uses Proof of Authority (POA) to ensure privacy and user control. The IDChain serves as a privacy-focused layer, allowing users to manage and share their identity credentials in a controlled manner while maintaining anonymity and minimal data exposure. This separation of chains helps ensure that transactions on Everest remain private and efficient, particularly in regulated financial contexts where minimal data disclosure is crucial.

The Everest protocol and THE Foundation aim to bridge the gap for underserved populations lacking reliable identity verification systems. By providing biometric and digital identity solutions, TF enables individuals, even those without personal devices, to access and manage their identities and documents securely. This approach empowers individuals to engage in the global economy, access essential services, and benefit from their personal data’s value.

The Everest Protocol

The Everest protocol represents a major advancement in decentralized identity verification and wallet creation. It is a comprehensive public blockchain protocol that supports the creation, verification, and management of digital and biometric identities. The protocol utilizes its native token, ID, for access, staking, and governance purposes. With the Everest protocol, users can:

• Create and verify identities and wallets: Including biometric and organizational identities.
• Manage various types of identities: From individual to organizational, and engage in transactions.
• Build decentralized applications (dApps): Utilizing the Everest infrastructure for diverse use cases.

THE Foundation

THE Foundation (TF) drives the Everest protocol’s mission, aiming to create a more transparent and equitable society. As a non-profit organization governed by a decentralized autonomous organization (DAO), TF focuses on providing universal access to digital identities and wallets. It is distributing 15 billion biometric identities, each with a small allocation of the ID token, to enhance global participation in the digital economy. The Foundation’s objectives include:

• Providing free identities and digital wallets: Including biometric verification and 0.001 ID token for every person.
• Ensuring privacy: No entity, including TF, can access users’ identity stores without consent.
• Allowing pseudonymous interactions: Users can prove various credentials without compromising their privacy.
• Requiring minimal hardware: Identity creation and verification can be done with basic camera and internet access.

The Role of Validators and the ID Token

Validators play a crucial role in the Everest network. They are responsible for processing transactions, maintaining network security, and participating in consensus mechanisms. Validators are selected based on their stake in ID tokens, and they operate full nodes to ensure the integrity of the blockchain. They are incentivized through staking rewards and transaction fees, which are distributed according to their stake and network participation.

The ID token serves multiple functions within the Everest ecosystem:

• Access and governance: ID holders can participate in network governance and access various services.
• Staking and rewards: Validators and Delegators earn rewards based on their stake in ID tokens.
• Transaction fees: Fees are added to transactions to prevent spam and are used to compensate Validators.

Team Background

Everest was founded in May 2016 with the vision of enabling growth in crypto and blockchain economies through essential value transfer mechanisms. The founders are:

• Bob Reid, co-founder and CEO, holds a BA in Political Science and an MBA. His experience includes roles as General Manager at BitTorrent and VP of Strategy at Neulion and DivX. He also advised Kai Labs.
• Bradley Witteman, co-founder and CTO, holds a BA, MBA, and MA. With nearly 20 years in product management, he was Senior Director at BitTorrent and founded Moby Corp.

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SPACE ID Price Analysis

As of November 24 2024 SPACE ID has a marketcap of $208M. This is {{percentagefromath}} from its all time high of $1.84. In terms of its tokenomics, there's a total supply of 2B with 22% currently outstanding. Keep in mind SPACE ID has a fully diluted value of $965M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude