The Everest and Chainlink integration brings digital identity solutions through DeFi
The blockchain company Everest is integrating with the decentralized oracle network Chainlink to trigger a proverbial Cambrian explosion of new use cases for intelligent contract applications.
Everest was founded in 2017 and has developed a solution to bring institutions or organizations that lack a transparent, decentralized and digital general ledger system into the digital economy of the 21st century. Using digital identities, electronic wallets, document management and biometric data, Everest enables users to digitally verify their identity for public services and assert their social and economic rights.
With Chainlink, smart contracts can securely access off-chain data feeds, web APIs and traditional bank payments. Smart contracts can be damaged by inaccurate and slow data. Chainlink solves this problem by connecting smart contracts to the real world through a secure, decentralized network of oracles to ensure that relevant and accurate data is fed into the ecosystem. The company is known for providing highly secure and reliable oracles to large corporations like Google, Oracle, and SWIFT, as well as leading smart contract development teams.
Chainlink Price Feeds provide volume-adjusted global market prices obtained from numerous premium data aggregators with extensive market coverage. They serve as the basis for calculating the USD conversion value of all user balances and token amounts and form the foundation for Everest’s decentralized exchange (DEX) and global fiat in / out ramp to lead the market in payment conversions. Everest will also set up its own Chainlink node to provide intelligent contract developers with an important new component, digital identity.
As smart contract applications continue to advance and require greater regulatory compliance, there is a growing demand from Web 3.0 developers looking to use Everest for fiat ramps and identity verification solutions. The Everest Chainlink Node offers these developers a host of new use cases for private, authorized identity applications, including:
- Human Identification – The Everest Chainlink Node can provide human and unique status data that determines whether an address belongs to a known person. This prevents the duplication of users within an external ecosystem and ensures that someone is a unique person before voting in a decentralized autonomous organization (DAO).
- KYC / AML Review – The Everest Chainlink Node can review a person’s KYC (Know Your Customer) status and see if it has recently been reviewed or updated. In this way, companies can expand their support for blockchain-based applications, reduce operating costs while maintaining KYC / AML compliance.
- KYB Status – The Everest Chainlink Node can check a company’s KYB (Know Your Business) status and see if it has recently been reviewed or updated. Most B2B companies need to identify one or more legal representatives and companies they work with to ensure mandatory legal compliance. Everest simplifies this lengthy process and significantly reduces costs, time and administrative procedures.
- Personal Information – The Everest Chainlink Node can facilitate the creation of a marketplace to monetize my personal information, where users can choose which private entitlement identity information to sell to others in the chain about themselves.
- Credit History – The Everest Chainlink node can inform a credit platform of the credit history of an off-chain user to facilitate undercollateralised or unsecured loans based on their creditworthiness.
- On-Chain IDs – Users can automate the storage of data on Everchain, e.g. B. their transaction history in other blockchains. This allows users to update their account information on Everest to improve their creditworthiness or to get accredited.
“Our upcoming integration with Chainlink will represent a significant improvement in Everest’s ability to bring identity solutions for intelligent contact developers and dApps into the chain,” said Bob Reid, Co-Founder and CEO of Everest. “Not only will we be able to open up a large number of payment options for the purchase of Everest services, but through an Everest Chainlink node, data stored in Everchain can be made accessible in any blockchain with a smart contract function. “
“Thanks to Chainlink’s blockchain-agnostic framework and extensive functions for nodes, Everest can safely and seamlessly interact with a large number of leading blockchains in both directions,” said Daniel Kochis, Head of Chainlink Business Development. “This opens up a multitude of opportunities for the Everest ecosystem to make its suite of identity services widely available to intelligent contract developers and decentralized applications.”