Everex Review – Cryptocurrency Guide
Everex.io is a blockchain-powered microfinance and remittance service in light of the Ethereum blockchain. Read out Everex.io review to find out more.
What Is Everex?
Everex.io, not to be confused with the old laptop maker founded in 1983 (also named Everex), is a blockchain startup that propelled in 2016. The Singapore-construct startup is focused in light of building a platform that performs cross-border transactions with real-time settlement and blockchain security.
Everex.io describes itself as a “financial inclusion blockchain remittance company.” The company’s services are focused on particularly to the 3.5 billion people around the world who are “under-managed an account” – they need access to modern financial institutions, including ledgers or credit.
Using the Ethereum blockchain, Everex.io makes “cryptocash” assets pegged to units of fiat cash and fastened to the distributed network. Using cryptocash, people like migrant workers and international aid organizations can efficiently (and economically) exchange money worldwide.
Overall, the Everex.io solution promises to put fiat currencies, equities, commodities, and non-financial assets on the Ethereum blockchain “to facilitate distributed global remittance, cash exchange, and capital markets”, explained Everex.io founder Alexi Lane in an interview.
How Does Everex Work?
Everex.io aims to improve the global remittance industry, which at present experiences a scope of problems. The global remittance industry has issues like long lines at cash exchanges, high fees, and extensive postponements. By accessing the Everex network, users can avoid these problems.
The global remittance industry is particularly useful to migrant workers around the world – including expats or anyone working overseas. These workers pay egregious fees while family individuals wait days for settlement. These are the sorts of people who can benefit most from a blockchain-based global remittance framework.
International workers aren’t the only ones who benefit from a global remittance framework. Foreign exchange brokers that handle trader deposits and withdrawals can also benefit. FX brokers can get to a more efficient method for handling operations by utilizing the company’s blockchain platform.
Here’s how Everex.io plans to work:
The company is creating an environment where anyone can stroll into a money exchange, bank office, or other authorized operator, at that point hand over trade out exchange for the equivalent amount in “cryptocash”
It’s similar to an explorer’s check – only the exchange specialist will exchange cryptocash to the user’s wallet with the Everex exchange app, instead of handing the user a paper check.
For microfinancing, Everex doesn’t operate on the basis of P2P loans; instead, the company invests amassed capital to provide microcredit services, accessible globally and instantly on mobile devices.
By offering microcredit through smartphones, Everex can loan at professional levels of risk administration; the company also uses “state of the craftsmanship AI and machine learning technologies” to ascertain personal credit scores and determine risk and worthiness.
For remittance, Everex transactions are settled on the basis of 100% upheld Ethereum-based cryptocash currencies; for each cyptocash dollar, one US dollar is held in a publicly viewable third gathering escrow; Cryptocash can be recovered at will, which is the reason its esteem is pegged to its fiat cash counterpart; this allows for the quick exchange of fiat money worldwide.
The Everex.io ecosystem revolves around a global network of accomplices and vendors who acknowledge Everex transaction’s as payment while functioning as “money out” stations.
Through this framework, the new business hopes to “forever change the way the world does business.”
The Everex Wallet
The Everex wallet was propelled in 2016. It was the first product offered by the company. The app is free and available for Android.
Everex has also made technologies built on the Ethereum blockchain that anyone can use. Those tools include the Ethereum custom token viewer Ethplorer.io and also Chainy, which provides eon links, proof of existence, and blockchain record storage.
The wallet initially propelled to customers in Thailand, although global expansion was estimated to follow soon from that point.
Here are some of the core features of the Everex.io platform:
Users can top up funds, borrow money, or buy any cash with the click of a button.
International Mobile Payments:
Pay vendors and service providers globally.
Trade out Any Currency:
Withdraw money at ATMs, local cash exchanges, and retailers around the world.
Send money anyplace instantly, or withdraw to your ledger for the price of a local transaction.
Send payments, anchored with a one-time PIN code. The receiver can release the anchored payment after the sender uncovers the PIN.
Who Benefits From Everex?
Everex.io has built its platform to be useful to people everywhere throughout the world. However, the platform is particularly useful to four groups of people, including:
The Un-Banked And Underbanked:
More than 2 billion individuals around the world don’t have a financial balance. Some people can’t open a ledger because they have no form of identification. Others can’t get to financial institutions in their local territory, or do not have the communications infrastructure to efficiently bank.
Everex needs to provide immediate access to microfinancing services and shabby, global remittance serves, which is particularly appealing to the unbanked and under-managed an account.
Migrant Workers And Their Families:
Everex promises to provide the speediest, least expensive, and easiest route for migrant workers to send money home and sustain their families.
Tourists And Expats:
Instead of obtaining voyager checks, or paying high exchange fees, visitors in foreign countries can buy and use any cash, anyplace in the world, through the use of Everex.io’s cryptocash.
Aid Organizations, NGOs, And Governments:
Everex can streamline relief and aid programs, allowing for the simple and publicly auditable distribution of funds to developing countries.
The Everex Token (EVX)
Everex will raise seed capital against its Everex token (EVX) during its upcoming ICO. The token is profit-upheld. Everex will earn profit through payday loans and microfinancing services:
“Everex’s main profit focus comprises payday loans and microfinance services, which, because of professional risk administration and underwriting expertise, are estimated to produce a 50-250% ROI every year at to a great degree low default rates.”
In addition, any Everex profits not directly reinvested in growth and expansion will be used to buy tokens once again from the market, which guarantees the continued estimation of the company over time.
Everex is driven by CO and Founder Alexi Lane, a fintech business person, investor, and executive with over 15 long stretches of experience in capital markets, financial services, and payments.
Other key individuals from the team include Alexander Kakunov (CTO and Co-Founder), a framework architect with three long periods of experience building blockchain apps, along with 15+ long stretches of experience building enterprise-level software.
Everex is situated in Singapore. You can contact the company by email at firstname.lastname@example.org
Everex stood out as truly newsworthy in 2016 for conducting the first of its kind case concentrate to prove the estimation of its Cryptocash framework. Everex allowed many migrant workers to exchange a total amount of 850,000 THB ($25,000 USD) from Myanmar back home to Thailand.
Everex aims to empower the exchange of funds between two individuals using crypto-money. Crypto-money will use the Ethereum network and dependably be pegged 1:1 with a fiat cash. It will be significantly quicker to exchange crypto-money across borders than current fiat methods. Possibly from days/weeks to seconds/minutes. Everex also aims to get involved with microloans using Crypto money. This is a short overview of the project and for more information the white paper on their website.
Reasons to Invest
- Relatively low market top 70,000 ETH = about 16m as of now.
- Enormous potential of growth ( 50m market = 3x )
- Projects like this are the following stage forward for block-chain technology
- Everex has developed technology, for example, https://ethplorer.io/, Chainy and Everex Wallet
- Good communication from project team
- As of now an absence of whales spotted
- This is a new project and a lot of innovation is required
- Regulatory uncertainty
- Current crypto-market volatility
Existing money exchange frameworks experience the ill effects of long lines, exchange rate losses, counter-party risks, administration and extensive paperwork. Also there is an enormous population without access to financial balances, in this manner excluding them from basic and daily services, for example, payments, remittances and access to credit.
They are trying to focus on solving the financial inclusion problem by applying blockchain technology for cross-border remittances, online payments, cash exchange and micro lending using Cryptocash, without the volatility issues of existing, non-stable coin cryptocurrencies.
Users can convert their paper, or digital fiat-currencies to Cryptocash at their local bank office, or at money exchanges and exchange them via a blockchain shared (P2P) (Ethereum), using wallets kept on mobile phones, or online browsers. For lending, as a feature of our internal reward framework, EVX tokens are used to improve user-credit score by rewarding both the Borrowers for paying back their loan in beauty period and to moneylenders as a reward for their risk in addition to the paid interest rates.
For Everex Capital Transfer System they use an Agent-Oriented Modeling (AOM) method through which lending, payment and remittances services of the Everex framework are provided within a desirable response time. Everex does not operate on the basis of P2P loans and instead invests its own accumulated capital to provide globally accessible credit services.
Application and Technology
In Everex capital exchange framework is the lending framework is provided besides the remittance, payment and money exchange functionalities.
The following key components make the Everex Distributed Application Architecture:
Everex hosts its own Ethereum blockchain service nodes to provide the services of its capital exchange framework, for example, creation, reading and confirmation of transactions and additionally administration of the Everex smart contracts that control the Cryptocash tokens.
Wallets are stored on the blockchain, though user data is stored in a database inside the Account Management component.
The Everex-Services component comprises all services provided by the capital exchange framework. Services and user interactions that trigger, or make blockchain transactions are also taken care of by this component that interacts with the blockchains using ports and interfaces.
The Account Management component is utilized to authenticate users and oversee resulting transactions that are logged on the blockchain.
The Ethereum-Parser application is used to index and track all Cryptocash transactions on the Ethereum blockchain and store them in the database component. The parsed information is used for the billing of Everex services and the calculation of credit scores of borrowers.
In the context of the Remittance component, this includes identifying and authenticating the sender and receiver, selecting a money for the remittance process and also preparing all information for the transaction triggered by the remittance process.
The Init-Lending component corresponds to the preparatory phase of the lifecycle of a micro lending contract. The negotiation phase of the micro lending contract maps to the functionalities provided by the Contract-Negotiation component. Bank and borrower negotiate the loan conditions in light of the specification of the loan asked for by the borrower and the credit-scoring comes about.
The Credit-Scoring component figures a credit score of the borrower in view of information available to the loan specialist.
Alexi Lane — CEO, Founder
Alexander Kakunov — CTO, Co-founder
Jean-Baptiste Decorzent — Executive Finance Director
Anton Dzyatkovskii — Microlending Director
Artem Kolesnikov — Lead Engineer
Anastasia Khizhnyakova — Marketing
Dimitriy Karpenko — Country Representative, Russia
Harry Ye Kyaw — Country Representative, MM
Jacquiline Romorosa — Business Analyst
How To Buy Everex (EVX)?
While reading this review about Everex you must be wondering about how to buy Everex. However, the process is quite simple and this section will help you to know how to buy Everex. First of all, you will need to find the best exchanges where you will be able to buy the token. At the moment, you can make use of exchanges like Binance and HitBTC to buy Everex.
You can download the Everex wallet today for Android (an iOS version is booked to be released later on). It’s also available through your internet browser at Everex.cash (available on iOS, Mac, and PC).
To learn more about Everex, visit Everex.io today. If the company is effective, its global remittance framework will absolutely change the state of international business.