Topic: Ethereum 2.0 update - page 7. (Read 20686 times)

The key theme of Everex is financial inclusion. Access to microfinance is crucial for developing countries. The rates that seem quite high by Western standards are outright prohibitive for third world inhabitants.

SG, November 23, 2016 at 14:13 BST


Over 100 migrant workers transferred money instantly over blockchain to their homes in Myanmar in the last months. It marks a successful pilot test for Everex, a company aiming to give financial access to the world’s huge “Bottom of the Pyramid” (BOP) population. Overall, average transaction took less than a minute and recorded savings of over 7% in remittance cost and currency exchange rates. Everex essentially hands the power to send any amount of money fast and cheap around the world to individual users, wherever they live.

The test is just a small start, but has major significance.

Over 850,000 Thai baht (around $24,000 USD) were transferred using the Everex wallet, a mobile and web based app that sends digitized national currencies using Ethereum blockchain.

With over 500 signed users, mainly in Thailand, the Everex wallet is capable of transferring any custom digital asset over the Ethereum blockchain.

Sending and currency conversion both happened in less than a minute and incurred no transaction fees.

Although the test recipients used Myanmar money-changers to switch from CryptoCash back to physical cash, no centralized entity performed the actual remittance. This cuts time and costs dramatically, since the transmission process was automated with programmable smart contracts on Ethereum

This means powerful financial tools, which have always been the proprietary domain of large financial institutions, are now available to ordinary people everywhere.

Not Reinventing the Wheel, Just Making Them Smoother

Everex understands the value of national currencies and existing financial networks. Unlike some blockchain projects, it's not trying to replace them completely -- the aim is to make them better.

In this world, there's still an important role for banks and other financial players to store the "real money" that backs up "CryptoCash" and to keep its value stable.

Technology to Replace Ad-Hoc Trust Networks

Estimates say there are between two and five million Myanmar citizens now living in Thailand.

In fact, it's possible as much as 10% of the country's 51 million population lives overseas -- though the exact number is uncertain. The largest number lives in Thailand, with the rest spread throughout the rest of Asia.

This Economist article of two years ago highlights how mistrust in existing remittance and financial networks meant Myanmar workers sent most of their money home via informal channels.

A trust-based cash system called hundi -- similar to the hawala remittance networks of the Islamic world -- served their needs. These systems have little transparency and often hide a mountain of extra charges in unfavorable FX rates and conversions, even if rates appear low on the surface.

But the story highlights how, if people cannot use or trust existing financial systems, they'll find a way to route around them. That’s where Everex comes in -- transparent and requiring far fewer human intermediaries.

Everex offers the best of all these worlds. Transfers and conversions are based on the global Ethereum smart contracts network -- utilizing the latest in blockchain technology.

Everex is defintely doing great in decentralized financial system. The proof is they have beta ready before they even listed on bitcointalk. Important thing now is to spread and create more awareness in masses to help in adaptability.

Humaniq, Trustcoin and now Everex. I don't believe the space is matured enough for discentralised Babking system especially in Asia and Africa that most of these projects always target

I see Everex ICO went past 40k ETH with the recent bitcoin bull run. Good news, and we still have over 2 weeks.

Humaniq, Trustcoin and now Everex. I don't believe the space is matured enough for discentralised Babking system especially in Asia and Africa that most of these projects always target

At Finwise, where talent from around the world gathered to discuss the future of payments in China, more than 70 industry experts, 200 investing companies, and 80 media outlets were on hand.
More than 50 FinTech and blockchain startups presented at the summit. On July 30th, Everex hosted a meet-up, where we discussed our plans, vision, and business model.

Could you in the bounty table change my profile. I was inattentive and wrote instead DenysM DenesM. It seems to me that your calculations are not correct. Because I'm doing everything right, and I'm given such a small reward. Could you check and tell me why such a small reward to me?

The Blockchain for Social Impact Coalition (BSIC) aims to incubate, develop, and implement blockchain solutions that are investable, scalable, and replicable, while solving social and environmental problems. It has been established to leverage the power of the Ethereum blockchain for social impact.

“ConsenSys is forming a blockchain-based coalition to provide infrastructure to the United Nations Sustainable Development Goals (SDGs), and Everex will be working right alongside the blockchain software company,” Everex said in a blog post. “Everex has partnered with the BSIC coalition to affect positive change.”