INTRODUCTION
To say that the world is tilting towards financial deprivation and depravity is to say the least. So many people have been deprived of fundamental financial services that should be granted to them as the citizens of their respective countries. This is so pronounced in developing and underdeveloped countries where corruption has eaten deep into the financial sector and combined with cruel financial impositions from the government which is not helping the poor masses. Come to think of this; how many people get access to micro credits or even a less-taxed method of moving funds within and across borders? A friend of mine used Western Union to send money from U.S to his mother in one of the Sub-Saharan African countries and was charged almost $80 just to transfer $1,000 - you can imagine that. All these have affected the economic and financial sector negatively. In the midst of all these financial and economic decadence and cruelty, a solution has arisen to change the face of the financial sector - Everex is it.
[Image Credit: Everex]
OVERVIEW OF EVEREX
Everex is a cross-border payment and remittance platform created by Alexi Lane and built under blockchain technology which has the purpose of granting everyone; irrespective of their location; access to the global and world's economy. To make it more viable, Everex combines the technology of Distributed Ledger, Artificial Intelligence and mobile infrastructure to achieve this. More so, one of the aims of establishing this platform is to aid people to transfer funds quickly (at the very speed of the blockchain) to any destination in the world without fees - yes, you heard right; feeless transfer of funds as against other transfer platforms like Wester Union or bank transfer that will take a large chunk out of your money. Everex was introduced in 2016 with the first milestone achieved where Burmese immigrants were able to transfer Thai Baht (local currency of Thailand) to Myanmar without fees.
Ever since the first milestone, Everex is gaining massive adoption particularly in parts of Asia and Sub-Saharan Africa. The principal focus of Everex; among others; is on small businesses and medium-scale businesses, though larger corporations can utilize the services it provides. One may ask, how does Everex achieve a feeless transfer of currency across borders? First of all, it should be noted that Everex is buld under the Ethereum blockchain and it has utilized this technology to create Erc tokens and coins that are pegged to the currencies of various countries of the world. Through these pegged Erc tokens (stablecoins), funds can be sent to the recipient of another country in equivalent value of their local currency. This; in simple terms; is a form of digitalization of assets using Erc tokens under blockchain technology which has made it easier to transfer funds for person to person (even across borders) in the real value of their local currency.
To make this even easier, Everex has created electronic equivalents (e-cash) of various currencies of the world which have the same value as the corresponding fiat currencies. For example:
- eUSD: Equivalent to U.S Dollars
- eEUR: Equivalent to Euro
- eJRY: Equivalent to Japanese Yen
When transferring funds, it is the electronic version of these currencies that will be transfered and upon reception, they will be converted to the actual fiat. To make it even better, Everex has a dedicated wallet which is available for Android devices and can be used to store and transfer e-cash.
[Everex on Google PlayStore]
UNIQUE FEATURES OF EVEREX
Some features have made Everex to stand out from some platforms that offer similar services. We'll be looking at these features.
1: Quick And Flawless Deposit and Withdrawal: Using Everex platform has been so simplified that anyone can use it. Users of this platform can seamlessly deposit fiat into their Everex wallets and convert them to their digital equivalent which will be stored in the wallet. These digital currencies can also be converted back to their equivalent fiat from anywhere in the world without loss of value and at the speed of Ethereum blockchain.
2: Transfers And Digital Escrow: Of course, digital currencies from your Everex wallet can be sent to any place in the world with just one click but much more than that, you can pay for services and even perform online purchases from anywhere in the world with your Everex wallet. More so, when sending funds to someone, you have the option of going through digital escrowing method - that is, the funds will be encrypted and can only be accessed using a one-time pin that will be sent by you to the recipient. Without the pin, the funds cannot be accessed. This has made Everex a highly secured fund transfer platform. This is one of the reasons Everex has earned a feature in StateOfTheDApps rankings.
GETTING STARTED WITH EVEREX
The procedures are very easy, just go to Everex portal, scroll down to the last part of the page and fill up the request card for sign up. Once this step is completed, a confirmation message will be sent to your email with the step to create and validate your account. After your account is validated, you can go with the option of installing the Android App to enable you to send and receive funds instantly from the comfort of your mobile phone and at the speed of Ethereum blockchain. Also, your Everex App hosts your wallet from where your transactions will be made.
Everex also has an internally dedicated token; Everex Token (EVX) which is currently valued at $0.8 on CoinMarketCap at the time of making this review (19/04/2019) and is currently trading on some major exchangers like Binance, Huobi, IDEX, Hitbtc. Having the EVX token will grant you access to some more perks like; instant access to on-demand credit facilities et al. I've already bought some EVX tokens (as shown on the left) to test out the extra features provided by Everex - I hope it will be worth it. I'm sure you want to see a little video overview of the services provided by Everex, here's a video for you.
CONCLUSION AND REVIEWER'S COMMENT
I will give kudos to Everex for the transparency and openness they have brought to the financial sector and for being among the leading platforms to operate feeless transfer of currencies across borders. I believe this will lead to more financial freedom in the world. Here's a little advice from me; to make Everex more adopted, they should also try to integrate more country's fiat currencies into the platform, particularly from South Asiatic Countries and Sub-Saharan Africa. They should also do well to have an iOS App for iphone users too. On the overall, I give Everex a rating of 4/5.
Disclaimer: The content of this article is not meant to serve as financial advice, please do your own research.