TIBA AMA Recap #5 — everiToken
This post was originally published on blog.thu-tiba.org
On the 16th of October, TIBA held the fifth event of its #AMA series. We are hosting regular ask me anything sessions with fascinating blockchain projects from China and around the world. We would like to give the international community direct access to these projects and a chance to ask whatever you are interested in.
Scan the QR code below and send “AMA” to get invited to the TIBA #AMA WeChat group!
Due to an urgent business trip coming up for Brady, everiToken was represented by their advisor John Slyusarev. John has previously led the international expansion of ICORating, and he has been a co-founder and managing partner at SMC Capital, a NYC-based VC fund and advisory firm. John decided to join everiToken because he saw its disruptive potential in large and conservative markets.
Tokenization [1][2] is the digitalization of assets on the blockchain. Any asset can be represented by an on-chain token: company shares, game items, real estates, or even pieces of art. And that is what everiToken — whose name stands for token for everything — is all about: They are building a high-performance public blockchain to enable the token economy.
Tokenization has clear advantages for startups, John shares.
”STO/Private sale/IEO fundraising can cost less than IPOs and VC while maintaining compliance.”
Using on-chain digital assets, companies can gain access to a global, more diverse pool of investors, while maintaining faster liquidity with 24–7 trading on secondary exchanges — at least in theory.
Let us talk about online payments for a bit. Do you remember the last time you bought something online? You usually need to input a bunch of personal information into a form on a website that has no guarantees to handle your data properly. Even if Visa payments are fast for the user, the merchant usually still has to wait 4–5 days to receive their money and there is a large commission associated with the transaction.
These are the problems everiToken’s payment solution — everiPay — aims to solve. everiPay provides a protocol and infrastructure for face-to-face token micropayments that integrate directly with existing barcode scanners. Imagine going out for a beer, but instead of showing your WeChat Pay QR code at the counter, you use your EVT QR code — and the payment is cleared within seconds. The appeal to customers is ease of use, while not exposing any sensitive data. The appeal to merchants is low entry costs, lower commissions, and faster payment processing.
Fast transaction processing is made possible by everiToken’s DPoS consensus mechanism. While DPoS is arguably more centralized than other solutions, John is not concerned about potential collusion.
“From the business side, it’s almost impossible to control things like that, […] they [node operators] are very diversified in terms of geo, they don’t know each other and we don’t provide this info to them […] they are interested in building the ecosystem more than get the most benefits.”
To this date, everiToken has numerous collaboration deals ranging from tracking wine or blood donations, digitizing art certificates and criminal evidence, to smart doors and vending machines. HWG Group issued $500 million worth of stablecoins on their platform. The Chinese volunteer organization Zhiyuan Hui also uses everiToken to record volunteer activities.
When it comes to long-term investment in crypto, John calls for caution.
”Revolution is coming but still not here, the potential of this market is high, but all your purchases should be well-thought-out.”
The three things investors need to consider are the background of the team, the quality, and traction of the project, and relevant regulation, he argues. ”Any asset should be fully compliant or you will lose your money.”
To learn more about everiToken, read their whitepaper, or visit their website for more resources. You might also want to follow them on Telegram, Twitter, Medium, Facebook, or GitHub.
To learn more about our upcoming TIBA events and join the discussion, scan the QR code below!
This article was written and edited by Péter Garamvölgyi.
