Yesterday, a new ‘community’ registry built on the Ethereum blockchain was launched. Everest, works as a sort of index, there is over 100 decentralized projects on the registry. In short how it works, is that projects can sign up to the page. In their listing, they can include images, descriptions, job listings and other relevant information.
This project is developed by the same team that created, The Graph. That is a project that makes it easier to access and share on-chain data between dapps.
Projects that are not accurately presented or have ‘wrong’ information, can be challenged by members of the community, by staking 10 DAI to the Everest Reserve Bank. Projects that are already on the registry that accept or reject the project. If the project is accepted, those who challenged the project will get their original stack with an extra 9 DAI, which is paid out from the Everest Reserve Bank.
The goal, is to keep the community responsible for maintaining the registry. If the project was registered by someone who does not own the project, the creator can transfer ownership to the true owner or stakeholder of the project. If they refuse, they can be challenged, removed or replaced by one true project.
This is a way to “organize the crypto economy in a decentralized way & share details about different dApps, DAOs, fund and more in a composable manner.” Everest wrote on its twitter. Users can register a project by paying a fee of 10 DAI, equivalent to about $10. This fee is sent to Everest Reserve Bank, this goes to settle listing disputes and fund registry improvements.
Everest uses ERC-1056 standard, which allows each project to have its own unique on-chain identity. It is, “The world’s only device-free globally accessible, digital transaction protocol with built0in identity. Through the use of digital identities, electronic wallets, document management, and biometrics, users will be able to digitally verify their identity for public services and claim their social and economic rights.”