Cryptocurrency

Crypto Has Become Just Another Asset—These M’sians Want To Make It A Real Currency Again

  • Everus is a company in Malaysia that specialises in blockchain technology.
  • They have their own cryptocurrency called EVR that runs on the Ethereum blockchain, with the EVR token based on the ERC-20 standard—all this complemented by their Everus Wallet app.
  • They believe that cryptocurrency can do more than just be used as an investment or trading tool, and are working to create an entire ecosystem that uses EVR as a payment medium.

Made popular by the success of Bitcoin, blockchain as a technology has recently become a fashionable means for record-keeping and transactions, with cryptocurrency trading as its biggest use-case at present.

But for the keen observer, crypto investing as a use-case for blockchain is only scratching the surface of its potential.

Crypto For The Everyman

Seeing the glut of opportunity present, blockchain company Everus decided to capitalise on the nascence of this technology in Malaysia and introduce EVR—a cryptocurrency based on the Ethereum blockchain, along with its token based on the globally-recognised ERC-20 standard.

In contrast with other cryptocurrencies out there, Everus want to make EVR a proper currency to be used in everyday situations, as opposed to others like Bitcoin, Ether, and Litecoin which are currently skewed heavily towards being investment tools rather than means for payment, which wasn’t really the original vision for cryptocurrency in the first place.

“We were determined that the currency’s usability had great potential, hence the opportunity was presented in the form of the EVR token and the ecosystem,” the Everus team explained.

“It’s apparent globally that fiat-based transactions are being replaced gradually, and it’s our mission to merge with this change by pioneering the use of cryptocurrency for the purpose of day-to-day transactions.”

To go into detail, what Everus hopes to do with their token is to create an entire ecosystem of their own (called Everus World) where EVR is used as the medium of choice.

This model, the Everus team thinks, will be successful due to the transparent and direct nature of blockchain transactions. They think that this will also end up translating to more opportunities to grow their userbase—if they can successfully educate the public on its benefits.

“Self-education is key—to educate others, we must first educate ourselves,” they said. “We’re attending various roadshows, conferences, and events in this space to ensure that we ourselves continue to stay up to date with the latest happenings in the industry.”

“From there we produce short articles, videos and infographics that tackle topics in blockchain and cryptocurrency,” they added.

“The aim is to slowly increase awareness, which will serve us well when our future products and services hit the market.”

Right now, there are already 150 million EVR tradable through four different exchanges (C-CEX, Cryptopia, Kuna Exchange, and Localbitcoincash.org), with a total supply of 1 billion available.

“Believe In Us”

While Everus has plenty going for it, that isn’t to say that there aren’t any challenges.

For Everus, these challenges are very similar to most other companies dealing in blockchain and crypto-related products, chief among them being the issue of trust—from users and from the government.

“For regulations, many countries are yet to take any action in regulating cryptocurrencies,” Everus said. “Although the countries’ central banks recognise Everus as a reporting institution, circumstances will be reviewed on a case-by-case basis.”

On the side of consumers, the reality of blockchain being such a new technology also comes with a large amount of doubt and stigma, no thanks to the many reports of crypto exchanges getting hacked, and the shady dealings that often get associated with crypto trading.

To tackle this problem, Everus are targeting the merchants as a starting point.

“We’re engaging several merchants to accept EVR tokens as a new payment method,” they said. “Users are able to familiarise with the tokens by purchasing from the merchants they are comfortable with.”

“However, the challenge is to convince merchants that this system will be more convenient for them as well as their customers.”

They went on to explain that on this front, they’ve already netted a major win by partnering with PayCaddie—a North American payment specialist with a number of high-profile clients that include AT&T, Intel, and Microsoft.

“It will be a synergistic move for Everus to access PayCaddie’s network in the American market without having to build it from scratch,” the Everus team said. “For example, once we’re fully integrated, we will have access to 200,000 merchants in the United States rising to 500,000 by the end of the year.”

Ever-Growing Ecosystem

Everus CEO Srinivas Oddati / Image Credit: Everus

Everus also mentioned their desire to expand upon their current platform and app to offer more features for their users, saying that this was necessary in order to build confidence in their business model.

Ultimately, Everus wants to build an entire complement of blockchain services centred on EVR, with these including things like:

  • Peer-to-peer microfinancing: An option that will allow users who are unable to get traditional loans or investments to acquire funding from other users of EVR, with lenders also benefiting from an interest rate mechanism that is often better than leaving their money in a savings account.
  • Global remittance: Everus will enable its users to transfer EVR to other users anywhere in the world at the lowest rate possible.
  • Merchant APIs: In the future, Everus aims to ease more merchants into the ecosystem by developing APIs that will enable merchant systems to integrate seamlessly with EVR and quickly accept it as a form of payment.
  • A full-fledged crypto exchange: Everus also eventually want to introduce their own proper cryptocurrency exchange to allow users to buy and sell EVR and other cryptocurrencies.

“Moving forward, we’re looking to enhance the development of the ecosystem by offering users various other services,” they said.

“We understand that to increase adoption, we must first improve confidence in EVR, and to do that we want to be pioneers in introducing these features. This is key to shaping the image of our future ecosystem.”

Feature Image Credit: Everus

 

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