everiToken CEO Brady Luo: “Our Aim is to Revolutionize Finance in the Developing World”

This article is based on an interview with everiToken CEO Brady Luo at an everiToken event held in late December in Chengdu, China.

everiToken is the world’s first token-customized public chain, aiming to be the best public chain for tokenization and token economy applications. Their features include high TPS, high security, and high standardization. In this article, we will focus on one of their key innovations, everiPay, with exploring a little bit about the tokenization of assets in the end.

First off, everiToken has established three key innovations: a token-based transactional model, “Safe Contracts,” and everiPay. This article focuses on everiPay, so the other two key innovations are explained very briefly. 

In contrast to Bitcoin’s UTXO and Ethereum’s account-based accounting methods, everiToken uses a token-based transaction model for non-fungible tokens, which is a brand new way to process transactions efficiently. In short, everiToken’s token-based ledger creates a record of token ID and ownership at the moment of issue and then infinitely adds new ownerships whenever the token is transferred to others.

everiToken’s “Safe Contract” is an entirely new way to express business logic through software. Both traditional apps and decentralized apps (DApps) can use everiToken by calling token-related APIs to execute token issuance, transfer, and management. With the high standardization and other features of everiToken, developing DApps has become easier and faster.

For those who are from China, have been to China, or know about the Chinese mobile payment giants WeChat and Alipay, everiPay might look very similar, but has some significant differences. everiPay, like WeChat and Alipay, is perfect for all the small transactions that consumers make throughout their day, like buying a coffee to go, getting some snacks for the road, or tipping the taxi driver after finishing a ride.

The interface and procedure of doing payments are very similar, when not even the same. You open the QR – Code within the app to get scanned and that’s it, you paid. However, WeChat and Alipay are made for China’s domestic market, as you need a Chinese bank account and phone number it can be really challenging for non-Chinese citizens to be able to use it smoothly and with all the features. everiPay, on the other hand, is made for the global market. Different from Alipay and WeChat, you can use your domestic tools, wherever you are from, to charge the everiPay wallet and then use it, eventually, around the globe.

How it works:

In order to complete payments with everiPay, users pull out their mobile phone, open their MyEVT Wallet app, and show the merchant their QR Code. The merchant then types in the transaction amount, scans the user’s code, and the transaction is completed within seconds. To confirm whether the transaction was successful, users can go to evtScan and check to see if the transaction has been listed.

everiToken CEO Brady Luo points out three advantages of everiPay:

  1. Passive payment: Until now, QR codes were static, meaning that the QR code was only representing the receiving part of your wallet address, which meant that users could only receive money when scanning it. But, merchants, especially in China, usually type in the amount in their software and then scan your QR code to issue the payment. Again, comparable to the WeChat and Alipay payment functions. Therefore, to pay for your coffee, you only need to show your QR code, they scan it and the payment will be processed within seconds. You do not need to type in any amount or address whatsoever.


  1. Confirmation time: For Bitcoin, transactions are confirmed in minutes or even hours during peak periods of network congestion. Further, miners tend to only pick up transactions with high fees during periods of high congestion, which is what happened at the end of 2017. However, no modern consumer will wait minutes for their coffee purchase to go through. Depending on the distance to the closest node in the network, the confirmation time for everiPay transactions is between 1 and 3 seconds. As the network grows, the speed will increase even further.


  1. Transaction capacity: Bitcoin and Ethereum only deal with a single or double digit transaction capacity. everiPay, on the other hand, can handle up to 10,000 TPS, which is equal to what Alipay can handle. VISA, one of the most used cashless payment methods, can handle up to 24,000 TPS. However, Visa usually handles between 1,500 to 2,500 TPS on average during normal business conditions.

With WeChat and Alipay, China is the biggest market when it comes to mobile micropayment solutions. Trying to take market share away from these giants is almost wishful thinking. That’s why Brady is very clear about which markets they target first and why.  

“There are countries where we will not do crypto payment, at least for now. One is China and the other one is the US. First of all, both countries are highly regulated when it comes to crypto. Second, China already has Alipay and WeChat, two major mobile micropayment solutions. Here in China, people are already cashless. For the US, “old money” and banks are very strong. Even though in the US up to 20% of all retail transactions are contactless, the good old credit card is being used for that.  “, Brady said, “that’s why our main focus is on South East Asia, Middle East, Africa, and Latin America. In those regions, sometimes up to 70% of the people do not even own an ID card, let alone a bank account. As a result, millions of people without identity cards and without bank accounts naturally sets the demand for crypto payment in developing countries”, he emphasized.

Regarding everiPay’s European business, Brady said: “We do not see any regulation-related problems in Europe. If merchants would apply the technology, there would not be a problem with it. However, people in Europe are very conservative. The established credit card system is accepted throughout Europe and mobile payments are quite rare. The main challenge is to introduce a completely new payment method to more conservative people. On top of that, there is no urgent need in Europe compared to developing countries. For instance, in countries like Brazil or Mexico, taxi drivers get robbed almost on a daily basis because they drive around with too much cash, a problem that could be solved with our payment solution.”

Partnerships – real use cases:

everiToken’s latest strategic partner is the Ho Wah Genting Group. Together, the companies issued Southeast Asia’s largest licensed stablecoin, HWG Cash, which is backed by $500 million in bank deposits. The Ho Wah Genting Group includes network marketing company VITAXEL Group Ltd.; Vspark Malaysia Sdn Bhd, a cryptocurrency exchange licensed by the Central Bank of the Philippines; Ho Wah Genting Berhad, which includes HWG Travel, HWG Holiday, HWG Trading, HWG Tin Mining, Duty Free Shops, and Genting Taxi; Ho Wah Genting Group (USA) Limited, doing travel and entertainment; and HWGG Capital P.L.C., a cryptocurrency exchange licensed by Labuan Financial Services Authority.

HWG’s offline merchants include casinos, shopping malls, cruises, and hotels – locations where HWG Cash holders can use everiPay. Importantly, everiPay facilitates payment in many different kinds of stablecoins, which help hedge against price fluctuations that occur in other crypto payment types. HWG Cash users have two ways of adding money to their wallet: online, via crypto exchanges and other internet resources, and offline, at select HWG merchants, where users can buy tokens for cash. According to Brady, buying HWG Cash offline is comparable to buying gift cards and topping up prepaid card balances.

Although everiToken has not yet implemented crypto payments in China or the US, the company is actively developing their business in both of these countries. Further, everiToken continues to build partnerships across the globe. According to their latest business development report, everiToken has signed 10 major partnership deals in 2018, including:

  • A big Chinese charity organization called ZhiYuanHui (志愿汇), which has more than 8 million users within China. Together with everiToken, they are working on a “Time Bank,” which aims to tokenize time. Users donate their time in exchange for tokens, which can then be transferred to wallets around the world. The addition of blockchain also enables this charity to make its actions more transparent, helping them become more trustworthy with users and donors.
  • A musician association worked with everiToken to place all member identity certificates on the blockchain to improve transparency and security.
  • The Macao University of Technology and Science partnered with everiToken to implement a much-needed transparent, blockchain-based voting system for student classes.

To summarize, everiPay has proven capable of delivering high performance for multiple use cases. Seeing the convenience, usefulness, and success of such micropayment solutions in China and the lack of financial tools in developing countries, the potential and need is definitely there.

Finally, to talk about what was promised in the beginning, everiPay is just one of the technologies developed by everiToken, the public chain is designed to handle a wide variety of other applications. As shown in the image above, everiToken is working toward the tokenization of many different aspects of the real economy, including identity, tickets, entertainment, art, real estate, contracts, and certificates, to name a few of the possibilities. Although CEO Brady Luo declined to reveal any details at this time, everiToken are set to announce a new partnership with a company in the gaming industry in early 2019. Brady told ChinaCryptoNews that blockchain tokenization will revolutionize the gaming industry. However, in areas like real estate, tokenization still needs more time to develop. Real estate markets are much more complex and regulated than coming up with a new game.

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