The current banking system has radically underserving the microeconomy. Rising technologies grant the possibility to create an option that addresses continuing difficulties of the banking system in new ways, including systemic danger, data privacy, financial exclusion and inactive competition.
Distributed ledger technologies, biometrics and machine learning provide tools to create a new variety of bank, global and decentralized, which can sustain and enable individuals and businesses globally in ways that conventional banks clearly cannot.
“Everyone Is A Bank” Introduction
BABB is the decentralized bank intended for the microeconomy, contributing individuals and businesses with a UK bank account, powered by blockchain technology. The account is operated through a smartphone app, and grants access to a decentralized payment card. As an addition, partnerships with central banks enable integration and issuance of other digital currencies globally that further stimulate local micro-economies and extending the scope of the BABB solution and its underlying BAX token. BABB is already an FCA Authorised Payment Institution (API) and will be applying for a Banking license in 2018.
Risky Banking System
The modern banking system is modeled on an antiquated infrastructure which no longer favors the interest of its direct customers specifically the microeconomy. Individuals, freelancers and Small to Medium-sized Enterprises (SMEs) have continually strived to achieve affordable funding from these banking titans and often been excluded entirely. This problem has been worsened lately by the banks’ thoughtless behavior in the run-up to the financial disaster, which has additionally raised the public’s dissatisfaction towards these traditional banking systems.
BABB New Banking Approach And Solution
People worldwide are now given a positive approach for a revolutionary decentralized banking service that leverages blockchain, biometrics and machine learning. Regardless of background, income, location, BABB will offer a UK bank account to everyone in the world, serving to expand financial addition and social alliance, while also empowering local markets to produce wealth for themselves.
BABB strives to connect people and markets to a frictionless new global financial arrangement which revolutionizes the current micro-economic ecosystem by advanced technological, social, economic and regulatory capacities. By linking social connectivity with convenient social banking, they are developing a global banking network raising international collaboration and inter-community commitment. In nature, BABB is creating a decentralized bank powered by the blockchain, working full resources and integrating digital currencies throughout the world.
The BAX Token
BABB is driving a shared application platform where FIAT reserves are tokenized. These tokenized funds will be utilized by the BABB APP Bank, partner services, banks globally, as well as central banks in progressive countries. The BAX token is used following the hood to run the services of the platform over all the geographies and domains assisted by the platform.
BAX token will be executed on the public Ethereum blockchain as an EIP20/ERC20 token. The Ethereum blockchain is currently the business standard for distributing custom digital assets and smart contracts and is compatible with the current infrastructure of the Ethereum ecosystem, such as development tools, wallets, and exchanges. This current ecosystem and technology make Ethereum a natural fit for BAX.
The BAX token is the power of the platform. All services, charges, and licensing of the BABB system utilized BAX under-the-hood. If a user doesn’t hold any BAX to work on the platform, they can directly purchase the required value from banks in the BABB platform, and also from other users, online exchanges and other third-party services. The BABB Bank app grants BAX to be purchased a single step, without affecting user experience and without the requirement for the user to take extra efforts.
The BABB Platform regulates the amount of BAX needed for its services depending on the regular token price in open exchanges, which gives a permanent price experience for the end user. It is only reasonable and healthy that banks may add a small premium over any BAX they market, which is used to cover their charges of service. It includes the process for a balanced and salutary banking industry, where individuals pay only for the services they use and continue in control of their funds and information.
The BABB Team
The BABB team is composed of successful blockchain entrepreneurs with a proven track record, central bankers, investment bankers, data scientists, crypto investors, researchers, and engineers. They are a diversified group with an exceptional range of experiences and cultures globally.
They aim to transform the world by developing a new era of a complete economic assistance.