Leveraging Blockchain And Biometrics To The World By BABB
What BABB offers?
BABB is a decentralized banking platform that leverages the features of the blockchain and biometrics to offer the banking solution to every citizen in the world. BABB will provide their users with a UK based account to allow users access to pee to peer financial services. It is a bank account based blockchain platform that will enable users to access same banking services with the security of blockchain technology. Its decentralized platform will allow users to open a bank account and anyone in the world can open BABB account it is not limited to the UK only.
Services of BABB can be accessed through their mobile app. Their app work globally, so the location of the users is not a concern. Many blockchain projects offer the same features as BABB is providing to its users. Some of them are Bankera, Monaco, and TenX. For these types of projects, the correct implementation of the blockchain is significant. BABB lets you open a bank account so its main feature will be transferring the value. To open a BABB account you need to complete the social KYC set by BABB infrastructure which is any member of the BABB community can vouch for the new users and existing member can initiate the limited access to the new user. When Full KYC is done, new users will have access to full features of BABB platform.
They also planned using central banks to issue local currency accounts with the extension of tokenization and all the information of that bank account will be hosted on the BABB network. This feature of the BABB network is expected to launch by the end of 2018. But currently, there is no update on that, so it is difficult to say that it will be launched in time.
BABB platform works on these central concepts:
Mobile APP – With mobile app of BABB users can access their services such as BABB cryptocurrency on the exchanges, and you can use this app for sending and receiving the money from anywhere in the world. BABB app can also be used receive money for fundraising for a project. BABB mobile app comes with global connectivity to all users.
The Black Card – You can have a BABB card which is to be linked with your BABB account, with this card you can spend your fiat (traditional) currency of BABB’s cryptocurrency that is BAX. It is decentralized blockchain based card which can be used for online or offline transactions all over the world, and it linked directly with your BABB bank account.
Social KYC – There is something called social KYC within BABB platform. Social KYC works for new users whenever a new user comes to the platform the already established users can vouch for the new user, and new users will have limited access to transact on the platform and later they need to complete their full KYC.
CBDC – it stands for Central bank digital currencies. The BABB platform’s native token BAX can be used by banks to release their currency which will boost the economy. These local currencies will offer users with international payment.
Open Source – BABB platform is open source platform which enables businesses to accept supported currencies all over the world, and it is fully compliant with fiat currencies.
BABB ICO Review
BABB ICO was held from 15 Jan to 15 Feb. Total of 50 billion tokens was created at the time of starting. And 60% tokens were available for sale during their crowd sale. And the tokens which were not sold in their ICO was set to be burned.
BABB ICO Information
Token – BAX
Token Type – ERC20
Token price – USD 0.0012 per BAX
Goal amount – USD 20 million
Sold on presale – USD 10 million
Total Tokens – 50 billion
Accepted payment – ETH, USD
Token was required to whitelist, and KYC was mandatory during the presale. There was a bonus of 25% tokens was available at the presale time. There was also a bounty program at the time of presale. Now let’s take a look at token allotment at the time of ICO.
BABB ICO Token Allotment
• 60% tokens were reserved for Crowd sale that was conducted in two phases, in the first phase only 40% tokens were available for sale and rest 20% was for the next period of crowd sale.
• 2% was reserved for the bounty program
• 18% tokens were reserved for the company of BABB
• 20% tokens were reserved for the founding team of BABB
Total $20 million was raised during their ICO which was then divided into many categories for the further development of the BABB platform. Have a look at the BABB token sale funds allotment.
BABB ICO Funds Allotment
• From a total of 20 million 30% funds were reserved for the development of the platform.
• And 20% of the total was reserved for operations of the company.
• 20% of funds were kept for the marketing the BABB platform.
• 10% was for the legal department of BABB.
• 10% was reserved as the working capital of the platform.
• And lastly, 10% funds were kept in reserve in case of the future requirement.
And their ICO is conducted in the three phases first is the pre-sale and second phase will be crowdsale and it will be conducted in spring 2018, and the last phase of crowdsale will be conducted in 2019.
BABB is very new to the crypto world. But it has a promising platform in which everyone seems to be interested in. BABB is listed on many exchanges. Now BABB listing on exchanges are as follows
Recently they’ve been listed at KuCoin, one of the most promising cryptocurrency.
These are the exchanges that allow trading BABB token BAX which can be traded using ETH and USD as the payment method.
BABB is trading at $0.0020 with trading volume of $317K for the last 24 hours. It has gained against USD around 6% in the previous 24 hours. Circulating supply of BAX total is 20.9 billion. Max supply of BAX tokens is 50 billion. Market cap of BAX is at $42 million which is reasonably good for a new token it hasn’t even completed its whole phase of crowdsale of the tokens.
BABB token BAX will gain momentum in the coming months as it is going steadily over the last month.
BABB is an excellent bet in the market, and early investors could enjoy outstanding success in the coming year. BABB team is very active in their development of the platform and on their social media platforms like Twitter. They keep posting things for users and keep them updated with the latest evolution of the project through their twitter feed. Everything seems right about this currency, and it has potential, but it needs to breach the barrier and reach to a wider audience.