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.
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.
The Launch of KuCoin Listing BABB is set to happen today (May 31, 2018) 6 PM Hong Kong time. This means that BABB merchants will now access BABB/ DASH/ ETH trading markets from KuCoin platform. The merchants will also be in a position to trade and make deposits on KuCoin at whatever time they like.
What Is BABB?
BABB is a decentralized saving money stage that exploits blockchain and biometric innovations to offer anybody on the planet access to a ledger in the United Kingdom for point-to-point budgetary administrations.
BABB exploits blockchain innovation to offer anybody on the planet a financial balance in the United Kingdom. With the BABB application, any client can open a ledger in the UK from anyplace in the world.
BAX, the local token of BABB, will enable national banks to issue their computerized financial standards to animate nearby microeconomics. Neighborhood computerized financial standards offer natives access to worldwide settlements and installment passages. With CBDC, national banks can imitate the numerous valuable and creative parts of digital forms of money, for example, Bitcoin and Ethereum, while taking out a large number of the destabilizing components.
What is KuCoin?
KuCoin is one of the numerous cryptographic money trades accessible for those looking for a cutting edge and secure stage to exchange between digital forms of money.
It was established by a gathering with energy for the blockchain who had officially developed solid notorieties at industry mammoths, for example, GF Securities, Ant Financial, Youling, Jianbang Communication, and iBOX PAY. KuCoin dependably intends to furnish clients with a sheltered and clear strategy for changing over their monetary standards on a best in the class stage.
KuCoin offers clients the one of a kind opportunity to hold the stage’s own particular local digital money, KuCoin Shares, which clients can hold to get rebates while exchanging and also gain profits from trading charges gathered on the stage.
Holders get a 1% markdown on exchanging expenses for every 1,000 KCS they hold, up to a most extreme of 30%.
The profits framework is the thing that separates KCS and KuCoin from other trade coins. KuCoin pays out half of all charge income from the stage every day, which is similarly isolated between each KCS token hung on the stage.
This implies a client who holds upwards of 1,000 KCS gets both a markdown on all exchanging on the stage and also automated revenue regularly. KuCoin offers may likewise be exchanged with a few coins, yet KuCoin offers may just be obtained on the KuCoin trade.
KuCoin at present offers exchanges between digital forms of money, which means it doesn’t give you a chance to purchase cryptographic money with fiat cash. In any case, KuCoin offers a vast scope of altcoins, which can be exchanged with six distinctive cryptographic forms of money (called an exchanging pair), including BTC, ETH, NEO, USDT, BCH, and KCS. You can locate a full rundown of accessible coins on its site.