The financial services industry is - still - ripe for radical disruption. The existing banking system is built on an outdated infrastructure which no longer serves the interest of its retail customers or the microeconomy as a whole. Based on decades-old technology, mainstream banking completely excludes a third of the global population and is very expensive for the other two thirds.
Many energetic startup companies with bright ideas and ambitious plans have sought to better serve a segment of the unbanked, the underbanked or the underserved people of this world. For the most part, they’ve attempted this using existing structures, templates, infrastructure and technologies. The progress made so far, by the fintech industry and financial inclusion initiatives, has been promising but limited.
BABB’s approach is different. BABB will redesign the economy from the ground up, transforming it from a rigidly hierarchical and exclusionary system into a decentralised and inclusive one. By combining blockchain technology, biometrics and artificial intelligence, we are creating the future of banking, radically different from what the world has seen before.
About BABB
BABB is the decentralised bank for the microeconomy, providing individuals and businesses with a UK bank account, powered by blockchain technology. The account is managed via a smartphone app and provides access to a decentralised payment card. In addition, partnerships with central banks allow for the integration and issuance of other digital currencies around the world, further stimulating local micro-economies and expanding the reach 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 licence in early 2018.
Banking Systemic Risk
As a society and individuals, we have become increasingly reliant on banks over time. We depend upon banks for daily tasks such as paying for our groceries with a debit or credit card, obtaining loans/mortgages to buy a house, or opening a savings account to put money away for the family holiday.
Banking services have become ingrained in our day-to-day life, and this over-reliance has resulted in banks having a worrying amount of control over both our money and personal data.
This loss of privacy and control has far-reaching effects, effectively exposing us to the systemic risks from the banking industry, as seen in the global financial crisis in 2008. For a more thorough analysis on the systemic banking risks we are inherently exposed to, please refer to Appendix I .
Financial Exclusion
It is easy to take financial services for granted. Currently, 2 billion - or 40% of the global adult population - have no bank account or mobile money services. These individuals 1 have very limited access to savings, credit, mortgage and insurance products that are common in developed marketplaces, meaning consumers cannot fulfil their financial needs effectively and firms miss opportunities to utilise untapped financial resources.
The BAX Token
BABB is launching a distributed application platform where FIAT funds are tokenized. These tokenized funds will be used by the BABB APP Bank, partner services, banks worldwide, as well as central banks in developing countries.
The BAX token is used under the hood to operate the services of the platform across all the geographies and jurisdictions served by the platform. A summary of the token details can be found on the table in Appendix IV .
BAX will be implemented on the public Ethereum blockchain as an EIP20/ERC20 token. The Ethereum blockchain is currently the industry standard for issuing custom digital assets and smart contracts, and is compatible with the existing infrastructure of the Ethereum ecosystem, such as development tools, wallets, and exchanges. This active ecosystem and technology make Ethereum a natural fit for BAX.
Here’s an overview of the flow of BAX over the whole ecosystem:
Token Allocation
Token Utility
The BAX token is the lifeblood of the platform. All services, fees and licensing of the BABB platform use BAX under-the-hood.
If a user doesn’t hold any BAX to operate on the platform, they can easily purchase the necessary amount from banks in the BABB platform, and also from other users, online exchanges and other 3rd party services.
For instance, the BABB Bank app allows for BAX to be purchased a single step, without impacting user experience and without the need for the user to take extra actions. The BABB Platform adjusts the amount in BAX required for its services depending on the average token price in open markets, which provides a stable price experience for the end user.
It is only natural and healthy that banks may add a small premium over any BAX they sell, which covers their own costs of service. This paves the way for a fair and healthy banking industry, where people pay only for the services they use and remain in control of their own funds and data.
While we are still deciding on the exact structure of costs, we expect platform fees will be tiny (equivalent to cents of a dollar), for actions such as:
● Open a new BABB account (the bank covers this fee)
● Send/receive a transaction
● Exchange currency
For banks and 3rd Party Services operating on the BABB platform, fees also include :
● Licensing fees (eg, monthly cost paid by a bank to operate on BABB)
● Specialized services such as initiating a fundraising campaign
● Request access to a user’s Identity information (a part of which paid to the user)
For More Information :
Website : https://getbabb.com/
Whitepaper : https://getbabb.com/whitepaper
Facebook : https://www.facebook.com/getbabb/
Twitter : https://twitter.com/getbabb
Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1011815
ETH : 0x05cF614Bb13F01bEb95f56C2891A4c22DaF78244
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