BANK ACCOUNT BASED BLOCKCHAIN
WHAT IS BABB?
BABB stands for Bank Account Based Blockchain. They’re hoping to bring together the benefits of blockchain technology with traditional banking.
The new bank will be UK based and will allow users to use both fiat and cryptocurrency. With so many people still without a bank account they hope to target these aswell as current users of traditional bank accounts.
PROBLEMS WITH BANKING
Even in todays modern world there’s still 2 billion people (30% of the population) without a bank account, these ‘unbanked’ people have no access to financial services and have to rely on cash. This gives them problems, they’re unable to send money any great distance and ofcourse are generally unable to gain access to loans. It can also make it much harder for them to save.
To solve this problem, they’re planning a blockchain based solution that has access to crowdsourced financial services. By using this technology they should be able to massively cut costs over traditional banks and target the 2 billion people still without a bank account profitably.
HOW WILL IT WORK
The new bank will use the blockchain and smart contracts to make the platform a decentralized P2P network.
They plan to use biometrics to make it possible for people without ID documents to open a bank account, this will be done by using face scans and geolocation technology.
They plan to have a ‘social KYC’ system where fully verified members of the community are able to recommend people for an account. They also plan to target employers and hope to have them signed up for their payroll system.
PRODUCTS
1.THE BABB APP
With the BABB app, you can:
Opening your BABB account: With the BABB app, you can open a UK bank account from anywhere in the world by taking a selfie and saying a passphrase. Once you’ve entered the BABB ecosystem, you become your own bank. Anyone with a smartphone and an internet connection can participate in BABB’s global marketplace.
Sending money: You can send money to any other BABB user anywhere in the world instantly and for almost no charge. Simply choose the amount you want to send and the person you want to send it to, and confirm the transfer using your digital identity.
Exchange money: As a bank, you can exchange currencies directly without any middlemen. It’s cheaper, faster and easier than doing it any other way. First, select the amount of money that you want to exchange and choose the currency you need. BABB instantly finds all the people nearby that you’re able to partner with, and puts you in touch. If you want to go ahead, tap and make it happen.
- BLACK CARD
The Black Card bridges the divide between the digital world and the physical world. It is a secure payment card that links directly with your BABB bank account via a secure QR code or NFC tag. It allows both a debit-like functionality, and can also be issued as a pre-paid card for your friends and family.
How it’s work: Retailers can accept payment using the BABB card by simply downloading the BABB app and scanning the QR code or via NFC. Payment is made instantly into the retailer’s bank account and the funds can be used immediately.
Where it works: With the Black Card you are able to spend your BAX in shops and peer-to-peer. Payments can be made instantaneously, anywhere in the world or for online shopping.
Accessibility: Billions of individuals do not have access to card services. The costs associated with facilitating traditional card payment services are prohibitively expensive. However, the Black Card operates independently of the legacy system. Therefore, transactions are made cheaper, faster, and more efficient; giving everyone access to a payment card linked to their bank account.
Security and convenience: No personal information is stored on the card itself. If you lose your card, you can easily disconnect it from your bank account, preventing anyone else from using it — all from your smartphone. If you find the card again, simply scan the QR code via your BABB app and it reconnects to your BABB bank account.
Availability: New cards will be available very cheaply in shops and from major online retailers with next day delivery. Alternatively, pick up a spare from a friend, scan the QR code with your BABB app and you are good to go.
TOKEN SALE
ICO DETAIL
Hard cap: $50 million
Total supply: 1 billion.
60% available to ICO participants, 20% for the team, 18% for the reserve fund and 2% for bounty.
For details of the sale dates will be released soon, sign up on their website to get notified: https://getbabb.com
KEY TEAM MEMBERS
Rushd Averroes, CEO& Founder: A financial inclusion specialist with an MA in microfinance and Inclusion from the University of Greenwich. He previously managed wowpaymobi, an Authorized Payment Institution.
Jorge Pereira, CTO: He previously founded Seegno in 2008 where he’s still an advisor. In 2014 he joined Uphold as CTO and was responsible for the design and architecture.
Adam Haeems, COO: He will be responsible for the daily operations of the project. He has Master of Finance from Cambridge University.
Paul Johnson, CIO: He’s previously worked as a CIO and COO for Aldermore Bank and LLoyds Bank.
Detail Information :
WEBSITE: https://getbabb.com/
TWITTER : https://twitter.com/getbabb
FACEBOOK : https://www.facebook.com/getbabb/
TELEGRAM : https://t.me/babb_official
LINKEDIN : https://www.linkedin.com/company/18162996
MEDIUM : https://medium.com/@BABB
BITCOINTALK PROFILE : https://bitcointalk.org/index.php?action=profile;u=1692321
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