With roughly two billion people on the planet lacking basic financial services, Bank Account Based Blockchain (BABB) aims to satisfy the financial needs of this population and the currently banked by making its blockchain accessible, particularly using mobile devices. Using blockchain technology, the platform will be transparent and peer-to-peer, creating new financial opportunities for users.
BABB plans to create a user-friendly mobile app to bring financial inclusion globally. Though large numbers of people in the developing world lack basic banking services, many of them have smart phones capable of giving access to them. With burdensome regulations and costs associated with traditional banking, BABB aims to take care of the financial needs of the unbanked with its mobile app.
The bank account offered by BABB will comply with UK regulations, and will require providing a valid ID such as a passport ID or national ID card. Basic account services will even be provided to those lacking an ID using biometric identification. The biometric technology used by BABB will capture the face and voice of a user to eliminate identity theft. In addition, BABB will use peer-to-peer authentication, whereby users who have been fully verified can vouch for the reputation of others on the platform.
Central to the platform is the Black Card that will be linked to user accounts and can be used for everyday purchases using the NFC tag or QR code on the card. Businesses can accept payments from customers with a Black Card by simply downloading the app and scanning the customer’s Black Card. By accepting payments through BABB, businesses can potentially save substantial amounts on transaction fees.
The native token of the BABB platform, BAX, is ERC20 compatible and can be stored in popular Ethereum wallets such as Mist and MyEtherWallet. In total, no more than 50 billion BAX will be minted. 60 percent of these tokens will be available during the crowdsale, with the remainder that remain unsold burned. As the native token of the platform, BAX will be required to pay for fees and licensing, depositing and withdrawing funds, exchanging currencies, and fundraising.
The minimum contribution for the crowdsale that begins February 5, 2018 is 0.02 ETH. The hard cap for the crowdsale is $20 million. If there are tokens remaining after the second day, wire transfers over £1,000 will be accepted. During the presale, BABB sold all of the 10 billion BAX offered, raising more than 7,000 ETH. As a potentially disruptive force in global finance, early investors may realize large gains if BABB fulfills the goals on its roadmap.
*I am receiving BABB tokens for the growth of the community.
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