While the banking industry is still slow to bringing banking into Blockchain technology, an Estonian company, Polybius Foundation is hoping to bring Blockchain to the banking industry. The Polybius Foundation is hoping to use ICO to raise enough funds to build a European bank which will be powered by Blockchain technology!
Polybius Blockchain banking
Polybius Foundation hopes to build the world’s first truly smart bank which combines the technologies of AI, distributed ledgers, SSL, Open API, Applied AI, Big Data, Internet of Things, smart contracts and biometrics.
The network will be designed to be able to compatible with existing data and transaction networks and features a decentralized users data storage systems, cryptographic identification systems as well as consensus by decentralized AI powered system.
Face of decentralized banking?
Should Polybius achieve its of becoming the first Blockchain powered bank, will it set the tone for the Blockchain powered banking industry? While it may be too early to predict the potential impact of a Blockchain powered bank on the banking industry, however the founder have rather moderate expectations.
Polybius will be operated just like any other traditional bank and offer debits, credit financing and issuer cards to the general public without preference for the Blockchain industry. Polybius will only differ from conventional banks in the sense that it uses more of Blockchain technology; however the presence of Polybius might further encourage more conventional banks to adopt Blockchain technology.
After contemplating on where in Europe to locate the bank, the founders have narrowed down their list to these three nations: the United Kingdom, Switzerland and Lithuania, all of which are leaders in financial technology.
Team
Polybius does seem to have a solid team mainly made up of former top executives of banks and financial institutions.
Ugo Bechis is a member of the European Electronic Cybercrime Task Force and acts as the strategic consultant for Polybius. He has 14 years of experience in the financial industry, working for the likes of Deutsche Bank and Bank of America.
Ivan Zakharenko, a former banker who has worked with several banks including Swedbank and Citadele Bank, serves as marketer. He has also worked as the Director of Corporate Development in Expobank AS, Senior Major Account Specialist in Baltikums Bank and Major Account Specialist in Parex Bank.
Pavel Kravchenko holds a Ph.D. in Technical Sciences and acts as a security advisor for Polybius, a co-founder of AtticLab that has developed the openbankIT banking system. A part of the system includes a cryptographic processing core that has been certified by the Federal Bank of Ukraine.
Sergei Potapenko is a co-founder of the Polybius Foundation as well as the HashCoins Company which has been producing equipment for mining since 2013, and also develops Crypto projects, including the HashFlare service for cloud mining, whose users number over 500,000.
Oleg Khovayko is a specialist in cryptography and acts as advisor to technical specialists at Polybius Bank Project on questions of cryptography, security and Blockchain usage. Oleg is one of the creators and the Technical Director of the Emercoin project.
The ICO and tokens
The company plans to issue tokens share called Polybius Blockchain Shares(PLBT) which represent 20% of the company’s shares, at an initial price of $10 per token. Polybius tokens are treated as shares to the company and investors will receive Return of Investments on a fixed rate of 20% of the bank’s profits.
Investors will also get the chance to sell their tokens right after the ICO crowdsale on the market for immediate liquidity. 93% of all tokens will be sold to the public while 5% goes to the founder with 2% for bounties. All unsold tokens after the ICO will be burned.
Crowdsale for the Polybius tokens began on 31st May 2017 and is expected to end on 5th may 2017.
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