Hi guys! Still looking for a solution to satisfy your banking needs that would seem reliable and forward-looking? I’m sure, many of you are aware of the advantages blockchain provides. For the majority of people, low fees are the main benefit of blockchain-based solutions. Today I will try to persuade you that trust is above all. And I will use BANKEX project as an example.
Why speaking about trust in the context of banking? The BANKEX team took game theory, one of the fundamental directions in economics, as a base for their Proof-of-Asset Protocol concept. According to this theory, the market participants lose many opportunities and revenues due to their mistrust. They refuse from cooperating with each other even though it would be in their interests, they overpay for audits and so on. To make this different, the BANKEX team refers to combining the BaaS business model and blockchain technology. The BANKEX team encourages the companies of fintech and IT to mutually complement each other. Eventually, customers can benefit from advantages of the both spheres. The problem is that for both sides such a cooperation carries certain risks. Thanks to decentralized storage systems and smart contracts that promote the decentralized BaaS business model, the degree of trust between the participants in the operations increases.
So, what is a Proof-of-Asset protocol? First of all, it provides instant and continuous asset auditing. Proof of Asset only refers to tokenized assets and means that they are backed by a real value. And thanks to the blockchain, you can ensure transparency and clarity of the cash flow and reduce unnecessary costs. In addition, thanks to smart contracts, constant monitoring of assets is carried out, which increases trust level in the market. The most important thing is that a client accessing such a banking platform simply gets its service without having to deal with complex technologies and processes.
To optimize financial operations, the team considers the issue of assets liquidity. There are assets with low liquidity, and to correct this situation, the team turns to asset tokenization. This is the process of adding a financial component to the digital representation of an asset. The main advantage of asset tokenization is the ability of individuals and organizations to use BANKEX Proof-of-Asset protocol to satisfy the most vital need for them – to earn money. By joining the Asset Community, a person gets the opportunity to earn. This opportunity is provided, first of all, by simplifying and making cheaper the process of making deals, and the Proof-of-Asset protocol is one of the advanced technologies that makes this simplification accessible to ordinary users. For use cases, please go here https://bankex.com/en/use-cases.
The protocol deals with Smart Assets. For a token to be considered as a Smart Asset, there are some steps that must be carries out in the Proof-of-Asset Protocol. These steps are as follows: initial contract – validation – audit – legal procedures – proposal. More vividly these steps are presented on the following scheme:
This is only a brief review of the project outlining its relevance in the modern financial world. If you want to know more, please see the Whitepaper in the links below.
In order to raise funds for the platform development, the team launches ICO (ending December 28). They offer 80M BKX-tokens for purchase. ICO Token Price is 1.69 USD (0.00200 ETH) for 1 BKX. That’s how the proceeds are planned to be used:
If you like the project, you can support it by participating in the variety of bounty campaigns (see terms below).
Useful links:
Website: https://bankex.com/
Whitepaper: https://bankex.github.io/whitepaper/bankex-whitepaper.pdf
Light paper: https://bankex.com/en/docs/lightpaper
BTT Bounty Thread: https://bitcointalk.org/index.php?topic=2237161.0
Telegram: https://t.me/bankex
Twitter: https://twitter.com/BankExProtocol
Facebook: https://www.facebook.com/BankExchange/
My ETH-address: 0x9F8051399114A4C8b9A742Dbb51C10162E61F234
My BTT profile link: cr_liev, https://bitcointalk.org/index.php?action=profile;u=1046642;