BABB ICO; Review
The current world’s banking system is limited in its ability, capacity and is outdated to say the least and there is a growing need for a decentralized banking system equally capable of reaching anyone in the world and also bringing to an end the huge prices of banking services.
Based on statistics, more than two billion of the world’s population of seven billion is unbanked meaning there are two billion people without access to banking services, two billion people unable to safely acquire loans or send money across any form of distance.
The current banking system is one of the major factors stiffening the progress of the world’s economy and there is little the banks can do about it, because banks like every other business operates with the sole aim of maximizing profits and the solutions to these problems aren’t just profitable enough.
The Solution for these problems and more is BABB (Bank Account Based Blockchain)
The Blockchain technology since invention and in its several implementations has made massive breakthroughs in the way value is being transferred between people. It has also moved on from the traditional peer to peer exchange of value and payments “as with Bitcoin” to the development of smart contracts applicable to solving real life problems “like the one stated above”, providing limitless opportunities for individual entities and businesses.
What is BABB?
BABB is a decentralized banking platform which gives access to bank accounts for peer to peer financial services for anyone in the world. BABB will empower the unbanked and also provide better opportunities for the banked population of the world, improving lives and helping individuals and businesses with their finances.
BABB seeks to combine traditional banking services with the innovations of the Blockchain technology. Blockchain makes is possible to transact without an intermediary and benefit from faster and cheaper transactions.
Qualities of BABB include:
Reaching the world’s underserved microeconomy, providing all-inclusive banking services
A real bank compliant with UK regulations, available to any eligible person or business in the world account and can be created easily using the BABB smartphone app
Security, it aims to implement hi-tech “Biometric” solutions for a very secure verification process
Physical Black Card (like credit card) linked to accounts allowing its owners to make instant transactions at a go anywhere
Transfer of funds from one currency to another without needing to deal with banks
Artificial intelligence is used for ‘dynamic KYC’, enabling the building of an ever-evolving profile of BABB users and spot fraudulent or un-creditworthy behavior
Example Use Cases of BABB includes
The BABB App is designed to solve defined problems and address specific use cases which guide our product and design processes.
• Peer-to-Peer Cash
• Peer-to-Peer Borrowing
• Peer-to-Peer Fundraising
• Payments & Payroll
The Road Map:
Looking at the road map, I realized that BABB already has a working prototype has been really committed to meeting the milestones on their road map.
They have successfully implemented their plans thus far for example; in November of 2016 successfully tested their application interface user experience and biometric ID software and by September 2017 the team filled application pending for two patents: unique bank account based technology and microeconomic digital currency issuance and exchange protocol. They have a black card concept and by Q1 2018 there will be a full launch of the project.
I am positive that the team knows what it is doing at this point of time.
The Team:
The BABB team has a strong background and experience in financial business and technical fields. The CEO and Founder Rushd Averroes is a financial inclusion specialist with an MA in microfinance and Inclusion from the University of Greenwich and he previously managed wowpaymobi, an Authorized Payment Institution and the CTO. Jorge Pereira has a prolific entrepreneurial track record in the tech world, founding Seegno, FinTechServer, Wayfex, and LoyalChain.
There are a total of fifteen team members whom are successful Blockchain entrepreneurs with accessible linkedn profiles where you can check their vast level of experience in their respective fields. This is a team I know is capable of delivering the goods.
ICO Structure:
BAX will be implemented on the public Ethereum blockchain as an EIP20/ERC20 token.
Here’s an overview of the BAX token ICO
TOKEN SALE: Starts February 2018
Ticker: BAX
Token type: ERC20
ICO Token Price: 1 BAX = 0.0012 USD
Fundraising Goal: 20,000,000 USD
Sold on pre-sale: 10,000,000 USD
Total Tokens: 50,000,000,000
Available for Token Sale: 60%
Min investment: 0.2 ETH/ $1K
Token Issue: WITHIN 15 DAYS OF THE MAIN TOKEN SALE CLOSING
Accepts: ETH, USD
Conclusion:
From my personal evaluation, the rating for BABB ICO is very high by my standards and represents an awesome ICO. I am making sizable investment in this project.
This is a project I am really bullish about and I can see it doing conveniently a possibly 100X in a year, in terms of value and I am certainly going to HODL the tokens for a long time for higher rewards, and I am also looking forward to its full implementation.