We all live in the world of financial services and in fact everything in our lives depends on which financial ecosystem we are in. Some models are so old that they can no longer function properly, while others are, on the contrary, time-tested and reliable even now. With the advent of competing blockchain technology in the market, some very quickly began to popularize such a model of economic and financial development. In this review, we will talk about the blockchain platform called BridgeX Network, which seeks to make our financial interaction faster, better, and also integrate processes with blockchain technologies.
What is the project about?
As soon as the world community learned about bitcoin and other cryptocurrencies, everyone immediately began to study blockchain technology and look for ways to implement it in many processes. The interaction between blockchain technology and traditional finacial systems will give a user so favorable conditions that there will no longer be any need for some competitive moment. The platform will become a connecting thread between those two old and young brothers.In fact, the concept is simple — basic lending system but on a reliable blockchain technology. Availability is an important value of this platform, but it will also improve speed and security aswell.
BridgeX Network innovations
It will consist of several subsystems. Each such system will be in charge of individual processes that take place inside the platform and beyond. Processes include a range of SC, which describe the detailed conditions for interaction between all layers.
BridgeX Core is the main part of this technology. It's designed to interact and process all smart contracts and processes of interaction with lending systems.
BRIDGEPay: a module that is designed to handle payments and transactions, as well as track lending history and provide tools for interaction.
The third module is the BridgeLoan, which will provide actual loans in the cryptocurrency through interaction with traditional banks.
BridgePay module can be divided into two parts: BridgeConvert and BridgeSEND. Their primary function is to convert currency pairs. Currently, 30 fiat currencies are supported, and operations can be performed from more than 180 countries.
What problems does the platform solve?
If you think about it, lending is nothing more than a redistribution of money from those who have them to those who need them at a given time. Usually, rich people simply make deposits in banks, whereupon the institution issues them to someone's order with the condition of returning this amount and paying a commission for their use. But bank takes all responsibility for the risks, because it gave these assets to a third party. It is a simple process but the same simplicity makes it a problem.
The fact is that banks are, in fact, monopolies in the extension of loans. The whole population usually goes first to the bank in order to take out a loan. In this regard, banks have the privilege of processing such appeals and their artificial restraint. That is, someone who, in the opinion of the bank, is at risk and will not be able to return money on time, is not entitled to receive it. And such decisions are made every day.
Thanks to the developers of the BridgeX Network platform, lending takes on a new form and the possibility to get money to improve its situation will appear to anyone. At the same time, the interest rate will actually disappear from the terminology turnover, since blockchain transactions require only payment of the commission for the transactions themselves. And, finally, territorial lending services will lose their limitations due to which it will be possible to use them even in the most remote corners of the planet.
Tokens
The platform tokens are called BXN and will be released on the Ethereum Network in ERC-20 format. For holders of the BridgeX Network tokens there are discounts for the use of coins. It’s possible to purchase tokens during the ICO and as well as:
For daily active use of the BridgeX Network platform
For attracting new users to the BridgeX Network
For social activities
A total number of tokens is 1 billion. The rate of token: 1 BXN = 0.00006 ETH. 0,3 billion tokens will be distributed during ICO campaign. Hardcap is 18 000 ETH.
Conclusion
Once again, blockchain technology proves its flexibility and versatility. Unexpected decision on interaction with the global financial system can bear fruit in the very near future. On the other hand, the lending available to everyone is a huge chance for success, because such services are used by a huge number of people around the world.n
You can find the more details on the official website of the platform: https://bridgex.network/
Whitepaper: https://bridgex.network/180827%20BridgeX%20Network%20Whitepaper.pdf
Telegram: https://t.me/bridgexnetwork
Аntiplagiat: https://text.ru/antiplagiat/5ba0be61b8b6a