What is BankEX?
BankEX is a Bank which provides services on the blockchain technology by building up the Proof of Asset rules and regulations by working as Bank as A service (BaaS). The most primary asset of BankEx is the Proof of Asset Protocol which majorly focuses on solving the concerns related to liquidity. As we know there are lot of Businesses which faces the liquidity issue related to their business, Blockchain with BankEx can help here. BankEx can help organization to issue tokenized assets for their business in all legal way.
The BankEx foundation is recently and newly launched and aims at helping in the running of the BankEX project. For the time being, the foundation consists mostly of professionals who share an experience in not only contributing but collaborating for the business to prosper more and more.
The team mostly consists of the core members of the team and the ones supporting the technical team. It helps to create a tool for all those individuals who aim to become independent in all aspects.
Digging into the Proof of Asset protocol
The Proof of Asset is yet another concept which aims to provide the particular platform to the investors to be able to solve their issues by taking help from the Smart Contracts.
The protocol is basically a blend of BaaS and the blockchain technology. These are further divided into four categories which are:
- Digitization
- Trading with assets
- Dealing
- Tokens
There was hardly a blockchain that came up with tokenizing assets which BankEX comes forward within the Proof of Asset protocol. The tokenization of assets has plenty of benefits to make your count from. With the help of this, a large number of investors can make their investments individually on their concerned projects. Investors can buy tokens of that organization and liquidate the position easily when needed.
In the initial stage, the ones who are ready to make an investment will be able to get just one token. Then comes into play, plenty of bonuses to make your pick and use them accordingly.
The bonus comes only when the investors make a purchase of at least 500 tokens which is almost equal to 1 ethereum in the exchange rate ICO centre. You can either spend your coins in Dollars or Euro.
The Working of BankEx + the Perfect Example
To know more about the Proof of Asset protocol as well as the working of BankEX, here is one perfect example explaining the same.
Let us say there is an owner who owns a car and wants to sell the car. Here is how BankEX helps in the process.
BankEx starts with collecting the details about the client as well as the car. The modes of verification used are emails,
a background check on KYC, etc.After the verification is over, the client can put up the details about the car.
Now, BankEX takes care of finding the assets details. This is done is two ways, that is by using an IoT sensor or through a third party.
BankEx later verifies the terms and conditions.
All the details are put into a formula and this converts the information into smart contracts.
Making use of the protocol, the smart contract is converted into an asset. Here, a car asset.
BankEx makes sure to verify the asset.
The car token is made available to the BankEX platform.
The car token is available in the public through BankEX and filters the required Asks and Bids.
The final price is decided between the buyer and the user.
The buyer is finally given the token and the seller is rewarded with the BankEX token.
The tokens can be used for multiple purpose like buying funds as well as for getting access to lots of assets.
The Sale + Pre-Sale of BankEX
The public sale of the foundation began from 21st August and is supposed to continue until 21st November. A total of 30 million tokens were made available and were supposed to be sold. This adds up to make a minimum investment of 10 million dollars on a total. The BankEx has planned to make an offering for the future which is not before the year 2019 with an add-on of 100 million will be explicitly available for the purpose and the investors.
It has been a long time since the pre-sale of BankEX was launched at a conference. As we know that the recent Initial Coin Offering make an involvement of Ethereum standards, the BankEX tokens make use of tokens that are openly used in the Waves platform of the blockchain.
For the buyers who approached first, a total of 3 million tokens were made available exclusively for them. A total of half million coupons were sold at $0.20 dollars USD.
BankEx – How is it solving the problems?
The most important problem of the BankEX foundation is the liquidity issue. This is one of the reasons that are responsible for spoiling and ruining the economic progress over time. It really doesn't matter how much assets a business owns, because at the end it is all about accessing them through the market securities which leaves these assets in an illiquid and unrealistic solution.
This problem has so far been taken care by following up securitization, but the usage has been restricted for a lot of reasons. Project like BankEx can solve this.
The Final Verdict
The most interesting reason to approach and look forward to the project is that of the token policy that it conducts quite feasible. BankEx has a potential to transform the current scenarios by enabling businesses to go digital and find investors from all over the world by tokenizing and managing their asset.
Apart from that, the technique involved also concerns the process as the price is defined by the user buying it and the seller selling it.
BankEx sale is going to start soon and can be proved great investment between to mid to long term horizon. The last hour rush is to be avoided. However, the positive side of the BankEX project is explicitly available on their official website and is one of the finest ways for one to decide if it is worth the investment or not.
To know more visit:
Website: https://bankex.com/en/
Whitepaper: https://bankex.github.io/whitepaper/bankex-whitepaper.pdf