Getbabb will work directly with central banks to issue their own digital currencies, working around existing local and international fiscal and monetary policy. They believe that central bank-issued digital currencies (CBDCs) will play a key role over the next decade, with many central banks having already announced plans to this effect. CBDCs can help to stimulate local economies by retaining wealth within a defined boundary and supporting local payment networks. BABB will work with central banks to manage existing and issue new CBDCs. They can leverage technology to host and operate a portion of the federated network. This sub-network remains an integrated part of the global platform, allowing citizens to transact locally and globally. Central banks can also collect data from the platform to provide the insight needed to manage the system efficiently.
There are seven billion people in the world, and more than two billion of them are ‘unbanked’. This
means they don’t have access to basic financial services. Being ‘unbanked’ leaves people reliant on
cash, making it hard to save money, take out a loan safely, or send money across any kind of distance.
In an increasingly connected world, 30% of the population is disconnected from the economy.The current banking system isn’t working for these two billion people. Anyone who doesn’t have access to a bank account or financial services is being held back. An initiative in Mexico to ‘bank the unbanked’ found that opening bank accounts for low-income customers led to a 7.6% increase in the number of business owners, a 1.4% increase in employment and a 7% increase in average income. On a broader level, financial exclusion is responsible for the perpetuation of poverty, poor living standards, exclusion from education and poor health.
BABB is an acronym for Bank Account Based on Blockchain. They want to use blockchain technology to
offer a bank account to anyone in the world, with built-in access to crowdsourced financial services. It
is possible to significantly cut the cost of banking and financial services to offer game-changing
service and bring two billion people into the global economy. They think this will be good for everyone. The benefits of a decentralised model of banking don’t stop at financial inclusion. We can end high
prices due to stagnant competition and data leaks due to poor security. They can also make the global
economy less susceptible to shocks such as the 2008 financial crisis by decentralising the decision
making. Banks are weak and vulnerable, compared to the distributed strength and security.
A beautiful smartphone app
In the last few decades, emerging markets have gone straight to mobile data networks, leapfrogging
landlines. Now, we’ll take the unbanked straight to a streamlined mobile banking experience.
A real UK-based bank account
A BABB account will take seconds to set up via the BABB smartphone app, using a selfie and passphrase. In addition to the usual cryptographic address, BABB accounts have issued an IBAN for international payments, as well as an account number and sort code for UK transactions. BABB is already an Authorised Payment Institution regulated by the FCA, and applying for a UK banking license. They can still operate even without the banking license; as an authorized payment institution they are able to do everything except for treasury operations.
A secure payment card
The Black Card will be a payment card linked to the BABB app using an NFC tag or QR code with no
data stored on the card itself. Account holders will be able to pick up a blank card for free online or in
any shop, and spend it with any retailer who also has a BABB account.
Blockchain makes it possible to run a decentralised peer-to-peer platform, enabling users to transact
without an intermediary and benefit from faster and cheaper transactions. Smart contracts create
tamper-resistant transactions for greater security.
Biometrics, including voice print, face scan and geolocation, make it possible to create secure digital
identities for all account holders. This enables everyone – even those without an address or ID
documents – to open a bank account, and retain ownership of their digital identity data.
BABB will employ privacy by design, implementing GDPR regulations into our operations. On the BABB
platform the account holders have full ownership of and control over their own data. There will be different tiers of data protection, implemented through various means of storage and encryption. These will be optimised to ensure privacy by default and presented in clear and obvious UI.
BAX will be implemented on the public Ethereum blockchain as an ERC20 token. BAX is a utility token
which will be used under the hood in the BABB platform, powering the network across all jurisdictions.
All service fees and licensing on the platform will be collected in BAX, meaning any individual or
business must hold BAX in order to use a BABB account. As a universal currency, BAX will also have
many use cases on the platform, including: ensuring liquidity of P2P currency exchange, facilitating
cross-border fundraising, and international payments.
BABB will raise funds through a BAX token sale. The funds raised will be used to develop the app and
the platform, apply for a banking licence, and operate the infrastructure. BABB will issue 50 billion tokens, 30 billion of which (60%) will be available for public sale, over two phases: the first with 40% in 2018, the second 20% in 2019 once the platform is live and the token in use. Any unsold tokens in each of these phases will be burned.
They aim to create long-term appreciation of the token value, through the fundamental utility of the
BAX token, and approach to reserve management. During the first five years, out of all tokens BABB receives as revenue, 50% are burned, until the amount in circulation reaches 20% of the issued tokens. The rest are re-introduced into circulation over the course of five years.
[su_quote]This article is writing on 1 July 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: email@example.com Or Whatsapp Us- +13098896258[/su_quote]
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.