Over the last couple of months, I have covered a multitude of exciting projects who leverage blockchain technology to make a real difference in this crazy world we live in. One phrase in particular, keeps popping up time and time again within our industry. The redistribution of wealth.
The whole concept behind the origins of Cryptocurrency was to move away from a centralised power which controlled the economy. Satoshi Nakamoto created Bitcoin as a backlash to fight against centralised powers who guided us into a recession in 2007. This in turn started a revolution, causing industries to stop and re-think their entire ecosystems to utilise the undisputed advantages of blockchain technology.
We are still very much in the infant stages of the blockchain. Companies are really starting to think outside of the box to solve a variety of problems. Problems which a decade ago, we couldn’t imagine a real solution for. One thing has become incredibly apparent with blockchain technology, the future will see an improvement to economic equality. Many third world countries still don’t have access to any basic financial services. It’s estimated that 2 billion people (40% of the global adult population), don’t have a bank account. Which means they have no access to any savings, credit, mortgage or insurance services. Services which many are guilty of taking for granted.
BABB leverages blockchain, biometrics and machine learning to offer revolutionary decentralised banking services for people across the globe. BABB will offer a UK bank account to anyone in the world, regardless of theirbackground, location or income.
BABB are a hybrid company which is solving a host of problems. I label them hybrid because they are a combination of the blockchain and real life usage. They have added the functionality and benefits into Fiat currency which we have grown to love in Cryptocurrency.
Each separate BABB account is a bank within itself
Users who create a bank account on the BABB app, generates their own little banking ecosystem. Each account has it’s own cryptographic address, an IBAN for european and international bank wires, as well as an Account Number and Sort Code for UK national transactions. Fiat currencies can be loaded onto into your BABB account, transformed into a token and sent to another BABB bank account instantly via smart contract. Solving the age old issue of waiting three whole business days for your Fiat money to reach it’s destination. Ideal for millions of people living abroad, wishing to send money home and also facilitating instant aid to countries hit by a sudden disaster.
Users can provide their own peer to peer banking services on the app. In an instance when you receive a currency which isn’t used in your location, you can locate other BABB accounts near you, who will accept the digital currency and exchange it for physical cash. Anyone can provide these services and charge a small fee for being a local currency exchange.
BABB also has a peer to peer fundraising capability in which users can hold a fundraising campaign for anything they choose. The campaigns can be hosted in the following ways.
Private
Contributors are asked to participate through private invitation.
Personal
Open to contributors within a user's network, like friends and family members.
Public
Open to anyone to contribute and be a part of a global fundraising campaign. Ideally suited for disaster relief scenarios and community infrastructure projects but can also be used for personal projects and causes.
The Black card
The Black card can be used as a debit card or a prepaid card which can be given as a gift to friends and family. The functionality of the card is unique in how it operates. It is linked directly to your BABB app and you can use it anywhere via NFC or scanning a QR code present on the card. Because many parts of the world struggle to have access to a cash machine, BABB created a card with no chip and pin capability. If the card is lost, it can be easily unlinked from your bank account to prevent anyone else from using it. Should you find your card again, a user can simply scan the QR code on the card via your BABB app and it links back to your BABB bank account. If the card is lost permanently, new cards will be available from certain major online retailers with next day delivery.
Their token (BAX) will be native to the Ethreum blockchain. It will be used as payment for licensing fees and service fees on the platform, meaning that any user of the platform will need to be a BAX token holder.
BABB have scheduled their ICO for the BAX token
When - January 2018, exact dates still to be announced
Token - BAX
Price - ETH price will be fixed two days before the token sale
Platform - Ethereum
Accepting - ETH
Hard cap - $50 million
A link to the BABB whitepaper
Where to participate in the BABB ICO