BABB - Selfie to Open a Bank Account

cryptotaofficial (56)in #blockchain • 6 years ago

We've already mentioned that the existing banking system is quite cumbersome, expensive, full of bureaucracy, and not particularly inclusive, especially when we talk about small businesses and individuals, especially poor individuals. Roughly the third of the global population is excluded from the banking system altogether. This is a valuable market, and it's logical to assume that somebody is going to fill the void.

BABB is a blockchain and smart contracts based platform providing traditional banking services, like online payments, loans, and deposits. What differentiates it from the traditional banking systems is that's it's very easy to become a member of this system, plus this system is very easy to use. It goes as far as there is no need for the user to have any identification to open a bank account. All it takes is taking and uploading a selfie, and humming some tune, and the system will use this visual and audio information to unmistakably recognize the user the next time he or she logs in the system.

All the operations in the BABB platform are conducted through its mobile application with a simple and user-friendly interface. Through this application, BABB's client can make and receive payments, lend and borrow money, raise funds and schedule payrolls. It's interesting that the system also encourages peer-to-peer direct communication between individuals. For example, I don't need to rely on the proximity of the ATM if I need to cash out some money. All I need is to detect any BABB user nearby who's ready to give me cash in exchange for money transfer on his or her account and a small fee. The mechanism of smart contracts implemented in BABB makes such operations reliable and secure. In the same way, the platform provides the individuals with an easy way to lend and borrow money from each other without worrying whether the other party will fulfill the terms of the agreement. Smart contracts guarantee that if I lend money to somebody, I'll eventually get them back with interest at the agreed time. The platform also allows to organize fundraising campaigns and for the small businesses who need to pay salaries to their employees to create their own automated systems of payroll processing independent of banks, online payment operators and other third parties.

Starting from December 2017 and until January 2018 BABB is conducting a token sale. BABB will distribute 1 billion tokens, 60% of which will be sold and the remaining part will be distributed between the BABB team, advisors, contributors and the bounty fund.

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