BankEx - a smart solution

The way the modern financial markets operate can be considered quite inefficient in some ways, particularly when it comes to exchanging certain types of assets. It’s often difficult to make the right deal at the right time unless you strike luck with the conditions, and though there have been various attempts to resolve the problem, it’s clear that we have to rely on a modern, lean solution aimed specifically at dealing with this issue and improving the overall capabilities of the financial market.

BankEx is a new protocol which aims to tackle this in a new way, by relying on blockchain technology and incorporating recent advances in the fields of the Internet of Things (IoT) and Artificial Intelligence (AI).

How it works

The main idea behind BankEx is to provide more liquidity for certain types of assets which traditionally have none, or close to none. This is done by linking tokens of the protocol to those assets, with the assets providing security for the virtual tokens. This makes BankEx a “proof-of-asset” protocol, and in combination with the other concepts behind the idea, it has a serious potential to revolutionize the financial market.

For investors, the benefit is clear – they can rely on a much more stable and predictable stream of money, as opposed to having to deal with assets that keep fluctuating in value and therefore present regular problems with their conversion. Of course, BankEx cannot completely eliminate certain liquidity issues, but then again, nothing realistically can.

On the other hand, banks also have an attractive benefit in this, as they can work with assets that are more liquid and therefore give them more flexibility in investing and other market operations. BankEx attempts to improve the market on two fronts, and history has certainly shown that favoring one side or the other rarely leads to productive, long-term changes in the system.

Buy-in details

BankEx is open to anyone with interest in the new platform, though there are some details to be kept in mind. Buyers have to use certain types of cryptocurrencies for the process, with the approved list including ETH, BTC, WAVES, and Litecoin. Standard currencies are not supported, though of course it’s not complicated to convert them to any of the above-mentioned ones and proceed to the buy-in.

There’s a minimum limit of 0.1 ETH, which the owners claim is required to cover the minimum costs related to each transaction. Overall, the system seems reasonably designed and clearly aimed at providing value for the customers.

And of course, there’s also the possibility to mine tokens through a specific process. As with some other cryptocurrencies, mining is the underlying foundation for the transaction verification system, and the work done by miners is used to validate everything going through the wire. It’s important to keep in mind that the difficulty of some mining tasks will vary depending on the transactions involved, and the system has various procedures in place for conflict resolution and other standard processes that will be required. Overall, it’s a stable implementation built on a trustworthy foundation – blockchain technology – and with a strong potential for the future.

For more information you can visit https://bankex.com/en/ and read the Whitepaper.