BABB (BAX): A World Bank For The Micro-Economy - Token Analysis & Review - Pick A Crypto
BABB is a decentralised banking platform that leverages blockchain and biometrics to offer anyone in the world access to a UK bank account for peer-to-peer financial services.
BAX, BABB's native token, will enable central banks to issue their own digital currencies to stimulate the local microeconomy. Local digital currencies offer citizens access to international remittances and payment gateways.
The Black Card bridges the divide between the digital world and the physical world. It is a secure payment card that links directly with your BABB bank account via a secure QR code or NFC tag. It allows both a debit-like functionality, and can also be issued as a pre-paid card for your friends and family.
BABB’s platform promotes trust. Therefore, on our network, other users’ trust is enough to open an account with core functionalities. Our innovative ‘Social KYC’ process allows anyone who is fully KYC-ed, with validated documentation, to vouch for other users and onboard them to the platform. In this way, we will extend our services to millions of people without requiring them to provide ID documentation.
"BABB leverages blockchain and digital identity technologies to build a borderless global network in which everyone participates freely, using their social connectivity to transact, trade, innovate, issue digital currencies, lend money, or raise funds for business ventures. Together, we will empower the world’s micro-economy with new tools and opportunities, helping accelerate global growth, creating wealth, encouraging entrepreneurship, unlocking human innovation and lifting millions out of poverty."
Positives -
- Interesting Take On The Spendable Crypto Idea. Introducing A Centralized System To A Decentralized Way Of Spending.
- Utilizes UK Bank Accounts As A Way To Connect Regular Banking To A Decentralized Banking Platform. This Is A Great Way Of Social Integration And Introduction To Cryptocurrency
Concerns -
- BABB states - "We are not yet a Bank but we are applying to become one" at the time of writing (April 2018). BABB is still a very new project so this is less of a concern and really just something to consider.
- Fintech applications like this are often plagued by regulations, approvals, etc, etc. We've seen older projects like TenX and Monaco struggle with their card providers, regulatory boards and other financial factors that don't need to be explained. Its a touchy area considering cryptocurrency threatens the very workings of centralized banks and finance. It's one step at a time in this industry.