This guys mean business.
What is BABB?BABB stands for Bank Account Based Blockchain.
Their aim?
To be the World Bank for microeconomy, in contrast to what the current World Bank is for macroeconomy.
How will it work?
Everyone from anywhere around the world with a smartphone will be able to open a UK bank account using BABB platform. The platform respects all UK regulations, is FCA Authorised Payment Institution and will apply for a Banking authorization at the begining of 2018.
Enabling people all over the world to have a bank account opens the doors for economical growth. At this time approximately only 31% of the people from low and middle income countries have a debit card. And this is mostly because of the current banks policies to accept debit card owners. Eliminating the need of a UK address and a credit history.
You will need your phone, a passport or ID card and a selfie. The selfie serves for the biometric authentication process.
Combine the bank account with the blockchain technology to move either fiat currencies or BAX (BABB cryptocurrency) anywhere in the world and you are looking at a brighter future of economy. If the implementation will go as planned this system will be safer, secure and surely more accessible.
There are many things to say about "how will BABB work" and its functionalities. However since I am not trying to write in my own words every page of their 55 pages whitepaper, I will try to keep this short and sweet hoping it will spark the interest in you to read their whitepaper here: https://resources.getbabb.com/whitepapers/en/babb-whitepaper.pdf
Who will use it?
Every one. Let me explain.
- Banks will be able to emit their own currency on BABB platform or in case they already have a digital currency BABB can integrate those currencies. This makes it a huge market for sending money easily even when 2 users want to exchange, lend or purchase using different currencies.
- End users. We. The people. Just using your phone with BABB application (account) you can make peer to peer cash exchange with other users, borrow money, invest (ex. fundraising) or even make salary payment towards employees. Using smart contracts for borrowing money, investing in a business or paying salaries, everyone will benefit the safer environment, low fees and most importantly the agreed contracts are respected automatically.
Most likely this is the most comprehensive whitepaper that I ever read. Although 55 pages are not something that I fancy normally, I must say that the lecture went easy.
If at first I was thinking that this is a nice idea that probably is not applicable, before I reach the last page it got me thinking that this has a tremendous potential to get applied. As I went through the whitepaper, page by page, I felt like they wrote it in such a way that even someone with no tech knowledge would understand the technology use, the examples and the benefits.
It is the first whitepaper that I read and I don't need clarification. And I tell you. It is a pain to reach out using a cold contact form and then wait... and wait for a reply. And more than a half of the ICOs that I contacted never reply.
In the hope that my little review got you interested to invest in this ICO, bellow you will find all the important links to do your own research.
website - https://getbabb.com
whitepaper - https://resources.getbabb.com/whitepapers/en/babb-whitepaper.pdf
blog - https://medium.com/@BABB
twitter - https://twitter.com/getbabb
facebook - https://www.facebook.com/BABB-1939415502939310
linkedin - https://www.linkedin.com/company/18162996
youtube - https://www.youtube.com/channel/UCQtkZd7sfzbEugz7VdFhv4Q/featured
telegram - https://t.me/joinchat/E7lsBw5BqFHVEz1etGm9ww
Update February 6:
Glad to see that my review got so much attention on twitter - https://twitter.com/MindamsterICOs/status/960663192774029317
