Most if not all financial services providers offer limited transparency. Whilst some may function well, failures due to poor governance and unethical actors have been far too common and arguably inevitable. Why does this happen? Well, only the insiders of a firm truly know what is going on within the organisation and how it operates. Concerns around privacy and security of personal information have been on the rise in recent years. According to a Q2 2021 report by KPMG, 86% of consumers say data privacy is a growing concern.
Furthermore, the costs associated with payment transactions have skyrocketed over the years! According to the World Bank, it costs on average about 6.4% of the total transaction amount. The lack of standardisation in the payments industry across international borders does not only increase costs but it also slows down the process.
One way to solve these concerns would be to create a digital experience that is not only user-friendly but also entirely within the control of the user. So, the big question is: Is there a platform that provides a unique experience that is user centred? Look no further; BAXE is here.
Mission
BAXE is on a quest to “Take Back The Internet” by pioneering the new decentralised, digital economy. It is an integrated communications and peer-to-peer exchange platform, leveraging distributed ledger technology (DLT) and the innovation behind blockchain technology to create a super dApp which is set to usher in a new paradigm of integrated payment systems.
The BAXE App combines banking-level functionality with high-level, sophisticated communications channels. BAXE brings all these features into an easy-to-use space with an accessible interface.
Security, Storage & Governance
BAXE secures and stores data and digital assets via decentralised data vaults. This cutting-edge technology ensures that only authorised users have access to information vaults. This is achieved by three main security protocols:
- Deconstruction; the breaking of data into multiple parts
- Decentralisation; separation of the parts
- Distribution data across multiple locations and single-use encryption keys, changing keys and re-encrypting data for every transaction
Access is given using an advanced set of data algorithms known as derivative keys along with the user’s unique set of biometrics in order to authenticate their identity. The Haventec vault provides a level of protection that will deliver trust and security throughout the entire ecosystem. This includes the storage of identifying documents, digital assets, health records and payment information as well as transaction signing when interacting with the emerging digital economy.
Hence, BAXE’s distributed finance platform will provide secure online data storage through the cloud-based encrypted storage facilities, crypto wallets, insurance offerings and custody services. This provides an added layer of security in addition to the standard KYC protocols in place.
The BAXE Stablecoin & BAXE Market Coin
BAXE aims to facilitate transactions within the ecosystem as well as the external economy at a minimal cost.
The BAXE Stablecoin is the lifeblood of the BAXE in-app ecosystem; built on cutting-edge Hyperledger Besu infrastructure, it facilitates instantaneous transactions in a low-to-no fee environment. Their ERC20 token — the BAXE Market Coin (BMC) — sits outside the ecosystem and complements it, giving holders a share of merchant fees accrued on the app, and fostering an owners’ mentality. The BMC token will be available on both centralised and decentralised exchanges (e.g. Uniswap).
E-Commerce Integration & Marketplace
The integration into Marketplacer, gives BAXE users the power to create their own e-commerce stores within the BAXE ecosystem. This would allow global vendors to interact and transact across the digital economy. Besides that, vendors would be able to take advantage of this integration as they would be able to exchange data from other e-commerce platforms such as Shopify and incorporate it into the BAXE ecosystem. The BAXE e-commerce platform will be highly integrated with the communications layer, enabling seamless transactions between customer and merchant.
The BAXE Stablecoin will be the primary currency of exchange within the ecosystem and will be exchangeable with fiat currency. This is to ensure that anyone, anywhere is able to sell their products and services on the BAXE platform and reap the full benefits of the rapidly growing digital economy.
BAXE’s roadmap is as follows:
Follow this space and give us a clap, or two, if you like the sound of BAXE and want to be at the forefront of the digital economy revolution.
The BAXE Beta app launches February 2022, stay tuned with all our updates here baxe.com!
