Polybius Bank — the biggest story of the year in the cryptocurrency realm
As pompous as this headline may sound, I really do consider that this project is an unprecedented step forward, on par with PayPal in its heyday. And now, let me tell you why. Although the cryptocurrency economy of the new world is growing rapidly, the old (traditional) financial world still looks down their conservative and skeptical noses at us. There are good reasons behind this. So far, cryptocurrencies have not succeeded in building a “closed loop” economy, and they desperately need to become interfaced with the the fiat (money) supply. The amount of which is constantly increasing, while its flow is still controlled by financial regulators and the banks.
One fine day, the financial behemoths of the old world, at will, can simply block the current accounts of any cryptocurrency project. The latest and most vivid example is the Wells Fargo Bank, providing services to the Bitfinex exchange, which blocked its USD accounts. About a month before that, the same financial voluntarist refused to transfer money to any Russian bank, having put these, if the exchange’s support service is to be believed, on its own blacklist. That’s what I want, period! Smaller and local events are occurring on a regular basis in Poland, England, and Australia. This is a problem of a global character. No matter how important and big your project bay be, it can slip down to the brink of catastrophe, back-stabbed by a “most reliable and renowned bank”.
And so, if you cannot trust the external banks, naturally, you must establish your own!
Needless to say, this is going to be a daunting task. Not from technical side, where everything is in place, and arguably even better than at traditional banks and “2.0 banks”. It is the legal side, that will require tremendous legal efforts. A close-knit team of financiers, bankers, legal professionals and representatives of European regulators have been developing the Polybius project for the past year. This is a project of the utmost importance. It is critically important to find a comprehensive legal rationale for its establishment, set up an operational framework for it, and outline the functionality of the first authentic cryptocurrency bank. And we have found such a solution.
Let us now speak of the consequences, and the reason why I think this project is so grandiose. As soon as a vibrant cryptocurrency economy is backed by an authentic bank, the costs for the conversion of cryptocurrency into fiat currency, and vice versa, will be dramatically reduced. Polybius will work as a harbor, a hub that is ready to serve anyone, ranging from small start-ups and exchange offices, to major stock exchanges and pools. The epoch of nonsensical percentages, which currently range from 5 to 10% each way, will fade away. The volume of cryptocurrency-fiat currency exchanges will rise exponentially, and the exchange itself will become user-friendly and accessible, not only to the connoisseurs, but also to many ordinary users. This means thst Polybius, as the first absolutely legitimate bank working in the cryptocurrency realm, will make a killing. It will become an analog of PayPal, but four times as great.
A glimpse into the technical side of the project:
Polybius Bank is a new-dimension of the banking system, using state-of-the-art technologies, including blockchain and specialized artificial intelligence (AI). The idea of creating a modern, universal bank for everyone was devised by HashCoins.
Functionality offered by the first cryptocurrency bank.
One of the tasks that the creators of this project set for themselves was to reduce bank maintenance expenses, by using the latest cutting-edge technologies.
Polybius financial services will be fully integrated with international systems, and thus provide all the necessary services in international settlements, all over the world. The bank will be built based on the principles of API transparency, and will use innovations and services that have been proven effective in the payment and data processing industry. This is a bona fide revolution in the banking industry.
Emercoin’s contribution to the development of the cryptocurrency bank.
The Emercoin blockchain will be tightly integrated into the bank’s IT structure. It will host the document flow of the first cryptocurrency bank. Emercoin blockchain NVS technology will be at the core of the document flow. This technology makes it possible to record any data, up to 20 Kbytes in volume. These records have some essential properties, such as: uniqueness and the ability to be transferred and clearly identified.
The Emercoin blockchain will be storing all vital bank documents that may be of public interest and legal value. European countries do not prohibit the use of blockchain in financial institutions, provided that an auditor confirms its operational security.
On top of that, the Emer SSL and Emer SSH technologies will be widely used. The former will help to greatly enhance the security of client accounts, while the latter will tackle the issue of security and scaling of the bank’s infrastructure worldwide.
Polybius Bank ICO.
The bank’s crowd-funding campaign (ICO) was launched on May 31. The token-shares of Polybius, which at the same time are smart contracts, will be available for sale in the next five weeks.
A Polybius token, meaning a share in the Polybius blockchain, entitles its owner to participate in the company’s profits. All token holders have dividend entitlements commensurate with the shares they own, with 20％ of the company’s annual profits being distributed among all the tokens sold during the ICO.
This project has attracted the attention of more than ten thousand people from every corner of the world. The minimum planned amount of funding was already raised within less than 24 hours after the ICO launch. In just the first two days of the fundraising, a sum of USD 6,000,000 was raised, which means that Polybius can now be registered as a bank. So far, in just one week, investments into the project have reached a total of USD 12 million, which clearly suggests that this is going to be a “full package” project (DigiPass, Blockchain, Big Data, AI, etc.)
Register at polybius.io to become a member of the Polybius ICO. Tokens can be bought using Emercoin, Bitcoin, Dash, Ethereum, as well as euros or US dollars. Join the ICO right now, and get a 15% bonus.