BABB: Bank Account Based Blockchain.
Bitcoin was created by an anonymous figure going by the pseudonym ‘Satoshi Nakamoto’ in 2008. Its purpose was to supplement freedom from the financial crisis and give power to the masses. Upon arrival, bitcoin technology has given leeway to many other innovative and resilient alternatives. However, with its adoption, the movement has become less accessible due to higher fees and more mining requirements. There is also a layer of confusion as people have tried to take advantage of the brand and circumvent to various forks. As bitcoin was initially created to help people manage their own funds, without a third party, it has gained mainstream recognition. These forks are confusing people at the wrong time and can cause potential harm. With every innovation, comes a challenge.
This opens doors for a new opportunity. Imagine an entity that could supplement the micro-economy and unbank the banked. Imagine an entity that would enable even cheaper transactions and aid in helping the majority of people that cannot afford to have a bank account, to now have access to a fully decentralized, financial system. Imagine an entity that encouraged financial empowerment. By targeting the micro-economy, an opportunity is founded to help breathe new life to everyone that was not privileged enough to have an account of their own. This will help the privileged too by opening new doors to P2P networks, making financial management as easy as one click.
Introducing BABB: Bank Account Based Blockchain.
Shaping a mobile-based, decentralised platform on the ethereum blockchain to ease the financial predicament. BABB aims to help everyone have access to a bank account by creating a people powered, decentralised bank account using an application programming interface. This will enable both the centralised and decentralised businesses to grow as they can co-operate and benefit from each other. It will reduce the fear of fees, and ease the online banking journey by bringing smart contracts, DLT and P2P together, to feed the micro-economy.
They are starting a revolutionary journey. A journey that enables us all to grow. Banks, people, SME businesses, you name it. The BABB team aims to bring innovation, design, technology to one place and change the lives of many.
Though BABB will be competing with giants in the industry, they have the vision, intuition and relevant tools to succeed. In my opinion, this is not a product. This is a modern day revolution.
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I am not a financial advisor. This is solely my opinion for educational purposes.