BABB , Decentralized Crypto Bank

The microeconomy is fundamentally underserved by the incumbent banking system. Emerging technologies provide the opportunity to create an alternative that addresses perennial problems of the banking system in new ways, including systemic risk, data privacy, financial exclusion and sluggish competition.

Distributed ledger technologies, biometrics and machine learning provide us with the tools to create a new kind of bank, global and decentralised, which can service and empower individuals and businesses around the world in ways that traditional banks simply cannot. Built to operate independently of legacy systems, this new decentralised bank will serve, stimulate and galvanise the microeconomy, while operating in full compliance with regulations around the globe as well as Fair Banking principles .

BABB is the decentralised bank for the microeconomy, providing individuals and businesses with a UK bank account, powered by blockchain technology. The account is managed via a smartphone app and provides access to a decentralised payment card. In addition, partnerships with central banks allow for the integration and issuance of other digital currencies around the world, further stimulating local micro-economies and expanding the reach of the BABB solution and its underlying BAX token.

BABB is already an FCA Authorised Payment Institution (API) and will be applying for a Banking licence in early 2018.

OUR SOLUTION

BABB leverages blockchain, biometrics and machine learning to offer revolutionary decentralised banking services for people across the globe. Regardless of background, location or income, BABB will offer a UK bank account to anyone in the world, helping increase financial inclusion and social integration, while also empowering local economies to generate wealth for themselves.

We will connect people and businesses to a frictionless new global financial system which revolutionises the existing micro-economic ecosystem through advanced technological, social, economical and regulatory capabilities.

Mobile Application

Via the BABB Mobile Application, anyone can quickly create a bank account as easily as “taking a selfie and humming a tune”, with no ID document required to open a basic wallet. Upload one form of ID or get referred by someone who is fully verified in the system to get access to your own basic bank account.

BABB allows businesses and individuals to control their money anywhere, as long as they have an internet connection.

Black Card

The BABB Black Card is a secure payment card that links directly with your BABB bank account via a QR code or NFC. It allows both a debit-like functionality, or it can be issued as a pre-paid card for your friends and family. This approach allowed us to design a simple yet elegant card with no need for a chip and pin.

With the BABB Black Card you will be able to spend your funds within your BABB bank account in shops and in-person (peer-to-peer). Retailers can accept payment using the BABB card by simply downloading the BABB app and scanning the QR code or via NFC. Payment is made instantly into the retailer's bank account and the funds can be used immediately.

The BAX Token

BABB is launching a distributed application platform where FIAT funds are tokenized. These tokenized funds will be used by the BABB APP Bank, partner services, banks worldwide, as well as central banks in developing countries.

The BAX token is used under the hood to operate the services of the platform across all the geographies and jurisdictions served by the platform. A summary of the token details can be found on the table in Appendix IV .

BAX will be implemented on the public Ethereum blockchain as an EIP20/ERC20 token. The Ethereum blockchain is currently the industry standard for issuing custom digital assets and smart contracts, and is compatible with the existing infrastructure of the Ethereum ecosystem, such as development tools, wallets, and exchanges. This active ecosystem and technology make Ethereum a natural fit for BAX.

Here’s an overview of the flow of BAX over the whole ecosystem:

Token Utility

The BAX token is the lifeblood of the platform. All services, fees and licensing of the BABB platform use BAX under-the-hood.

If a user doesn’t hold any BAX to operate on the platform, they can easily purchase the necessary amount from banks in the BABB platform, and also from other users, online exchanges and other 3rd party services.

For instance, the BABB Bank app allows for BAX to be purchased a single step, without impacting user experience and without the need for the user to take extra actions. The BABB Platform adjusts the amount in BAX required for its services depending on the average token price in open markets, which provides a stable price experience for the end user.

It is only natural and healthy that banks may add a small premium over any BAX they sell, which covers their own costs of service. This paves the way for a fair and healthy banking industry, where people pay only for the services they use and remain in control of their own funds and data.

While we are still deciding on the exact structure of costs, we expect platform fees will be tiny (equivalent to cents of a dollar), for actions such as:

● Open a new BABB account (the bank covers this fee)

● Send/receive a transaction

● Exchange currency

For banks and 3rd Party Services operating on the BABB platform, fees also include :

● Licensing fees (eg, monthly cost paid by a bank to operate on BABB)

● Specialized services such as initiating a fundraising campaign

● Request access to a user’s Identity information (a part of which paid to the user)

Details Information :

Website : https://getbabb.com/

Whitepaper : https://getbabb.com/whitepaper

Facebook : https://www.facebook.com/getbabb/

Twitter : https://twitter.com/getbabb