Have you known that new age of robo bank has come? This is about it. The release of Ethereum and the main-streaming of cryptocurrencies, there are thousands of cryptocurrencies exceeding US $700b in marketing capitalization. Cryptocurrency’s wide appeal is that it allows users to conduct transactions in an evolving, transparent and rapidly growing payment ecosystem of trading platforms, payment processors, e-wallets, and more, with increasing investment appeal. It is touted for both the speed and the low (or no) cost of transactions. In addition, the public block chain protects users from double payments and chargebacks. There are no token offerings for international micro-financing based on our research analyst of ICObench.com. As of 1st Jan 2018, out of 126 banks, we could only find cryptocurrencies too generic or industry specific like migrant workers’ remittances. We participated in the Humaniq Global Challenge which was set up to unearth projects that were generating useful services, or to provide the ability to generate income remotely for people living in unbanked regions in the world using just a simple smartphone. UnbankedX was one of the winners of Humaniq Global Challenge 2017. Out of 600 ideas submitted ours were chosen to be the best and viable by Humaniq, a leading cryptocurrency company. Their aim is to harness blockchain technology and the rise of smart mobile devices to empower a market of two billion people who currently do not have access to employment and financial services across the world. Almost half the world — over three billion people — live on less than $2.00 a day . At least 80% of humanity lives on less than $10 a day. More than 80 percent of the world’s population lives in countries where income differentials are widening.
Lack of access to banking services and financing
Conventional banking limitations exclude this segment of the market as they are considered not credit worthy and operationally difficult to administer due to remoteness and small clusters that do not justify investment spend in setting up bank offices and employing staff to monitor and manage loans. Whilst we do not seek to replace existing available informal micro-finance arrangements, money lenders and formal enterprises that currently exists in some countries, we do believe that with current progress of technology, UnbankedX(UBX) can be an alternative option
Corruptions
Corruption is found in all countries but evidence shows it harms poor people the most as it stifles economic growth and diverts desperately needed funds from education, healthcare and other public services. In addition, it also reduces foreign investments and this has impact on employment opportunities and economic development. This also deters commercial banks from providing finance to projects and whilst this would be in the remit of multilateral development banks (MDB), these institutions are also cumbersome and unable to finance at micro levels of the economy. From our study, many of the underbanked and unbanked recognise this problem and seek to create opportunities for themselves through some form of self employment or increasing existing capabilities to improve from mere subsistence.
Distribution Cost
One of the limitations of conventional banking is the distribution of proceeds to remote regions which is a costly process. With the availability of mobile transfers, we believe that loans can now be made in faster and more cost effectively.
Limitations of Mobile Money
Mobile money has been an a revolution in the emerging markets by enabling many to have access to financial services such as payments and remittances which were previously difficult to access. It has also helped to increase efficiencies in the speed of payment, access to remote areas and payment security. However, there are still the challenges including limited growth in other financial services provided users. Deficient mobile agent networks, a lack of interoperability Very few mobile money services have reached profitability.
The Team
Grace Wong
Grace Wong has over 15 years of commodity and structured finance experience across arrange of commodities including agricultural, metals and minerals and energy. Grace has worked in relationship management, trade finance and risk management; and undertaken numerous cross border structured financing transactions in Europe, Asia, Africa and Middle East. A large part of her professional career was spent with Standard Chartered Bank, where she held senior positions as Head of Commodity Finance, London; Co-Chair of the Diversity and Inclusion Council, UK/ Europe. Grace started her career in commercial and rural banking with Rabobank Australia and corporate banking at ANZ Banking Group. Grace has an MBA from University of Chicago Booth School of Business; Master of International Law from University of Sydney and is a graduate of the University of Technology, Sydney.
Eugene Lim
Eugene has 20 years digital market and technology experience working for large multinationals. He owns a cryptoinvestment fund and a group of digital startups with clients like Standard Chartered Bank, Yahoo, P&G and many more
Jari Pronod
PhD student in nuclear physics at top German university in Hessen and inventor of Bayerchain
Akel Luis
Venezuelan university student and ethereum blockchain smart contract guru. He works as a firefighter saving lives on his day off.
UnbankedX(UBX)-The Token
Pre-Tokensale participants will be allocated 10% of all tokens issued. Primary Tokensale participants will be allocated 55% of all tokens issued. A part of these tokens will be used as bounties and digital media for marketing purposes. Advisers will receive 5% of all tokens for their insights and contacts to help succeed. The price of tokens will bid from USD 0.06 per token. This will be floated on decentralized exchanges for purchase. In case not all tokens will be sold, the remainder will be distributed during a SCO (secondary coin offering) in the future. HARDCAP for all tokens is 200,000,000. There are no voting rights for tokens. Token holders who are on the team and advisors will escrow 50% of their tokens for 1 year. Transaction revenues will be sent to the smart contract every week to holders of tokens pro-rata This means, that if a holder has 1% of all the outstanding tokens, he will receive 1% of all utility transactions Our aim is to harness blockchain technology and the rise of smart mobile devices to empower a market of two billion people who currently do not have access to employment and financial services across the world. Almost half the world — over three billion people — live on less than $2.00 a day. At least 80% of humanity lives on less than $10 a day. More than 80 percent of the world’s population lives in countries where income differentials are widening.
Official Links for More Details
Official Web:http://buyandsell.io/\
Telegram:https://t.me/storiqa_rus
ANN Bitcointalk: https://bitcointalk.org/index.php?topic=3038733
Twitter: https://twitter.com/unbankedx_ico
AUTHOR
Bitcointalk Username:kalindu
Bitcointalk URL:https://bitcointalk.org/index.php?action=profile;u=1503142
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