BITEX PROJECT ((ICO 2018))-THE FIRST LOCALLY-EMBEDDED CRYPTO-BANK
Hi! everyone all over the world, as usual ! all of you know’s, I always carry you along with any information about good crypto related projects through my blog.
The advent of the Information Age in the 1970s allowed humanity to progress into a world in which information could flow freely, unhindered by national borders, without the need for intermediaries such as post offices, libraries and universities. We have now entered an age in which not only information, but value can flow freely without the need for trusted intermediaries such as banks, deeds offices and Central Securities Depositories (CSDs). The technology that has enabled this digital peer-to-peer value-transfer revolution is called Distributed Ledger Technology (DLT) or blockchain 1 . Blockchain has captured the banking world’s attention with its promise to improve transaction speeds and significantly reduce back-office processes and costs. However, the true ingenuity of blockchain is the creation of the crypto instrument – one of the most fundamental game changers in banking history.
The birth of the crypto instrument allows us to question some of the basic assumptions of our current banking model and imagine a new system of banking – crypto banking – unfettered by obsolescent constraints. Removing these constraints allows us to envision the emergence of a new form of money (a central bank issued crypto currency), leading to a more stable financial system in which bank runs do not exist and deposit liabilities are anachronistic. This paper aims to provoke deep introspection about our current fractional reserve banking system and the role of central and commercial banks within this system. We hope to contribute to the discourse of practitioners in central banking, commercial banking and the blockchain industry by examining some of the principles of money, value, banking and macroeconomics, and how blockchain may impact some of these principles. We believe that the greatest benefits of blockchain in banking will only be reaped once central banks issue their own currencies onto a blockchain. Such a step will allow other assets to be issued on the same blockchain and permit a plethora of use cases to come to full fruition. Central banks have a critical role to play in unlocking blockchain’s tremendous potential.
In reference with the motion of this article, Today, I will be presenting you a particular undisputed project called: BITEX
WHAT IS BITEX?
BITEX creating a new and approachable financial economy by providing hyper-localized crypto-banking services through a global platform across multiple continents. Development has been ongoing since 2013 and is now being completed. We already have eight franchise licensees and are accepting bids for local franchise operation licenses in countries worldwide.
Bitex wants to ensure that the benefits of the new cryptocurrency-based digital economy can also be felt by those under-served or left out of the current banking system. This is the world’s first localized crypto-bank.
Bitex’s crypto-banking services include: Customer care, user experience and governance that is localized; An ERC-20 compatible digital wallet for securely storing a customer’s cryptocurrency balances on a personal mobile device; The ability for using the mobile wallet with a virtual debit card for payments, exchanges and transfers; Confidential and Proprietary. Bitex Global Co., Ltd., BitX Global Pte. Ltd. 2 Various Point of Sale solutions (both hardware and software based) for merchants to accept payments in their local currency from consumers; Currency exchanges between the G20 fiat currencies and various popular cryptocurrencies; Large-scale business-to-business payments; Personal loans.
Bitex will launch in mid-2018 with a subset of banking services offered to customers in 8 countries (Hong Kong, India, Japan, Korea, Philippines, Singapore, Thailand and the United Arab Emirates), with plans for expanding its reach in the future. Services will be operated by local partners that license the Bitex platform as a franchise and who will register with the financial authorities in their respective countries. By working with local partners, who have a much better understanding of local customers and regulators and making available localized applications and customer support, the Bitex crypto-banking platform becomes the most accessible crypto-banking solution on the market.
A payment infrastructure based on ATMs and mobile card readers is being developed for the Bitex platform that will be installed in over 20,000 locations throughout the world as the services are rolled out. Bitex will also offer APIs to its platform that will allow 3rd party developers to create useful, country-specific features and applications. Bitex is conducting an Initial Coin Offering of its utility token, the Bitex Coin with symbol XBX, to promote the use of the Bitex crypto-banking platform. As described in this White Paper, XBX will be used for access to the services offered by the Bitex platform. After the ICO, the token will be available for purchase from other XBX token holders at Bitex’s exchange as well as other well-known crypto exchanges.
The token to be used by the Bitex crypto-bank is called Bitex Coin, with the symbol XBX. It will conform to the ERC-20 token standard to permit integration with existing wallet and exchange software. The ERC-20 token standard was chosen instead of the more exotic ERC-223 for the following reasons:
● The ERC-20 is well accepted and recognized standard across any existing wallet and is compatible with etherscan explorer, which most popular tool to browse token and smart contracts.
● Our ERC-20 integration is using the safeMath library12, ensuring the strongest security possible, thus avoiding the latest attack13 discovered recently.
● The ERC20 standard is validated by the Ethereum team14 while Vitalik Buterin (Ethereum creator) was not supporting the ERC23 standard15. The Bitex Coin is a utility token that will be used by participants of the Bitex crypto banking platform to pay for service provided by Bitex. XBX can be counted in denominations with up to 18 decimal places.
The ICO is a natural supplementary funding source to further accelerate the development and global adoption of the BITEX PLATFORM
- Token »» XBX
- PreICO Price »» 1 XBX = 0.5 USD
- Price »» 1 XBX = 1 USD
- Bonus »» Available
- Platform »» Ethereum
- Accepting »» ETH, BTC, fiat
- Minimum investment »» 0.1 ETH
- Soft cap »» 1,000,000 XBX
- Country »» Singapore
- Whitelist/KYC »» KYC & Whitelist
Thanks to Blockchain Technology and Bitex Platform for introducing better and incomparable ideas in the Crypto World
For more information about this project, please! follow the links bellow » » »
BOUNTY TREAD: https://bitcointalk.org/index.php?topic=4328485.0
My BitcoinTalk Profile(Hashirama): https://bitcointalk.org/index.php?action=profile;u=2219456