BABB, or Bank Account Based Blockchain, was founded by Rashd Averroes to make banking more accessible to people from all over the world, particularly through the use of smart phones. Currently, the banking system places too many barriers for people in developed and developing countries, leading to about two billion people in the world currently lacking banking services or access to a mobile bank.
The BABB app will be accessible to anyone with a smart phone, which can in turn be downloaded and allows for the easy creation of a banking account. With BABB, users will not have to go through burdensome regulatory hoops that prevent, intentionally or unintentionally, people from getting basic banking services. The only requirements once the app is downloaded are taking a selfie and providing a passphrase for identification. With the ubiquity of smart phones in developed and developing countries, and the possibilities for empowering people financially with the devices already available to them, BABB can be a leader in bringing more financial inclusion globally and increasing the standard of living in developing countries.
The BABB app will allow users to send money to any other BABB user in the world with almost no fees. To send money to another user, the sender must verify his or her identity and confirm the amount to be sent along with the recipient. This capability will disrupt the money transfer industry which currently charges high fees to users, particularly in developing countries. Additionally, users can exchange currencies with other users physically near to them using the app and bypassing traditional money exchanges, allowing for cost savings and extra convenience.
BABB will offer users a Black Card allowing them to spend money in their account for real-world goods and services. Merchants can download the app to be able to accept payment from all BABB users. Customers can then pay for goods or services by scanning a QR code. This will allow businesses to expand their customer base and build relationships with customers, and will be cheaper than using traditional payment processors such as Visa and MasterCard.
The BABB crowdsale will take place from January 15 to February 28, 2018. The main token within the BABB ecosystem to ensure liquidity and to use basic services within the ecosystem is BAX. In total, 50 billion BAX tokens will be created. As an ERC20/EIP20 compliant token, BAX can be stored in popular Ethereum wallets such as Mist and MyEtherWallet. The funds derived from the crowdsale will enable the BABB team to develop and market the platform, rewarding investors along the way.
*I am receiving BABB tokens for the growth of the community.
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