AN OVERVIEW
The cryptocurrency industry has grown quite enormously since its inception but it still happens to be in its early stages because it has not gained mainstream adoption, the world still prefers the traditional fiat means of banking because it appears to provide people with ease and it seems easier to transact with when in reality it is not, the traditional banking system have been laced with greed and corruption, as all customers are being ridiculously charged while trying to secure loans or while simply making transaction, not to mention the fact that customer funds are what these banks give out as loans while charging high rate for borrowers and very little interest for the customers whose money they have used.
Having a decentralized banking system is the route we must take, by fully taking away power from this centralized and greedy banking system which has no care for its customers and which have made a means by which the poor get poorer while the wealthy get richer, BITBOSE bank is on the verge of taking hold of the centralized banking system and shifting it into a decentralized platform.
BITBOSE is a blockchain based platform in which one of its purposes is decentralizing the banking industry by providing an adequate and more profound banking system built on the blockchain technology.
CHALLENGES WITH TRADITIONAL BANKING SYSTEM
The following are problems associated with today’s traditional banking system:
- High loan interest rate: collecting loan from a traditional bank isn’t an easy job, and if you eventually do you are given a high rate of interest not to mention the fact that these banks do not give out loans without collateral.
- Low customer interest rate: banks are known to give loans to individuals and companies using other customer funds, and while the interest rate of loan seekers increases, the interest paid to those in which their funds are being borrowed out does not.
- Volatility: banks are trusted to keep customer funds safe, while the banks invest customer deposits through loans and safe assets but sometimes banks have been known to lose their funds in this process.
By decentralizing the banking system, power is taken from the hands of individuals and given to the masses, Bitbose is registered with the UK and adheres to all its financial laws and regulations.
With BITBOSE bank being on the blockchain, it provides a transparent banking system which isn’t controlled by any specific individual and accessible to all audit personnel to allow quick and reliable audibility.
Bitbose lending rates in its platform will be determined by an open market principle which will be achieved by incorporating a universal consensus mechanism determined by various individuals and not by one exalted individual, after the democratic means of decision people are meant to trust the trust-less banking more than the centralized banking of today.
Bitbose bank will be using an ERC20 Token as its central currency which will drive all forms of financial transaction that will be conducted on the platform. When a contributor or individual buys the Bitbose Token, he/she is a becomes a member of the Bitbose bank automatically, the bank will be responsible for giving out loans to eligible candidate and in place of the human who carries out assessment before loans are given out in traditional banks, Bitbose will be using an AI which constantly learns and improve as the loan officer and after assessment loans are given to qualified individuals while qualified industry are meant to give a piece of property as collateral before loan is released to them.
Other features of the Bitbose umbrella will include:
- Bitbose exchange and
- Bitbose smart portfolio
Decentralizing the banking system will be a lot of benefit to everyone and individuals and industries stand a lot to gain from being a part of BITBOSE and this why I see this platform succeeding beyond human imagination. You can be part of this platform via joining its ICO which presently ongoing. You can get lots of information about this project from the links below:
Bitbose website: https://www.bitbose.com/
Whitepaper ANN Thread
Writer: kelvinkent
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=2313436
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