BABB’s primary focus is on central bank issued digital currencies. This means that central banks are able to use BABB’s technology in order to operate the network on a domestic level, even if their users are funding their accounts from across the globe. It takes the complexity of the digital currency network and funnels it into one that is local and far more manageable.
Notably, BABB claims that it is through this process it is able to replicate the positives of using digital currency while negating the negatives, namely the fact that prices for digital currencies are in a constant state of flux. BABB stays in line with the national currency rate of the user, which means that there is a greater chance for economic stability while using it.
BABB offers a number of different products, based on the needs of the user.
The Black Card provides an ingenious solution to the use of digital currency in a world that is not quite ready to accept it. Much like any other payment card, it allows a purchase to be made. The difference is that the card is linked to a BABB bank account via the use of a QR code or NFC tag and can be used as both a debit card or can be used as a pre-paid card.
Essentially, BABB has narrowed its sights on the challenge of digital currency – the ability to use it for everyday items. Merchants are able to accept the BABB card using the app or scanning the QR code or via NFC. Payment is then released immediately.
Because there are so many people in the world who are unable to access card services, BABB acts as a solution for this problem. There is a large amount of cost associated with retailers accepting traditional bank funded cards for payments. Because it is digital currency, the BABB system is able to sidestep these issues. It allows for transactions to cost less than using conventional methods, and provides everyone access to a bank account and card to be used for services.
Most notably, no personal information is stored on the card. That means if a user loses the card, it can be quickly and efficiently disconnected from a bank account. This prevents the opportunity for it to be used in a nefarious manner. All of this is done via a smartphone. New cards can be purchased in stores and online retailers with next day delivery.
BABB hopes to remove any barriers that an individual might have to access a fully functional bank account. It has created a system that is efficient and streamlined that uses biometrics and digital identity technology.
BABB will host its first token sale soon. The BAX is the token that fuels the BABB platform. BAX can be used to pay for services within the platform, and can be used in third-party exchanges, crowdsourcing or cross currency exchanges. The sale price will be fixed two days before the token sale begins, though that date is still to be decided. Currently, the hard cap projection is a firm twenty million.
BAAB plans to sell 60% of its tokens during the public sale, with its core team purchasing 20 percent. Its expectation is that it provides 20 billion in 2018 and an additional 10 billion in 2019. Interested individuals can help spread the word about BABB and receive BAX tokens as compensation. BABB has set aside two percent of all tokens available for this use.
The BABB Verdict
Because BABB has proposed a structure of centralization, it’s reasonable to assume that legislation and lawmakers will find it more readily compliant with existing financial regulations.
Unlike some of the other shadier digital currencies, BABB seems to want to appear quite transparent. It allows users to vouch for others and begin the onboarding process into the platform. This is a refreshing change for an industry that seems intent on keeping itself shrouded in mystery.
Token Sale: 6 Feb – 6 Mar
- Ticker: BAX
- Token type: ERC20
- ICO Token Price: 1 BAX = 0.0012 USD
- Fundraising Goal: 20,000,000 USD
- Sold on pre-sale: 10,000,000 USD
- Total Tokens: 50,000,000,000
- Available for Token Sale: 60%
- Whitelist: Yes (period isn’t set, JOIN )
- Know Your Customer (KYC): Yes
- Min/Max Personal Cap: 0.2 ETH/ $1K (via Wire Transfer*) / Max 8 ETH for the first 24 hours
- Token Issue: Within 15 days of the main token sale closing
- Accepts: ETH, USD
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