$ 0.001 -0.47%
BABB (BAX) Rank 757
| Mkt.Cap | $ 41.34 M | Volume 24H | 529.23 MBAX |
| Market share | 0% | Total Supply | 50 BBAX |
| Proof type | N/A | Open | $ 0.0006 |
| Low | $ 0.0006 | High | $ 0.0007 |
BABB App Progress Update #1
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One potentially lucrative use of the BABB app would be to transfer money anywhere in the world. The term remittance refers to the money that individuals transfer to friends and family in other countries. This information is shared with social media services, sponsorship, analytics and other third-party service providers. BABB is building a decentralised banking platform and aims to provide peer-to-peer banking services designed for the global microeconomy. With $18 million backing for software development, it is now raising funds to meet the capital requirement to become a licensed bank in the UK and/or EU.
Nobody knows if BABB would be legal because it would need permission from the government and central bank in every country it operated in. BABB would need approval from other authorities such as the Federal Deposit Insurance Corporation (FDIC) in the United States as well. This means BABB is trying to create a cryptocurrency which would be legal tender and government-backing. That is potentially a trillion dollar idea because it might form the basis of a global market of hundreds of millions of people.
Another for BABB would be to give people who live in places like Sub-Saharan Africa and regular cross borders the ability to use several fiat currencies at once. A Kenyan truck driver would be able to use BABB to pay for diesel fuel in Uganda for example. Tourists would no longer need travelers’ checks or moneychangers because they would use BABB. One obvious hope for BABB is that central banks in developing countries will adopt its technology as an alternative to paper money.
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The digital identity would form the basis of the bank account and serve as a Know Your Customer (KYC) solution. QR code apps like WeChat Pay and Alipay communicate with registers by scanning a code through a phone’s camera.
BABB’s cryptocurrencies would be cheaper and easy to distribute than paper. The hope here is to get around bans on cryptocurrencies like the one imposed by the Reserve Bank of India. BABB seems well positioned to cash in on the large portion of the remittance market transfers to developing nations. Immigrants in developed countries sent $450 billion in remittances to folks back home in places like Africa and Latin America in 2017. Access to the account would be determined by biometrics such as face scans which would create a digital identity.
- BABB would need approval from other authorities such as the Federal Deposit Insurance Corporation (FDIC) in the United States as well.
- Similar products like TenX’s Visa were shut down after Visa pulled the plug on them.
- One obvious hope for BABB is that centralbanks in developing countries will adopt its technology as an alternative topaper money.
- BABB is building a decentralised banking platform and aims to provide peer-to-peer banking services designed for the global microeconomy.
- This means BABB is trying to create a cryptocurrency which would be legal tender and government-backing.
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BABB aims to deliver accessible, secure, convenient and cost-effective decentralized banking services designed to empower the global microeconomy. That product is still on the drawing board, and it has no backing from Visa or MasterCard which it would need to access the payment system. Similar products like TenX’s Visa were shut down after Visa pulled the plug on them.
The BABB Token Would Be Incredibly Disruptive Is It A Good Investment?
Other uses for BABB would be to offer banking services to people in developing countries some of whom might live hundreds of miles from the nearest brick and mortar bank. A big advantage to BABB would be to give central banks more control over the money supply. Another would be to give people in developing countries direct access to stable currency, something that many of them lack. With current apps like Venmo and Google Pay, a person can make payments, or send cash to friends.
NFC solutions like Apple Pay and Google Pay send a wireless signal to registers or ATMs. BABB is designed to do both and covert cryptocurrency into fiat currencies. One obvious hope for BABB is that centralbanks in developing countries will adopt its technology as an alternative topaper money. To achieve that BABB is building an app that can be best described as “Apple Pay on steroids.”.
BABB would let you open an account and utilize any sort of banking service through its App. Use this wiki (maintained by Digi-Key’s Applications Engineers) to share knowledge and learn about products, resources, projects, tools, technologies, and more.
