BitBose is a project that is expected to revolutionize the banking sector by decentralizing its operations. The project will use Blockchain technology to enable the users to deposit money, take loans in fiat or Cryptocurrencies, buy and sell the virtual assets, and trade smart using algorithmic trading.
Token symbol: BOSE
Type: Utility token
Total tokens available: 300,000,000 BOSE tokens
Soft Cap: $5 million
Hard Cap: $45 million
How BitBose Is Organized
The BitBose platform has three main heads depending on the core functionality. They include BitBose Bank that will deal with deposits and loans, BitBose Exchange that will facilitate trading on the platform, and BitBose Smart Portfolio that will enable access to algorithmic trading. All the three heads are tightly integrated with each other to boost the processing time and enhance user experience.
The Current Banking System
The first banks developed because of the people’s fear to lose their money to thieves and the desire to earn an interest. The banks took the money from those who had more and lend to those who didn’t have enough. In most cases, these banks kept only 10 percent of the deposits as cash and lent out the other 90 percent. To depositors earned an interest on their savings as those who took loans repaid with a higher interest. The bankers earned the difference between the two interests.
By the 18th century, the banks became more important as they became financiers of the governments, a platform for exchanging currencies, and a place to put to use the parked funds. Instead of competing against each other, the banks started working together engaging in activities that swing the markets in their favor. The results of these activities were as witnessed during the 2008 Banking Crisis.
How BitBose Will Address These Challenges
BitBose is promising to address the problems in the current banking sector using Blockchain. The technology will help in introducing transparency,
democracy, and more benefits to the general public. The Blockchain is also crucial in the development of trust-less networks. For instance, when you
want to send money to another country under the current banking system, you must trust the banking channels will transfer your money safely. With Blockchain, however, the transfer involves sending a Cryptocurrency to another person’s wallet address in an anonymous and transparent way.
The use of Blockchain will help in ensuring that the lending rates are determined by free market forces. The introduction of a global currency will help in eliminating the need to convert currencies when doing international trade. Given that there will be control over the bank, no government will force the bank to apply policies outside the bank’s mandate. Bitbose is determined to use an AI (Artificial Intelligence) bot to make human-error free and indiscriminative decisions such as the creditworthiness of a person.
BitBose On Social Media
BitBose has a strong presence in the various social media platforms like Facebook, Telegram, and Twitter. Social media has enabled the project to reach more people. Moreover, it has enhanced the interaction between BitBose and prospective investors and users.
Given the many challenges present in the current banking system, BitBose has high chances of gaining acceptability. The emergence of the internet and e-commerce have helped in fueling international trade meaning that the project will assist people to perform the cross-border transactions faster and more safely.
Username Bitcointalk: ICO Reign