We have repeatedly said that the existing banking system has many shortcomings. Extremely sluggish, expensive, full of bureaucratic delays and selective in terms of customer approval. The last point is particularly evident when it comes to small businesses and individuals who do not have a developed business and large salaries. About a third of the world's population is excluded from communicating with the banking system. This is a larger number of potential customers, and it is logical to assume that someone will fill this niche.
BABB is a blockbuster platform based on smart contracts that provides traditional banking services, such as online payments, loans and deposits. What sets it apart from traditional banking systems is that it is very easy to become an active customer of this system, besides it is very easy to use. To open a bank account, the user does not need to pass security checks and provide identification. All you need to do is upload your photo, and sing some melody, then the system will use this visual and audio information to unmistakably recognize the user the next time you log in.
All operations on the BABB platform are carried out via a mobile application with a simple and user-friendly interface. With this application, the BABB client can make and receive payments, lend and borrow money, organize collection of funds. It is important that the system works directly between individuals. For example, you do not need to consider the proximity of the ATM if you need to cash out money. All you need to do is to find out any BABB user nearby who is ready to give cash in exchange for a money transfer to his account and a small percentage of surcharges. The mechanism of smart contracts, implemented in BABB, makes such operations reliable and safe.
In the same way, the Platform provides individuals with a simple way of lending and borrowing money from each other, without worrying about whether the other party will comply with the terms of the agreement. Smart contracts guarantee that if you lend money to someone, you will eventually return them with interest at the agreed time. The platform also allows you to organize fundraising campaigns for small businesses that have to pay their employees' salaries, create their own automated payroll systems independently from banks, online payment operators and other third parties.
From December 2017 until January 2018, BABB sells tokens. BABB will distribute 1 billion tokens, 60% of which will be sold, and the rest will be distributed between the BABB team, advisers, investors and the Bounty Foundation.
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