BANKEX Proof-of-Asset Protocol: Financial Market Evolution 173

There are two Protocols that are widely used today: Proof-of-Work and Proof-of-Stake, – they are perfect for cryptocurrencies. However, with the growing demand in facilitating asset liquid and yet avoiding long and tiring procedures of traditional stock market compliance and regulations a new approach has paved its way BANKEX was proud to present their Proof – of – Asset protocol. This technology enables information to be passed on in real time directly into the blockchain.

What is BANKEX Proof – of – Asset protocol

By harnessing and exploiting the technologies of Internet of Things (IoT) and Artificial Intelligence (AI) BANKEX is building its Internet of Assets (IoA) on the foundation of Bank-as-a-Service (BaaS). The BANKEX team is aimed at delivering a Proof – of – Asset (PoA) protocol that will be considered an industry standard for the creation of new decentralized capital markets in multiple business niches.

BANKEX PoA protocol will be available for third-party fintech providers, such as – AI and IoT labs, traditional financial institutions and most importantly a wide variety of asset owners.

BANKEX technology is changing the way ordinary transactions are carried out by making them clearer, faster and much more reliable.

Asset Tokenization

Tokenization is the process of protecting sensitive data by replacing it with an algorithmically generated number called a token, much like a website domain is a representation of an IP address on the internet a token is a representation of information on the blockchain.  By processing this information BANKEX PoA can perform actions that would usually require a third party for verification, such as payments. In laymen terms – tokenization of assets is basically the process of passing on the rights to an asset into the blockchain and making it globally available. Our tokens carry both functions: utility and security, while serving as a gateway to our platform they are also backed with the real world assets.

Currently, financial markets are faced with several problems that lead to lower liquidity of assets, here are just a few that BANKEX attempts to eliminate:

  • Numerous asset owners – this creates basic communication hurdles, making it harder to reach common ground.
  • High dispersion of an asset – this results in a blurred understanding of cash flow, that is generated by every single asset.
  • Long period to launch projects and to achieve desirable liquidity.
  • Inability to enter the financial market and attract sufficient investments for non-public companies.
  • The complicated process of tracking the lifecycle of an asset up to the generation of cash flow.
  • High legal and accounting expenditures in terms of transferring of assets when early investors want to sell their assets at peak profitability.
  • Complexity of withdrawal of assets if the terms of the contract are not fulfilled.

    • In order to tokenize an asset, the company needs to ensure that said asset generates cash flow.

    How it works

    BANKEX serves as an ecosystem that unites Bank – as – Service, PoA protocol, and blockchain technologies.

    Bank – as – service is a model, that enables offering of fintech services without creating brick and mortar financial institutions. By using APIs and technological processes it delivers the ability to create new financial products for various business niches. Currently FinTech is going through a stage of rapid evolution. Using a BaaS model will help FinTech companies and businesses expand their potential. Decentralization, that is available in blockchain, and smart contracts can solve the problem of lost trust, associated with modern banks.

    In general, 3 entities are involved in the process:

  • Originator – the owner of an asset.
  • Supplier – the purchaser of the tokenized asset, i.e investor.
  • Product owner – the company that creates different fintech products providing its technology for tokenization, e.g.BANKEX.

    • Everybody wins: originators are empowered with new business opportunities, suppliers increase their investment portfolio, and product owners benefit from supporting transactions between originators and suppliers.

    The Process can be broken up into 4 stages:

    1.     Digitizationall available information regarding the asset is collected and verified by BANKEX before it is entered into the Smart Contract; at this stage all the legal and accounting issues are addressed, analyzed and if required, resolved.2.                 TokenizationStep 1 – The gathered information is placed into an Ethereum Smart Contract.

    Step 2 – The Ethereum Smart Contract is transformed into a Smart Asset. During this step BANKEX provides escrow services. A token is formed.3.     Asset tradingStep  3 – The newly created token goes to market. The token has to comply with a set of trading rules in order to be placed on the market, it, therefore, passes a set of filters vital for verification.

    Step 4 – Here we adjust the ask price to the offer. The smart contract is put on the BANKEX market.4.                 Dealing.During this step, it is important to make sure that the Token is guaranteed to be delivered to the supplier (investor). This is guaranteed by Proof of Mining. The result of this stage is that the product token is successfully delivered to the supplier (investor) and stored in his wallet, in turn the BANKEX token is delivered to the originator (asset owner).

     

    Use Cases

    The Proof – of – Asset protocol technology can be applied to various business niches all over the globe.

    Let’s review a few possible applications. Target assets – assets with capitalisation more than $100 million.

     

    Case 1Case 2Case 3SectorReal estateNon-Profit: drinking water for Africa and IndiaRetail franchise networkCountryHong KongAfrica, India, Russia, USUS and RussiaClientInternational bankFilter producerRetail chainAssetCommercial real estate and residential housingFrozen drinking waterThe stores’ cash flowToken economySquare meters of future apartment are used to back up tokens. Token price is stable. Project is on the go while apartments are being built.

    (1 sq.m. = 10 tokens, One 100 sq. m.  apartment =1K tokens)Charity donors are to buy water tokens

    (1 token=1 liter of drinking water)The tokens are backed by revenue that is generated by royalties from franchises Tokens can be used to purchase products in the chain.

    (1 token = 1 product)Business caseInvestors are given a liquid asset after the future real estate is tokenized.In order to facilitate both the donation and donation tracking process. After the water tokens are purchased donors can track their journey to the end consumer.To finance expansion i.e. new stores. Token owners can buy products in the retail chain as well as take part in the company decision making process.

     

    BANKEX is supported by 10 banks, top technological companies, including the Microsoft Corporation.  BANKEX is ranked in Top 50 fintech startups of the world.

    BANKEX technology is claimed to be successful by members of the blockchain community. During the open presale, $10 million was raised, while the amount of $1,5 million was reached at the pre-ICO stage.

    Further information on BANKEX is available at:

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    ETH Riyadh 2023: Exploring the Future of the Web3 Ecosystem 5237

    On October 11th, 2023, ETH Riyadh 2023, presented by Tharawat Technology, Studio 23, ChainIDE, Coffee with Crypto, and Mask, is poised to assemble developers, innovators, and the global blockchain community in a dynamic exchange of ideas and technological advancements. Riyadh is once again primed to assert itself as a global epicenter for blockchain innovation with the imminent arrival of the ETH Riyadh 2023 conference.

    Riyadh represents a burgeoning center for digital innovation, with a growing tech-savvy community and an environment conducive to the adoption of emerging technologies. The strategic location in the heart of the Middle East makes Riyadh an ideal meeting point for blockchain enthusiasts from diverse regions, fostering international collaboration and innovation.

    EthRiyadh 2023 is a series of hybrid events, hosted both online and offline, featuring three distinct stages. It kicks off with the META to Global Web3 Builder Competition, taking place from September 18th to October 12th. This competition will feature multiple tracks focusing on the latest innovations in the web3 industry and blockchain technology, encouraging developers and innovators to showcase their skills and creativity.

    Following with the Builder Conference that Scheduled for October 11th. This part of the event promises captivating talks and panel discussions led by leaders and visionaries in the blockchain field. Attendees will have the opportunity to gain valuable insights into emerging trends and groundbreaking technologies that are shaping the future of web3 and Ethereum.

    The event culminates with the online Builder Mixer, taking place on October 12th. This is a unique opportunity for participants to connect with a vibrant community of builders, fostering growth and mutual success. Attendees can share stories about their experiences in building and forging meaningful connections that may lead to future achievements in the blockchain industry.

    For more information about ETH Riyadh 2023, including registration details and agenda updates, please visit [www.ethriyadh.com].

    Solar Dex to relaunch on Quai Network 5928

    While many solutions for blockchain scalability have been proposed, they remain unable to crack the blockchain trilemma, sacrificing security and decentralization. Quai is the first blockchain protocol that is simultaneously decentralized, censorship resistant and infinitely scalable. Quai, in contrast to traditional cryptocurrencies, functions as a network of many interoperable blockchains braided together. Due to a breakthrough discovery that occurred during research on proof-of-work, Quai Network utilizes a new consensus mechanism, proof of entropy minima (PoEM), which eliminates all consensus-based forks and enables all Quai nodes to remain in “perpetual consensus.”

    Solar Dex began as the first United States-based decentralized exchange on Solana, and will now be pivoting to build on Quai as one of its first DEXs. Due to a loss of TVL on Solana and many Solana-based projects moving strictly to NFTs, the Solar team has decided to get ahead of the DeFi curve and take advantage of Quai’s low-cost, high-speed decentralized network in order to better position Solar Dex for the next bull run. The team at Solar is building on top of Quai Network to “ensure a more sustainable future for Solar Dex.”

    Roy Fardin, chief business officer, said: “After talking to the Quai Network team, we have never been more bullish about a layer 1 with scalability and its passion for growth. It was a clear eye-opener that they care about DeFi and want other projects that utilize this network to succeed. The vision behind Quai brings the best of Ethereum and Solana all together into this new network.”

    Solar Dex will be reworking the DEX into several components as it builds on Quai. The DEX will not only support traditional swaps, but also add in customizable swap themes. In addition, Solar Dex’s Solar Sentries NFTs will allow staking as a yield opportunity derived by all exchange fees earned from Sentry Mode projects.

    Richard, CEO of Solar Dex, said: “On top of traditional DEX swaps, Solar Dex will be adding limit orders on Quai. “We’re doing a total revamp of the website and DEX which should be very aesthetically pleasing and simplistic to onboard new users to DeFi and also Quai.”

    With Quai’s Iron Age Testnet beginning in September 2023, Solar Dex will be prioritizing its deployment on Quai for the coming months. There will be incentives to beta-test Solar DEX on Quai and additional generalized rewards will be provided by Quai for participating in the Iron Age Testnet. On top of this, the Solar team will be adding a surprise feature to the DEX to build excitement for Quai’s testnet launch, as well as utilizing its incentive program to reward holders.

    With backing from Polychain Capital and an expert team with backgrounds at Apple, GridPlus, Tesla, Consensys, Circle and more, Quai is excited to usher in a new generation of innovative applications that don’t sacrifice decentralization.

    Uranium3o8 tokenizes uranium to democratize commodity access and ownership 6093

    Sanmiguel Capital Investment (Bahamas) Ltd., a financial advisory firm assisting in the tokenization of real world assets, announced today Uranium3o8 ($U), a token physically-backed by uranium. This is the first such token to enable the purchase of uranium and represents a significant step forward in the movement to better secure supplies of the valuable commodity.

    As the world continues to shift towards clean energy sources, experts believe that nuclear power is “a firm generation bedrock to underpin more intermittent solar and wind” and that “it would be a big stretch for renewables to fill all of the gap” left when fossil fuel plants eventually go offline. To that point, there are currently 60 nuclear reactors under construction around the world, and many countries including Switzerland, Spain, and Japan are working to increase capacity at currently operating reactors; while the UK parliament has urged officials to triple nuclear capacity by 2050.

    Uranium3o8 is now possible due to the support of Madison Metals Inc., a leading mining firm with several decades of experience extracting resources from the earth. Each $U token is physically backed by one pound of uranium through a forward sales agreement between Madison and Sanmiguel Capital Investment. The aim is to meet the rising demand by simplifying access to uranium price movements for individuals and providing utilities with transparent pricing and traceability from mine to plant.

    “Our goal is to democratize ownership of this vitally important resource,” said Ryan Gorman, head of strategy at Uranium3o8. “Utilities are seeking easier ways to obtain uranium, and individuals are starting to view it as an emerging asset class worth inclusion in their portfolios; and to enable mining firms to better finance operations for extracting previously illiquid resources from the earth.”

    Historically, in order to buy uranium, utilities have had to negotiate prices over-the-counter and go through a number of logistical hurdles and middlemen that added layers of cost and uncertainty to the process, as it relates to reliable pricing of the product because no real spot market for it actually exists. By tokenizing uranium and tying each token to one pound of Uranium 3o8, an element found naturally in the earth that needs to be enriched in order to be used in reactors, the Uranium3o8 team aims to create a transparent, 24/7 spot market for the commodity – in the process creating a new liquid asset that can also be invested in by individuals and institutions around the world.

    “Uranium3o8 is the beginning of a new chapter for uranium, and for our firm,” said Madison Metals CEO Duane Parnham. “Tokenization is the next great advancement in the mining industry, and we’re excited to be part of this charge.”

    Token holders must meet strict regulatory requirements in order to take physical delivery of the uranium. The recipient must hold a minimum of 20,000 $U tokens (representing 20,000 pounds of uranium) and be able to prove to Madison Metals that they are qualified under local laws and regulations to receive it. Subject to legal requirements, physical delivery is handled by Madison Metals. Once the actual delivery is complete, the tokens tied to the delivered uranium are burned. The Uranium3o8 team is responsible only for the issuance and administration of the token.

    The uranium backing the $U tokens is being supplied from a Madison’s in the ground resources in Namibia, with an initial amount of 20,000,000 pounds pledged to the project.

    Madison Metals Inc. is an innovative upstream mining development company focused on sustainable uranium production within a world-class jurisdiction.

    Holding majority interests in advanced tier-one uranium exploration and development projects in Namibia, Madison Metals’ innovative monetization strategy aims to provide non-dilutive capital to the company, enhancing shareholder value.

    With over 50 years of mining experience, 22 of those in Namibia, the company’s management team has geological and financial expertise, and a history of creating value through exceptional business plan executions.

    Disclaimer: Sanmiguel Capital Investments Ltd. does not provide legal, tax, or investment advice. Holdings of digital assets, including the Uranium3o8 Token ($U), is speculative and involve a substantial degree of risk, including the risk of complete loss. There can be no assurance that $U will be viable, liquid, or solvent. No Uranium3o8 communication is intended to imply that $U or any digital asset services are low-risk or risk-free. Redemptions of uranium must meet strict regulatory requirements and are at the sole discretion of our resource partner, Madison Metals. Uranium3o8 makes no representations, nor could it, regarding a $U holders’ ability to redeem the token for uranium. $U is not registered under U.S. securities laws, U.S. derivatives laws, or the securities and derivatives laws of any other jurisdiction. This press release is not an offer to buy or sell securities under any jurisdiction. $U is not available for U.S. persons, entities with U.S. parent companies, entities with U.S. subsidiaries, or persons from other prohibited jurisdictions.

    About Uranium3o8

    Uranium3o8 was launched by traditional financial industry and blockchain veterans with a vision to make navigating the global uranium market seamless and straightforward through transparent, secure transactions and physical delivery for qualified institutions. Our goal is to enable sovereign uranium ownership, and to provide supply security to clean energy generators around the world. We’re bringing the future of uranium access today.

    To learn more about Uranium3o8, please visit:
    Website: https://u3o8.io/
    X: https://twitter.com/Uranium3o8
    Telegram: https://t.me/Uranium3o8

    About Madison Metals

    Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.

    Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR profile at www.sedar.com.

    Web3 Social Platform “Cardano Spot” Unveils New Features to Empower Cardano Enthusiasts 6380

    0IMG 0811

    First all-in-one social media platform for everything Cardano, Cardano Spot, has unveiled a series of innovative features. The platform, founded and developed with direct input from the Cardano community, aims to address fragmentation within the Cardano ecosystem, provide a 360-view, and foster enhanced community interaction.

    Desktop Project Library

    Latest Enhancements for a More Robust Experience

    Cardano Spot has launched its latest features to facilitate the expansion of native Cardano projects and their communities.

    Open Access. In its upgraded version you can now access both News Feed and Project Library without being required to sign in.

    Multilingual News Feed. Additionally, Cardano Spot provides access to a diverse multilingual News Feed, featuring content from Portuguese, Vietnamese, and Indian community members.

    Desktop News List

    Simplified Registration. The platform now also provides a number of alternative ways for registration, including Twitter, TikTok, and GitHub accounts.

    Explore Page. Offers a better user experience through a simple curated view on the latest information about the Cardano ecosystem.

    Refer-a-Friend. The newly launched “Refer a Friend” feature enables users to invite friends through a personalized referral link.

    A peek into other features:

    • Community Hub: A customized homepage tailored to individual user interests, empowering content creation, user connections, and discovering like-minded communities.
    • News Feed: A source for the latest Cardano ecosystem news, offering educational content, articles, and videos to expand knowledge horizons.
    • Project Library: A comprehensive repository spotlighting projects built on the Cardano Blockchain, complete with explanations, whitepapers, introductory videos, and essential links for personal research.
    • Events Calendar: A consolidated calendar showcasing Cardano-related events, including webinars, discussions, product launches, and more.
    • Market Status: Real-time insights into native token prices, market trends, and tokenomics.

    Desktop Events

    Sebastian Zilliacus, Managing Director at EMURGO, explained, “Cardano Spot aims to provide trust, transparency, and accurate information about the Cardano ecosystem. We partner with native Cardano projects to achieve this objective.”

    About Cardano Spot

    Cardano Spot is the first product from EMURGO Media. This Cardano enthusiasts-focused social network serves end-to-end information for the Cardano community. It provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.

    For more information, please visit: https://bit.ly/CardanoSpotWeb3Platform.

    Talos Debuts Crypto Options Trading With Deribit Partnership 6560

    Talos, the premier provider of institutional digital asset trading technology, announced the launch of options trading on its flagship trading platform, in partnership with crypto derivatives exchange Deribit as its first liquidity venue accessible at launch. The integration between Talos and Deribit allows institutional traders in select jurisdictions to access the exchange’s industry-leading options liquidity through a new Talos interface designed for institutional options traders.

    Deribit is the world’s largest digital asset options market. It offers institutional-grade exchange infrastructure, including a high-capacity matching engine, advanced risk management, and deep liquidity. By delivering Deribit’s robust and reliable liquidity to Talos clients, the partnership will help lower the barriers to institutions looking to gain exposure to digital assets.

    “At Deribit, our goal is to expand investor access to crypto options trading in a secure, accessible and intuitive manner,” said Luuk Strijers, CCO at Deribit. “Like Talos, we have earned a premier reputation among institutions for our full suite of advanced professional trading services and superior system architecture. We look forward to working together with Talos to shape institutional adoption of crypto.”

    “We are thrilled to join forces with Deribit to offer high-performance crypto options trading to our diverse range of institutional clients,” said Anton Katz, CEO and Co-Founder of Talos. “Options are an important instrument for institutions to access and manage their exposure to digital assets. As the industry’s premier crypto derivatives exchange, Deribit is the perfect partner to launch options trading for our clients.”

    The launch of options trading on the Talos platform expands upon existing capabilities, providing clients with a single interface to manage their entire crypto portfolio including spot, futures, perpetuals and options. The new options trading interface was designed from the ground-up in a format familiar to professional options traders. Advanced execution tools initially include limit and pegged orders as well as an Iceberg algo to help clients trade with precision and efficiency.

    “With the full Deribit options chain now at their fingertips, Talos clients can unlock a myriad of strategic possibilities, allowing them to effectively manage risk, enhance portfolio diversification, and capitalize on the immense potential of crypto,” said Neelabh Dixit, Commercial Product Manager, Derivatives at Talos. “We look forward to evolving the product in partnership with our early adopter clients.”

    About Talos

    Talos provides an institutional-grade technology infrastructure that supports the full lifecycle of digital assets trading and procurement including liquidity sourcing, price discovery, trade execution, settlement, lending, and borrowing. Engineered by a team with unmatched experience building institutional trading systems, the Talos platform connects the diverse group of participants involved in today’s crypto-asset market structure – institutional investors, prime brokers, exchanges, OTC desks, lenders, and custodians – through a single point of entry. This streamlines the entire trading process, eliminates unnecessary intermediary risk, and provides institutions a clear path to best execution. For additional information, visit www.talos.com.

    About Deribit

    Deribit is a leading crypto futures and options trading platform based in Panama City, Panama. Deribit’s state of the art system architecture ensures the fastest performance in the market, making it the first choice for algorithmic and HF traders. Deribit was the first to launch European style cash-settled options on BTC and ETH, and have pioneered functionalities like multi-instrument block trade, market maker protection, and portfolio margin for crypto derivatives. Furthermore, Deribit remains the market leader in crypto options and continues to set the standard for the rest of the industry.

    WOOFi Pro omnichain DEX coming to EVM mainnets featuring crypto and tradfi assets 6582

    TOKEN 2049 – WOOFi, a top 15 decentralized exchange platform by 24-hour trading volume, announced a strategic transition from the NEAR Protocol to Ethereum Virtual Machine (EVM) compatible networks for building version 2.0 of its omnichain DEX.

    In a statement, WOO Founder and CEO Jack Tan noted that the transition signals a stronger CeFi and DeFi offering from WOO, predicting that the next bull run will be a smooth flow between the two crypto exchange worlds. WOOFi aims to integrate all major chains, concentrating liquidity, and building a collaborative ecosystem. WOOFi Pro users can trade on their preferred applications and blockchain networks, promoting a diverse and user-driven ecosystem. A trader for example, on Arbitrum would be able to trade against traders on other chains like Polygon or Optimism, without leaving Arbitrum.

    CEX on steroids

    Leveraging engineering capabilities rooted in years of developing trading products, WOOFi Pro will offer a user-friendly mobile interface, enabling traders to execute transactions on the go. WOO X, a centralized exchange, is an established platform with $150-$500 million in daily trading volume that has pioneered a number of industry firsts including a live transparency dashboard with a mission to maintain the trust of its growing community of professional traders. WOOFi Pro will feature gasless orderbook trading, eliminating transaction fees, and making trading more accessible for users without the need for Know Your Customer (KYC) verification. Users have full control over their funds with self-custody, removing reliance on third-party custodians.

    Institutional-grade, omnichain order book trading for crypto and tradfi assets

    WOOFi Pro will seamlessly integrate Orderly Network’s institutional-grade order books, providing users with a robust and readily available source of liquidity. Orderly Network is a decentralized liquidity network, backed by Pantera, Dragonfly Capital, and Sequoia Capital China, that connects permissionless orderbooks with top market makers.

    “The combination of WOO X and WOOFi provides users with a fully-featured off-chain or on-chain orderbook trading system. This comes as we’ve observed a growing subset of traders that demand access to both traditional investments and cryptocurrency trading, which has become especially prominent in the latest cycle, with a strong appetite for Real World Assets (RWAs),” Tan noted.

    Initially launching with 10 crypto trading pairs on October mainnet debut, WOOFi Pro plans to expand its asset selection, potentially encompassing cryptocurrencies, stocks, commodities, and forex. For reference, WOOFi has already executed more than 2.9 million cross-chain swaps, and we anticipate more as WOOFi users take advantage of being able to enter the ecosystem quickly and seamlessly from a diverse range of assets in a single click.