BANKEX Proof-of-Asset Protocol: Financial Market Evolution 132

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:

    WebsiteWhite Paper
    Facebook

    Previous ArticleNext Article

    Leave a Reply

    Dreams Quest Partners with The Sandbox 4139

    Quest

    Metaverse – December 15, 2021Dreams Quest and The Sandbox, a subsidiary of Animoca Brands and the leading open NFT metaverse platform, are pleased to announce they have entered into a global strategic partnership, combining Dreams Quest’s industry-leading character development with The Sandbox’s expansive metaverse and next-gen technology.

    With collaboration playing an increasingly critical role in every aspect of the metaverse and GameFi space, the companies recognize that they need to accelerate the development of cross digital solutions. The partnership brings together strategic skills in gaming, business and technology, that bring value to gamers and facilitate financial opportunities to more users.

    “The Dreams Quest – The Sandbox partnership is a powerful combination. The Sandbox virtual metaverse allows users to create and play games within a game and has a collaborative approach that is uniquely complementary to the Dreams Quest ecosystem. We believe this partnership will help the GameFi sector bring mass adoption as the arena shifts to retail players looking for play-to-earn games,” said Paulii Good, Dreams Quest Co-Founder and CMO. “It’s also been wonderful having Sébastien Borget, the Co-Founder and COO of The Sandbox, as one of our strategic advisors.”

    “The Sandbox open metaverse aims to be the place where NFT projects come to life and enable their community to create stories with their favorite NFT characters using our #no-code Game Maker,” said Sebastien Borget. “Dreams Quest provides a universe of heroic fantasy that will inspire all creators.”

    As an indication of commitment to the partnership, Dreams Quest will be adding special edition NFTs of its high profile characters to The Sandbox NFT marketplace, starting with a voxel version of Dreams Quest’s frost giant.

    By virtually connecting Dreams Quest to The Sandbox the collaboration creates an immersive and decentralized gaming experience where gamers are in complete control of their NFT cards while pushing towards a metaverse-based economy.

    Quest1

    About Dreams Quest

    Dreams Quest is building the first-ever metaverse-based economy, a self-sustaining DreamsVerse where people will be able to participate in the decentralized play-to-earn RPG game using dynamic NFTs. Unknown factors will affect character attributes in-game, and post-game outcomes will dynamically change the NFT card attributes and write them on the blockchain (the ethereal scribes) to show game history for each card.

    Discord: https://discord.gg/dreamsquest
    Telegram chat: https://t.me/dreamsquesttavern
    Twitter: https://twitter.com/DreamsQuestNFT
    Main website: www.dreams.quest

    About The Sandbox

    In The Sandbox, creators and brands can build, own, and monetize immersive 3D worlds and game experiences on a virtual LAND they own. With The Sandbox’s play-to-earn model, every creator is free to share, trade, or sell their creations while retaining full ownership and revenue. To date, over 165 brands, such as the Walking Dead, deadmau5, Atari, Rollercoaster Tycoon, The Smurfs, among others, have built exclusive experiences. The Sandbox Alpha is live now, with full launch scheduled in 2022. For more information, please visit www.sandbox.game and follow the regular updates on Twitter, Medium, Telegram, and Discord.

    Dequency Executes First-Ever Music Synchronization License Smart Contract on the Algorand Blockchain 3324

    Music synchronization licensing marketplace, Dequency, has executed the first-ever sync license on a public blockchain. “Late Night People” by Goldfish ft. Soweto Kinch was licensed through Dequency’s SmartSync contract for use in Algorand’s Decipher conference, held November 29 – 30, 2021 in Miami, Florida.

    Keatly Haldeman, CEO of Dequency: “Our vision for Dequency is to cut out the middle man in music licensing transactions so that creators maximize earned income and get paid immediately. By executing the first-ever on-chain sync license transaction, we’re one step closer. We made history today.”

    Goldfish: “From the start we have always been about disruption and this is the best kind bringing musicians and producers closer to being able to earn income directly from their creations. Being part of the very first sync is a real honor and we cannot wait for the future as the music industry is in need dire need of technology like this to take it into the new realms of possibilities the blockchain presents.”

    Dequency is built on Algorand, a blockchain that is known for its environmentally friendly “pure proof of stake” consensus mechanism. Initially catering to on-chain content such as motion graphic NFT projects, video games and metaverse productions, Dequency showcases recording artists offering their music to license and facilitates communication between the parties to foster community.

    “We are thrilled that Dequency chose Decipher as the launch pad for demonstrating their new smart contract licensing for artists and all event music was licensed on chain,” said Keli Callaghan, head of marketing at Algorand. “Dequency is at the forefront of creating new blockchain-based economic models for creators and it is amazing to see history being made on Algorand in a way that truly benefits artists.”

    About Dequency
    Built with Web 3.0 technology and ethos, Dequency seeks to connect visual creators directly with recording artists and other music rightsholders and provide a simple, transparent, and fun licensing experience. With the ultimate goal to create a fully-decentralized, trustless music licensing marketplace Dequency provides creators income-generating opportunities with minimum fees and instant payment. Visit: www.dequency.io.

    About The Dequency Team
    Dequency was founded in early 2021 by music industry veterans Keatly Haldeman and George Howard with support from investor Mark Ross. Haldeman is a lifelong musician and co-founder and CEO of Riptide Music Group, a publishing company and record label specializing in the synchronization of music to picture. Riptide’s roster includes songs by artists such as Foster The People, Selena Gomez, Migos, Quavo, Big Gigantic, Black Flag, The Turtles, Goldfish, and Fatboy Slim. George Howard, JD/MBA is a distinguished professor of music business/management at Berklee College of Music. He is a founding member of Open Music Initiative (OMI), an open source protocol to increase transparency for royalty distribution. He is the former president of Rykodisc, the world’s largest independent record label, and cofounder of TuneCore, the world’s largest independent digital music distributor. Mark Ross is a music, film and concert producer, and a longtime entertainment business investor and entrepreneur with more than 35 years in the business of entertainment. As a music executive, he signed several multi platinum artists, most notably Pantera, and is responsible for the sale of tens of millions of records. The former Executive Director of Quincy Jones Productions, Ross has produced some of the largest and most successful live events in history.

    About Algorand
    Algorand is building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for anyone to transition into the new digital economy. The leading decentralized infrastructure of choice for visionary leaders across more than 1000 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.

    Lydium Ecosystem Prepares for Financial Revolution in Agriculture Sector with LYD Coin 3474

    LYD coin lydium

    Lydium continues to expand its financial network, which continues to grow with new agricultural cooperative contacts and agreements every day. Lydium, whose ICO sales continue to be in demand on a global scale, aims to be a new ecosystem that includes the entire agricultural sector and LYD Coin to be a cryptocurrency used in the entire agricultural sector.

    Nowadays, the share and strategic importance of the agricultural sector in the global economy has become more important than ever before. Despite the fact that the agricultural production around the world has increased nearly 3 times in the last 50 years, many agricultural products are insufficient to meet the demand of the constantly growing global population. It is seen that the biggest reason for this is that agricultural producers, due to financial problems, cannot reach the resources needed for production and technologies that will increase efficiency in production. Arguing that the solution to the financial problems in the agricultural sector is through a decentralized financial system, Lydium seems to have convinced the sector representatives and investors in this regard.

    LYD Coin will be a cryptocurrency used in the entire agricultural sector

    Lydium, which is the first project that brings DeFi to the agriculture sector, one of the most important sectors in the world, enables producers to reach the financial resources they need in a fast and easy way with the local currency LYD Coin. Lydium, which offers high-yield opportunities for investors and fast and easily accessible financing for producers by bringing together global individual and institutional investors and agricultural producers on the same platform, aims to solve the scalability and efficiency problems of the blockchain with its double-layered blockless distribution technology, and in this direction, aims Lydium Financial Network to be an ecosystem used in the entire agricultural sector by integrating the benefits and facilities of decentralized finance in the agricultural sector.

    Lydium lyd coin

    It is possible to participate in ICO via lydium.org with all cryptocurrency exchanges

    Lydium, which has the advantage of being the first defense project of the agricultural sector and aiming to become one of the largest decentralized finance ecosystems in the world, investors who are interested in the Lydium Project, which continues its ICO 2nd Phase sales with high demand globally and offers high-yield opportunities to its investors by increasing its value in each phase, can buy LYD token by sending Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), TRON (TRX), Dash (DASH), and Cardano (ADA) via lydium org over cryptocurrency exchanges. You can also follow Lydium’s official Twitter account at https://twitter.com/lydiumorg to be informed about airdrop events and take advantage of airdrop rewards. Lydium, which is preparing to create a financial revolution in the agricultural sector and developing an ecosystem that includes the entire agricultural sector, is one step closer to its goal in every ICO stage it completes.

    Vietnamese project DeFiHorse raises $5 million in private round 3596

    DeFiHorse has raised $5 million in capital from several overseas ventures to produce a stunning horse metaverse project, in both gameplay and graphics, based on blockchain technology.

    DeFiHorse announced the fulfillment of a $5 million private investment round on Dec. 7. The financing round was completed in less than a week, with the involvement of numerous well-known blockchain funds, including Exnetwork Capital, Poolz Ventures, BullPerks and Avocado Guild. DeFiHorse was formerly fostered by Coincu Ventures, one of Vietnam’s leading investment funds for significant blockchain initiatives.

    DeFiHorse is one of the NFT metaverse projects in Vietnam that has received the most funding from a private round to date, at $5 million. According to the project’s spokesperson, the additional funds will be utilized to further develop DeFiHorse with the long-term goal of becoming a technology unicorn founded by Vietnamese and bringing promising blockchain technology closer to everyone.

    “We intend to present to the world a high-end NFT metaverse in which everyone can own at least one NFT horse and horse farm. The player can proudly own NFT horses and farms just like elite people own horses in real life,” Mai Truong Giang, CEO of DeFiHorse, stated.

    The success of DeFiHorse’s fundraising is not surprising. Before acquiring financing, DeFiHorse made a big splash in the community when it was led and mentored by several globally known advisers in the blockchain space.

    Before launching DeFiHorse, Giang achieved many accomplishments. He was named a Forbes “30 Under 30” Vietnam honoree and has been the driving force behind the development of various companies. DeFiHorse is advised by Steven Nguyen, founder of Metub and Coincu; Hung Dinh, founder of Rada; and Duong Vi Khoa, vice president of the Vietnam Recreational eSports Association.

    Unlike many other projects, DeFiHorse is building a metaverse in which users can own horses and earn income from competing, buying, selling or even breeding horses.

    DeFiHorse is set in the year 2099. The horses are equipped with cutting-edge technology such as quantum technology, gene technology, artificial intelligence and space travel. DeFiHorse’s four distinct horse breeds are inspired by the mythology of Greek gods:

    • The Chaos: The game’s rarest horse breed, created by the big-bang explosion. 
    • The Titan: The toned-body horse breed made of scorching coals and fire. 
    • The Poseidon: The deity of the sea with endless ocean force. 
    • The Heroic: The earth and nature’s metaphorical god.

     

    The form of the steeds is one of the most notable aspects of DeFiHorse. The NFT horse is depicted in 3D, both mythological and realistic. The horse prototype in the game is designed based on the Arabian horse, which has the best form globally and can run at a lightning pace.

    Giang claims that all of the unique creations in the DeFiHorse realm are the work of young, talented Vietnamese individuals. Players may also let their imaginations run wild thanks to the game’s extensive customization options. Because of the nature of NFTs, each horse in the game is a different character and has unique strengths.

    DeFiHorse is centered on races in which users may manage their horses and compete for distinctive rewards. To make the racing experience more appealing, DeFiHorse added a “tap to earn” function that allows users to engage genuinely with their horse to assist it in improving its pace compared with other rivals. The race outcomes assist players in earning different awards, increasing the worth of horses, thereby generating economic value.

    According to the roadmap, DeFiHorse will release the first demo online in 2022, followed by iOS and Android operating systems, incorporating AR technology, and holding worldwide tournaments with up to $1 million in prize money.

    Label Foundation Has Announced an Official Deployment on Binance Smart Chain 3624

    Label Foundation has recently announced its readiness to deploy on the Binance Smart Chain, utilizing the cross-chain bridge that they have developed in cooperation with the Tokyo-based blockchain development company, Curvegrid. The deployment of the bridge pinpoints to the initiation of the Label’s integration into the Binance Smart Chain’s ecosystem.

    Label may be understood as a blockchain-oriented international education content platform which presents an incubation system that readily supports various promotion, distribution and investment processes in an attempt to eliminate obstacles and challenges pertaining to existing content production as well as investment procedures.

    Previous to this development, Label Foundation has expanded its ecosystem with key partnerships within the blockchain and education industry. It has already collaborated with OPENTRACK, a leading music education platform operated by Clesson. The partnership will provide a batch of world-class instructors that will provide early content within the Label ecosystem. They announced that they are committed to bringing world-class artists, such as Scoop DeVille, Mark Lettieri, Docskim and many other Grammy-nominated artists to their platform to incubate and NFTize their IP rights.

    Label Foundation’s primary objective is to hence provide its users with high-quality educational and entertaining resources. Apparently, with their migration to the Binance Smart Chain ecosystem, Label will be able to leverage all the best features of the mainnet to scale and increase their performance of their decentralized application.

    An innovative platform

    Through Label, an NFT framework has been constructed atop the Ethereum Network and Binance Smart Chain, and it is supported by the LBL utility as well as governance tokens, with a single purpose of establishing a fair profit-sharing economy with permissionless IP rights incorporation. Label is hence a decentralized P2P (Peer To Peer) incubation platform that invests in high-quality entertainment and education material via the DAO (Decentralized Autonomous Organization) voting system, allowing donors to collect profits via the NFT ownership mechanism.

    Also, the Label platform creates an ecosystem that seeks to establish an unbiased and decentralised incubating system, with the goal of providing content creators in the MOOC industry with improved accessibility. It therefore strives to enhance a seemingly unfair profit structure which is often prevalent in the sector and to also prevent copyright infringement instances from occurring throughout the industry.

    Bridge with BSC

    As per the latest developments, Label is now officially bridged to Binance Smart Chain (BSC) and the token shall be deployed via the MultiBaas Middleware, built by Curvegrid. The bridge shall link Ethereum Mainnet with Binance Smart Chain, allowing for the smooth movement of LBL tokens from ERC-20 to BEP-20 and vice versa.

    Additionally, Solanium shall be joining LABEL as a strategic adviser, assisting in the expansion of the LABEL ecosystem. In the Solana (SOL) ecosystem, Solanium is a platform based in Amsterdam and primarily used for governance voting, decentralized fundraising, and time weight token staking. Furthermore, Label’s IDO is also anticipated to take place on RedKite and NFTb for the purposes of conducting public sale.

    As per its whitepaper, Label aims to offer an unrivalled sales framework and infrastructure situated on the usage of blockchain technology via the aforementioned incubating system. Through this, experts, professionals and specialists alike can be found and invested in. Moreover, through effective system integration, Label will also create a fair profit sharing environment for the purposes of intellectual property rights. Lastly, with the establishment of its NFT Market, Label will launch a virtuous loop that will initiate the Global Value Chain by making the IP rights embedded in the non-fungible token readily transactable. To that end, it is also partnering up with various organizations from the entertainment and media industry to focus on the cultivation of its respective incubating system.

    Blockchain Security Solution Provider CYBAVO Selected to Participate in Tokyo Financial Award 3825

    Blockchain security firm CYBAVO has been selected as a participant for the Tokyo Financial Award, Financial Innovation Category. Chosen from a pool of 88 applicants, CYBAVO is one of the 16 companies that have moved into the next phase of the prestigious award.

    The Tokyo Financial Award is hosted by the Tokyo Metropolitan Government (TMG) as part of its “Global Financial City: Tokyo” project, which aims to revitalize the city’s financial sector and reaffirm Tokyo’s position as the top global financial city in Asia. The award is designed to attract FinTech companies, both local Japanese and international organizations, to develop and provide innovative products and services that contribute to enhancing Tokyo residents’ daily lives and solve problems that Tokyo’s government may face.

    CYBAVO offers a comprehensive solution that helps large enterprises and governments securely manage digital assets, providing a set of tools that help key players in the digital asset industry protect their assets, ensure regulatory compliance, and enhance operational efficiency.

    CYBAVO recognizes Japan as being one of the most important markets for blockchain and cryptocurrency development. As early adopters of Bitcoin, Japanese users are among the more mature and technically-savvy users, pushing this technology further in terms of global exposure and adoption. With its expertise in the cybersecurity industry, CYBAVO looks forward to working with Japanese organizations to help them adopt the blockchain with confidence, knowing their funds will remain secure.

    The 16 companies moving into the next phase of the award selection process will go through a final judging round in December, where their products and services will be ranked and 3 will be selected as award recipients in February of 2022. Before then, they will be offered the opportunity to meet with industry experts and mentors, participate in networking events, and receive business-matching opportunities with companies in Tokyo, including financial institutions.