BB Genesis II.
- May 29, 2019
- Posted by: Crypto Mint
- Category: Genesis Series
The case for crypto is something that we, as architects of tomorrow’s decentralized finance (DeFi) infrastructures, are obligated to make.
Fortunately, because of how early existing blockchain systems and their users, investors, and traders are, there remains everything to gain in a bright future resting on the horizon.
That future, as you may well know by now if you’ve familiarized yourself with the BullionBlock project, is bankless. A bankless future is necessary for the progress of humanity on the level of individual autonomy, financial freedom, and economic empowerment.
Today, money takes the form of central bank-issued paper. Although it circulates as digital Dollars, Euros, and Yen in your PayPal account, the DeFi movement is making absolutely certain that tomorrow’s money is cryptographically encrypted, borderless, and under your control.
Weʼre often asked about the difference between keeping control of your money versus letting the banks hold on to it (as per the status quo). If the financial history of the world since the introduction of widespread banking in the early part of the 20th century has taught us anything, it’s that a bank-controlled economy is a remorselessly volatile one.
Bankers taketh what they giveth when it suits them, the needs of their interests, and the closed inner circle of their connections.
Itʼs into such a context that weʼre prepared to launch this javelin we call BullionBlock with all of our might. Weʼre building a blockchain-based payment network backed by gold and silver physical assets with the utmost precision so that when it flies, it does so straight and true.
The concept behind decentralized finance is a lot more simple than one might expect.
Essentially, the financial system currently in place across the globe is a centralized one.
While it has successfully created massive amounts of wealth, that wealth is heavily centralized amongst those most closely connected to it rather than having distribution across the world’s population. That’s an interesting dynamic insofar as the wealth being generated by the few is on account of the many.
What we mean by that is that billionaires like Starbucks CEO Howard Schultz make their money on the backs of everyone laboring for them and those buying Starbucks products. Schultz and the financial backers intimately tied to the company are the ones retaining the lionʼs share of the profits, allowing them to expand and monopolize their industry while muscling smaller shops out of business. In an era of super monopolies like Amazon, Google, Facebook, and Apple, the opportunities for smaller businesses to receive financialization and compete against the big centralized players are becoming scarce.
Thatʼs where BullionBlockʼs decentralized financial ecosystem comes into play. At its core, BullionBlock is a tool for combating wealth inequality by putting the tools for financialization in the hands of each and every person armed with a mobile phone.
As of late 2018, clear over half of the worldʼs population had reliable access to the internet. With over four billion people able to connect to the worldʼs pipeline for sharing information, there is an incredible opportunity at hand for changing the way we not only do business, but do money.
Every day, smart-phones become more widely proliferated than ever before while also becoming continually cheaper to buy. The combination of internet access and wide distribution of smartphone ownership equates to the right conditions for a robust financial app to create a new paradigm in digital banking and wealth generation.
Bitcoin is prepping the ground for the coming of the digital currency era, but the role it is currently playing is precisely that of a herald.
While BTC functions as a conduit for value exchange, it doesn’t work as a real-time settlement platform, and it doesn’t facilitate an end-to-end financial system as incumbent commercial networks like Visa and PayPal do.
At the end of the day, people don’t want to own BTC but also find and manage a separate wallet, a third-party exchange, and additional software for handling payments. By the time one finishes rolling in every single app needed to interact with Bitcoin as one does normal money, the hassle exceeds the perceived value and the user will simply walk away from the crypto ecosystem altogether.
So, decentralized finance must make its appeal based on the convenience already enjoyed by people using incumbent banking products. Those products may incur sky-high fees, and they may take ages to ship value from point to another, but their wide availability, the all-in-one inclusiveness of the products, and their default acceptance on a global basis make them the simple standard.
The role of DeFi platforms is to begin from this standard and improve on it in ways that stretch the financial quality of life belonging to people the world over.
BullionBlockʼs team of startup and financial industry veterans knows this and understands that the DeFi paradigm is to be defined by elegant simplicity and unparalleled functionality rolled into a tidy app based ecosystem.
To that end, BullionBlockʼs app is a decentralized money account that enables you to:
- Send and receive both fiat and a wide array of leading cryptocurrencies anywhere and from anyone in the world within seconds.
- Make payments using any currency held in your wallet.
BullionBlockʼs proprietary decentralized exchange technology, Crypto Mint DEX, manages the swaps made between currencies in your wallet’s background so that you don’t have to worry about them yourself.
Ditch the banks. With BullionBlockʼs inclusive financial ecosystem, you no longer have any reason to continue using a bank account. By opening a BullionBlock account, you will automatically receive an attached debit card that links your digital money to the physical world.
With BullionBlock, you are in the driver’s seat when it comes to your own money. Because banks are relegated to a secondary position under the paradigm instilled by our software, the inequalities brought on by their system also soften and redistribute.
Under traditional banking, over two billion adults lack access to a bank account. That means that a quarter of Earth’s population has no way of participating in the global economy even though they do, by and large, possess the tools (internet access and a smartphone) to connect to it.
Bank accounts are, therefore, tertiary and inadequate in today’s context.
BullionBlock takes the tools most widely available today and turns them into the keys that unlock the global economy and the wealth potential within it for the whole of humanity.
Learn more about the BullionBlock project and vision by following our
blog or visiting our website at BullionBlock.io