Introduction to the BULLIONBLOCK Ecosystem

Every day, you use a number of financial applications on such an automatic basis that you may not even be aware of it. Between banking apps, PayPal, Venmo, Payoneer, Square, Stripe, and expense trackers (amongst many other apps), you’re coming into contact with disparate financial ecosystems that appear to operate distinctly from one another.

However, they all have one thing in common – they rely on banks, and none of them are inclusive enough to allow you to accomplish all of your financial needs in one go. You use Venmo to pay a friend, PayPal to receive digital cash from a freelance client, and Stripe to process a merchant payment.

Underpinning all of these applications is your bank. Without a bank account, you can’t withdraw that payment from your PayPal or use a Square reader to process a transaction. You can’t send money to a friend using Venmo, and you definitely can’t buy anything online.

This disjointed scenario in which everything relies on centralized banking infrastructure is a significant problem that puts people’s fundamental freedom at stake. Because we rely on the centralized banking industry at every turn in our financial lives, big banks operate like global cartels that can dictate terms and conditions that profit them but hurt you. If you need evidence of this, look no further than some of the global banking scandals such as the Global Financial Crisis of 2008 that put the hurt on billions of people.

BULLIONBLOCK recognizes that the only way forward from this situation is a paradigm shift that replaces centralized banking infrastructure with a bankless and decentralized future. Decentralization allows people, not profits, to dictate what the best rules for economic mobility are and allows us all to work together on a human, peer-to-peer scale.

Instead of having many centralized financial apps working atop the global banking core, BULLIONBLOCK is building a decentralized network that runs directly between people and can do everything the banks can do while being totally free of them.

To explain how the BULLIONBLOCK app and ecosystem can benefit not only you but also the world at large, we’re going to break down the main components of the ecosystem so that you can see how the pieces fit together.

BULLIONBLOCK Is an All-In-One Financial Ecosystem

There are services out there for everything under the sun – remittances, money transfer within social circles, currency exchange, payment processing. But, each of those services requires its own app and, again, a bank account.

BULLIONBLOCK is a blockchain-based decentralized app that does everything traditional financial services can do except:

  1. You don’t need a bank account to use it
  2. It’s much faster than using conventional FinTech services
  3. You’ll save significantly more money using BULLIONBLOCK
  4. Everything you need is in one app instead of several

Using BULLIONBLOCK, you can instantly send money to anyone and receive it to from anywhere for fees that amount to fractions of what you normally pay. Western Union, for instance, sometimes charges up to or over 15% of the final value fee for the amount being sent. Aside from the painfully high markup, Western Union also takes several days to send remittances.

BULLIONBLOCK, in contrast, is launching its mainnet on the Stellar blockchain which means that fees for sending international remittances will cost cents instead of dollars and will arrive at the destination wallet in moments instead of millennia.

Instant international remittances without the need of bank accounts, high fees, or long waits enable the nearly two billion unbanked adults in the world to finally climb aboard the global economic engine. Currently, because of the exclusivity of the banking industry, a fourth of the world’s population has no means of participating in the digital revolution sweeping the globe. BULLIONBLOCK’s remittance capabilities give everyone, regardless of class, economic standing, race, or gender the ability to engage in meaningful economic activity from wherever they are.

BULLIONBLOCK gives you the freedom to send peer to peer payments just as you would with PayPal, except without an intermediary waiting for a handout.

When you download the BULLIONBLOCK app and register your wallet, you’ll receive a linked debit card with which you can spend the fiat and cryptocurrencies stored in your wallet as you please both online and offline. Use your debit card to shop on the web, deposit and withdraw cash, pay for food at a local merchant’s shop, or settle a bill. How you spend your money is your choice – and BULLIONBLOCK believes in making you as financially independent as possible.

Within the app, you can exchange between currencies at will. That’s powered by our very own Crypto Mint Decentralized Exchange – but more on that later.

Your BULLIONBLOCK Wallet is a powerful resource that stores a wide variety of leading crypto and fiat currencies. Besides supporting the best assets in the world, the BULLIONBLOCK Wallet is the most secure, too. Our developers have spent countless days and nights researching and developing what can only be described as a veritable vault – once inside, your assets are safe and sound.

BULLIONBLOCK Is Backed by Gold and Silver Bullion

The first and most important takeaway is that gold and silver bullion assets back the BULLIONBLOCK network in reserves under our ownership. Why is that significant? The answer is simple – stability.

Fiat currencies generally last about 27 years. That’s an incredibly short lifespan for pieces of paper that we sometimes think are infinitely durable and permanently valuable. Central bank-issued currencies are plagued by high inflation and diminishing value, meaning some currencies, such as the US dollar, are worth 95% less today than they were a few short decades ago.

Gold and silver bullion, by contrast, are remarkably stable. Gold has been used as a currency for eons by everyone from ancient Greeks to the early Romans and Japanese feudal societies. While the individual currencies those cultures used have long since disappeared, the gold they were made of persist and retain value to this very day. Unthinkable economic crises around the world have come and gone, taking governments, ideologies, and forms of money down with them, but gold and silver carry on from epoch to epoch with their inherently valuable characteristics.

Owing to the durability of these physical assets, we decided long ago that the best way to capture the immortal stability of gold and silver was to actually use them in our network. Our native token, CMBB (Crypto Mint BULLIONBLOCK), is backed by physical bullion in reserve. When you open a BULLIONBLOCK account by using the app and load crypto and/or fiat currency into your BULLIONBLOCK Wallet, the value of your wallet is backed by our reserve currency.

At its core, CMBB is a stablecoin. The difference between CMBB and other stablecoins is, however, that while 99% of stablecoins on offer are pegged to fallible assets like USD, EUR, JPY, and index funds, our token is backed by real gold and silver. No matter how the world and crypto economies fluctuate, your net worth is covered by the durable inflexibility of our bullion reserves. Period.

Exchange the World Using Our Crypto Mint Decentralized Exchange

Banks use highly complicated, redundant, and clunky systems for exchanging currencies. Cryptocurrency exchanges charge high fees from each transaction and are centralized to boot. What we realized is completely missing from the structures in both traditional and crypto FinTech is a simple, elegant, user-oriented decentralized exchange that boasts low fees and is connected to a financial ecosystem.

Like the traditional finance world, crypto exchanges are disconnected from concrete financial applications. If you want to spend cryptocurrency, you’ll need to use a crypto exchange to trade for the currency you want before sending it to your bank account to cash out. That’s impractical for many, especially those without a bank account, and not everyone’s currency of choice is represented by an exchange. If you want to go from Litecoin to South African Rand, for example, you won’t find a seamless way to do it. Existing options will require big fees and long currency transfer wait times.

BULLIONBLOCK’s Crypto Mint DEX does away with all the friction. Our exchange lists the world’s leading digital and physical assets and can seamlessly swap them with instant liquidity on demand, right from your BULLIONBLOCK Wallet.

The significance of the Crypto Mint DEX’s connectivity can’t be overstated. Store a variety of currencies, whether fiat or crypto, in your BULLIONBLOCK Wallet and exchange them at will before cashing out using your attached BULLIONBLOCK debit card.

As a merchant, the BULLIONBLOCK DEX enables you to accept payments in any currency while the DEX automatically swaps the payment into your currency of choice in the background. The experience for both you and your client is completely free of rough edges – and utterly free of bank accounts.

BULLIONBLOCK: Toward a Bankless Future

All told, the various components of the BULLIONBLOCK ecosystem combine to create a powerful digital payment gateway that serves you on-demand and as you please. While the FinTech and banking sectors seem to have forgotten that the most vital part of a network is the client using it, we’ve silently been at work building the next generation of financial services.

BULLIONBLOCK is seeking to restore humanity and humility that should be part and parcel of the financial industry, starting with designing a human-scale financial network that is built to serve people, not profits.

In our next articles, we’ll take an in-depth look into the principles behind the BULLIONBLOCK ecosystem along with a short history of how we got to where we are today. Additionally, we’ll share our roadmap and a deep dive into the groundbreaking technology we’re using to serve you best.

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