BAX-BABBDetailed Description

BAX-BABB Detailed Description

BABB uses blockchain and digital identity technology to build a borderless global network in which everyone is free to participate, use their social connections to trade, issue digital currency, borrow money or raise funds for corporate financing .

1. Project introduction

BABB is a decentralized bank designed for the microeconomy, providing individuals and businesses with a UK bank account powered by blockchain technology. The account is managed through a smartphone app and the account is provided with access to a decentralized payment card. Furthermore, cooperation with central banks enables the integration and issuance of other e-money around the world, further stimulating local micro-economy and expanding the reach of BABB solutions and their underlying BAX tokens.

Project Features

BABB uses blockchain, biometrics and machine learning to provide transformative decentralized banking services to people all over the world. Regardless of background, status or income, BABB can provide anyone in the world with a UK bank account, which helps to increase financial inclusion and social integration, while also allowing local economies to generate wealth for themselves.

BABB is essentially building a decentralized bank powered by blockchain technology, operating full reserves and integrating digital currencies around the world.

BABB will provide a bank account in compliance with UK regulations on the BABB platform, which can be used by any qualified individual or business in the world at any time, without the need for a UK address or credit history. Opening a UK bank account with BABB requires only a valid identity document such as a passport or ID card. Basic account services can also be used by people who do not provide identification documents, as long as they use biometric authentication and authentication from those who have already authenticated.

Application scenario

Single Euro Payments Area (SEPA) and UK Faster Payments
With a UK BABB account, users will be able to experience a seamless connection between traditional bank and blockchain-based bank accounts. In addition to the usual encrypted address, a European and International Bank Wire IBAN is issued to the BABB account along with an account number and bank code for transactions in the UK. This will allow funds to enter and exit directly from the banking infrastructure, maximizing the effectiveness of BABB accounts. This is the main bridge linking BABB to the existing financial system, which can satisfy the entry and exit of funds, especially in the case of large amounts of funds.

Mobile app
Through the BABB mobile app, anyone can easily create a bank account, as simple as "taking a selfie and humming a ditty", and opening a basic wallet account without identity documents . You can obtain your own basic bank account by uploading any kind of ID card, or recommended by someone who has been authenticated in the system. Any business or individual can control their funds through BABB anywhere as long as they are connected to the Internet. BABB supports traditional banking functions such as transfers, payments, cash deposit/withdrawal, etc., as well as other peer-to-peer transactions using smart contracts.

Black Card
The BABB Black Card is a secure payment card linked directly to your BABB bank account via QR code or NFC. It can function like a debit card, or it can be issued to you as a prepaid card for your friends and family to use. In this way, the card we designed is simple and beautiful, without the need for chips and pin codes. With the BABB Black Card you can use the funds in your BABB bank account in shops or personally (peer-to-peer). Retailers just need to download the BABB app to accept payments via QR code or NFC. Payments are credited instantly to the retailer's bank account, and the funds are immediately available for use.

BABB (BAX) Decentralized Bank with Microeconomic Design
BABB Black Card is the first of its kind. The card itself does not contain any personal information, which greatly improves the security of the bank card. If the card is lost, its connection to your bank account can be easily linked to prevent others from using it. If you find the card again, just scan the QR code on the card via your BABB app and it will be connected to your BABB bank account again. If the card is permanently lost, it can be obtained from some of the major online retailers for a low price and next day. Alternatively, you can get a spare card from a friend, or print a less durable, but equally functional card.

Technical Overview

Blockchain
A blockchain is a secure transaction ledger database shared by all entity participants in an established decentralized computer network. It records and stores transactions - the transfer of information between entities in the network - essentially eliminating the need for "trusted" and centralized third parties. This information could be digital currency, identity data, or any other type of structured data. Many of BABB's core services rely on blockchain, making it an essential technology. It serves multiple purposes, not only to record transactions, but also to notarize identity data, and is also a secure channel for sharing data between different participants in the network.

Interconnected
Validation of blockchain activity by using a standard blockchain consensus scheme with validator nodes5 interconnected blockchains. Participating in the network and the initial nodes are managed by the BABB platform, the main players also run their own nodes, including central banks and regulators in specialized jurisdictions. This ensures collective oversight and transparency while allowing for multi-jurisdictional activity.

Smart Contracts and Regulations
Rules governing BABB accounts will be encoded into smart contracts: transfer of funds, data privacy management, etc. In addition, we will also abide by the rules set by the central bank regarding the money it controls, which will also be encoded into the smart contract on the blockchain regarding the specific currency.

Tokenization technology for FIAT funds
One of the main uses of blockchain at BABB is to store a ledger containing bank account balances and related transactions. To this end, any FIAT funds that exist in the traditional banking system are represented on the blockchain as a token. Once funds are tokenized, users can transact without the involvement of any intermediaries.

Control and Self-Determination
BABB's account holders manage their own funds on the blockchain, and users can transact on the BABB blockchain without the explicit approval of any intermediary or central entity. In other words, only account holders are given the necessary private keys, and any account holder can transact with their own funds as long as they comply with the rules set in the smart contracts that govern the network.

Privacy
Transactions and use of private data such as user identities require a user's unique private key, which resides on their device. Under no circumstances may the third-party service acquire any user private keys, act on behalf of the user, or obtain user data unless expressly authorized by the user.

Restoration and Inheritance
To ensure that only users have access to their funds, any private keys must only be kept on their device, which means access to funds can be risky if the device is lost or stolen. In order to keep the service user-friendly and avoid losing funds, additional mechanisms must be implemented for recovery and inheritance.

In short, in a recovery scenario where a private key is lost, a small group of designated parties will allow a new private key to be associated with an identity, allowing that person to regain use of their account. In the case of an inheritance event, the named party would certify that such an event occurred and allow payment of funds to the named heir, which would also result in the smart contract triggering any regulatory reporting obligations governed by the bank account.

Hybrid Cloud
One of BABB's core goals is to build a decentralized ecosystem that can survive the downfall of its participants, where multiple participants have different tasks and permissions.

Identity and Data
A key aspect of BABB is how it handles an individual's identity and data, how it has evolved over time for an individual, and given the additional services that will be used and the reduced restrictions, it How to increase the degree of certainty.

Data Architecture
A unique digital ID is created and stored in an interconnected blockchain environment to represent an identity. Users are issued a key pair and the private key is stored on their device. Users can combine additional devices so separate key pairs will be generated.

Biometrics
The primary method of maintaining a digital ID is the acquisition and processing of biometric data, primarily facial recognition for liveness detection and multivariate voice analysis. These allow us to provide any individual with a new account so they can start using the basic service without a lengthy registration process.

Peer-to-Peer Authentication
Inside BABB, users help verify the identity of other users. Every user who goes through the entire authentication process vouches for other users of the platform, thereby helping to verify their identities. Additional authentication is performed by analyzing social graph information whenever available and authorized by the user.

Extended Authentication
In addition to biometrics and equivalence confirmation, in order to obtain more services and remove limitations, users will be required to provide multiple methods of proving their identity, such as by providing additional documents, Or if available, an electronic authentication mechanism.

Security and Risk
A set of practices guides our security program, grounded in modern, well-established security standards, with particular attention to the decentralized parts of our infrastructure and operations. This allows us to comply with guidelines such as OWASP, PCI/DSS, PSD2 and other relevant security guidelines.

Human Resources
For employees, we have a strict recruitment process and require background checks. Staff accounts in different systems are set up for access, requiring multiple factors, using hardware tokens and authentication via PKI (Public Key Infrastructure) wherever possible, with clearly defined authorization for privileged access rights and separation of duties.

2. Review

BABB is a blockchain project launched by British financial technology start-up BABB, which claims to be the microeconomic bank of the world. It is a decentralized banking platform utilizing blockchain, artificial intelligence and biometrics to provide peer-to-peer financial services for anyone in the world to access UK bank accounts.

1. Project introduction

2. Review

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