BAX-BABBDetailed Description

BAX-BABB Detailed Description

BABB uses blockchain and digital identity technology to build a borderless global network where everyone is free to participate, leverage their social connection transactions, issue digital currency, borrow or raise funds for corporate financing.

1. Project introduction

BABB is a decentralized bank designed for microeconomics, which provides a UK bank account for individuals and businesses, powered by blockchain. The account is managed through the smartphone app and the account is provided with the right to use a decentralized payment card. In addition, cooperation with central banks can enable the integration and issuance of other electronic currencies around the world, further stimulating the local microeconomics and expanding the scope of impact of BABB solutions and their potential BAX tokens.

Project Features

BABB uses blockchain, biometrics and machine learning to provide people around the world with decentralized banking services. No matter background, status or income, BABB can provide anyone in the world with a UK bank account, which helps increase financial inclusion and social integration, while also allowing the local economy to create wealth for itself.

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

BABB will provide a bank account that complies with UK regulations on the BABB platform and is ready to use by any eligible individual or business in the world without a UK address or credit history. Only valid identity documents such as passport or ID card are required to open a UK bank account on BABB. People who do not provide identification documents can also use the basic account service, as long as they use biological authentication and authentication from persons who have already authenticated.

Application Scenarios

Single Euro Payment Area (SEPA) and UK Express Payment
With the UK BABB account, users will be able to experience seamless connection between traditional banks and blockchain-based bank accounts. In addition to the usual encrypted address, European and international bank wire transfers IBAN will be issued to the BABB account as well as an account number and bank code for transactions in the UK. This will allow funds to enter and exit directly from the bank infrastructure, maximizing the effectiveness of BABB accounts. This is the main bridge connecting BABB to the existing financial system, which can meet the entry and exit of funds, especially in the case of large amounts of funds.

Mobile Application
With the BABB mobile app, anyone can easily create a bank account, just as simple as “Seeing Selfies and Humming a Little Song”, opening a basic wallet account without an identity file. You can obtain your own basic bank account by uploading any of your ID documents or recommending them by someone who has been certified in the system. As long as it is connected to the Internet, any business and individual can control its funds anywhere through BABB. BABB supports traditional banking features such as transfers, payments, deposits/withdrawals, etc., as well as other peer-to-peer transactions using smart contracts.

Black Card
BABB Black Card is a secure payment card that is directly linked to your BABB bank account via RR code or NFC. It can both provide features similar to a debit card or be issued to you as a prepaid card for your friends and family. This method makes the cards we designed simple and beautiful, without chips and pin codes. With the BABB Black Card, you can use funds in your BABB bank account in the store or on your personal (peer-to-peer). Retailers only need to download the BABB app and accept payments through RR code or NFC. Payment is instantly entered into the retailer’s bank account and funds are available immediately.

BABB (BAX) Decentralized Banking for Microeconomic Design
BABB black cards set a precedent for such bank cards. The card itself does not contain any personal information, which greatly improves the security of the bank card. If the card is lost, it can easily connect to your bank account to prevent it from being used by others. If you find the card again, just scan the RR code on the card through your BABB application and it will be connected to your BABB bank account again. If this card is permanently lost, it can be obtained from some large online retailers, at low prices and on day one. Alternatively, you can get a backup card from a friend, or print a card that is not too durable but also fully functional.

Technical Overview

Blockchain
Blockchain is a secure transaction classification database shared by all entity participants in an already established decentralized computer network. It records and stores transactions—transmits information between entities in the network—essentially eliminates the need for “credit” and centralized third parties. This information can be digital currency, identity data or any other type of structured data. Many of BABB's core services rely on blockchain, making it a basic 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.

Internet
Verify blockchain activities by using a standard blockchain consensus scheme with the verification node 5 interconnected blockchain. Participate in the network and the initial node is managed by the BABB platform, and the main participants also run their own nodes, including central banks and regulators in specialized areas of jurisdiction. This ensures collective supervision and transparency while allowing for multiple jurisdictional activities.

Smart Contracts and Regulations
The rules for managing BABB accounts will be encoded into smart contracts: transfer funds, data privacy management, etc. In addition, we will comply with the rules stipulated by the central bank regarding the funds it controls, which will also be encoded into smart contracts on the blockchain for specific currencies.

The tokenization technology of FIAT fund
One of the main uses of blockchain in BABB is to store ledgers that include bank account balances and related transactions. For this purpose, any FIAT funds that exist in the traditional banking system are represented as a token on the blockchain. Once the funds are tokenized, users can trade without the participation of any intermediary.

Control and Self-Decision
BABB's account holders manage their own funds on the blockchain and users can trade on the BABB blockchain without any explicit approval from any intermediary or central entity. In other words, only account holders get the necessary private keys and as long as they comply with the rules set in the smart contract that manages the network, any account holder can trade their own funds.

Privacy
Transactions and use of private data such as user identities, etc. require a user's unique private key, which is on their device. Under no circumstances can a third-party service obtain any user's private key, act on behalf of the user, and obtain user data unless the user expressly authorizes it.

Recovery and Inheritance
To ensure that only users can use their funds, any private key must be kept only on their devices, meaning that if the device is lost or stolen, using funds can be risky. In order to keep the service user-friendly and avoid losing funds, additional mechanisms must be implemented for recovery and inheritance.

In short, in the recovery scenario of private key loss, the designated small group of parties will allow a new private key associated with the identity, allowing the person to reuse their account. In the event of an inheritance event, the designated party will prove that such event has occurred and allow payment of funds to the designated successor, which will also cause the smart contract to induce any regulatory reporting obligations under the jurisdiction of the bank account.

Hybrid cloud
One of the core goals of BABB is to build a decentralized ecosystem that can continue to exist after the downfall of its participants, where multiple participants have different tasks and permissions.

Identity and Data
A key aspect of BABB is how it processes an individual’s identity and data, for an individual how it evolves over time, and how it increases the degree of determination given the additional services to be used and the reduced limits.

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

Biometry
The main method of maintaining a digital ID is to acquire and process biometric data, mainly facial recognition for live detection and multivariate speech analysis. These allow us to provide any individual with a new account so they can start using basic services without the lengthy registration process.

Point-to-point authentication
Within BABB, users help verify the identity of other users. Each user who passes the entire authentication process can guarantee other users of the platform, thereby helping to verify their identities. Additional verification is performed by analyzing social graphical information whenever it is available and authorized by the user.

Extended Authentication
In addition to biometric technology and equivalent confirmation, in order to obtain more services and eliminate limitations, users will be asked to provide multiple ways to prove their identity, such as by providing additional files, or, if any, an electronic identity verification mechanism.

Safety and Risk
A set of practice guides our safety programs, based on modern established safety standards, and pays special attention to the decentralized parts of our infrastructure and operations. This makes us follow guidelines: such as OWASP, PCI/DSS, PSD2 and other related security guidelines.

Human Resources
For employees, we have a strict recruitment process and require investigation of their background. Employee accounts in different systems are all set for access, requiring multiple factors, using hardware tokens where possible and authentication through PKI (public key infrastructure), and having explicitly determined authorization for the separation of responsibilities.

2. Comment

BABB is a blockchain project launched by British financial technology startup BABB, which claims to be the world's micro-economic bank. This is a decentralized banking platform that leverages blockchain, artificial intelligence and biometrics technologies to provide peer-to-peer financial services to anyone in the world to access UK bank accounts.

1. Project introduction

2. Comment

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