Forty Seven Bank will connect the world of cryptocurrencies with the mainstream banking system, allowing cryptocurrency owners to convert their cryptocurrencies into numerous assets including fiat currencies. By combining the best of both worlds, Forty Seven Bank has the potential to revolutionize the global financial system by unleashing the power of blockchain technology.
When bitcoin was introduced in 2009 by a reclusive character named Satoshi Nakamoto, the press either ignored or mocked his creation, asserting it could never be regarded as money. What made bitcoin unique compared to other forms of money that have been tried in the past was that it was decentralized and distributed, preventing any person or group from taking control of the currency and dictating its value and terms. The distributed ledger that records transactions, which any user with a bitcoin client can download, is known as a blockchain. Because the ledger is not stored at any one location, and because miners are rewarded by securing the network by solving complex mathematical problems, blockchain offers unrivaled security compared to the vulnerable systems before it. While the financial world largely continued to ignore blockchain back then, today it is coming to grips with the revolution unleashed by this disruptive technology.
Since the creation of bitcoin, advancements have been made in the blockchain industry, such as with the development of smart contracts by Ethereum in 2015. Smart contracts allow users to execute contracts once the obligations or terms are fulfilled by both parties without intermediaries such as brokers that add on costs. By allowing parties to engage in brokerless transactions, the potential of smart contracts to disrupt many industries, and especially finance, cannot be overstated. The Ethereum blockchain also allows developers to build Dapps (decentralized applications) on top of it. Forty Seven Bank, building on the Ethereum blockchain, will allow developers to create apps to participate in and enhance its financial ecosystem.
Forty Seven Bank, in compliance with European regulations, will allow users to set up a Multi-Asset Account that will provide access to their accounts from different banks. The Multi-Asset Account will also give users access to their account details and transactions, and will enable users to trade cryptocurrencies with fiat currencies. Users will be able to obtain a debit or credit card to spend their cryptocurrencies and withdraw money from an ATM. Forty Seven Bank will also provide loans, cryptobonds, and payment processing for businesses, among other services. The platform will also implement biometrics and machine learning to remain on the cutting-edge of technology.
The FSBT token, the native currency of the platform, is an ERC20 token that can be stored in popular Ethereum wallets and traded at exchanges. Token holders can use the tokens to buy products and services on the platform, use them as collateral for loans, and will be entitled to 20 percent of the annual revenues generated by the platform to build loyalty to the platform and give the tokens value tied to the platform. During the crowdsale that is now taking place and ends April 31, 2018 or when the hard cap of 5,000,000 FSBT are sold, whichever comes first, each FSBT token will sell for 0.0047 ETH. As a platform offering individuals and businesses many financial products and services based on blockchain technology, Forty Seven Bank has the potential to radically transform the industry.
*I am receiving FSBT tokens for the growth of the community.
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