Taking an advantage from the Ethereum blockchain, the banking app Etherbanking is to wind up unwanted costs in the classical financial world. How does it work? Well, it is just like a bank, though without employees, offices, and affiliates.
This banking system has firstly been implemented five months ago and it is based on the E-Smart contract technology. This crypto ledger launched ICO in January, emitting 5 million EBC tokens. The initial price for each is $10.
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What Can Etherbanking Offer?
Anybody may turn into a miner thanks to this banking application. This way the most initiative ones will be taking gains when exploiting Proof of Stake (POS), which is, obviously, based on stakes. The project’s goal is to develop an independent net of customers in order to benefit from its ecosystem. That is where the blockchain weighs in. The application is looking up to this technology as it possesses out-and-outer peculiarities.
For example, blockchain purges the demand for costly outer parties and the preexisting infrastructure that has to be leaned on. Moreover, the outer parties also jeopardize the safety but blockchain verifications and transactions provide much more security.
What Etherbanking Consists of?The system of this banking system is based on the following peculiar elements.
Electronic banking system
This component offers a secure loan club for customers as well as savings pool and the fraternity mobilization, which is targeted at letting clients transfer funds to the fraternity. At the same time, smart contracts assist in determining the demands of a transaction in the name of both parties.
Also, there will be suggested open fund certificates, which will allow the customers to pile, as well as smart actuarial policies. The last ones, by the way, are expected by the project developers to change the game in the insurance sphere.
EBC Exchange Platform
This exchange will also support multiple digital coins and will be a trading stage based on the EBC, running all the operations. The exchange’s goal is to connect EBC token with all the virtual currencies, just the same way as bitcoin is being the main link in other crypto pairs.
This app is going to support numerous cryptocurrencies. Therefore, the customers will enjoy fast service, letting them effortlessly change the currencies when needed.
Smart contracts may turn into obstacles on the customer’s path. Particularly, this is dependent on the way they were programmed. Hence, this banking system has created separate software. This way, smart contracts will be finalized with a plurality of pre-existing pattern alternatives. Utilizing 2FA security as well as facial, fingerprint and other identification tech trends, Etherbanking schemes to make the system safer.
EBC-pay payment gateway
The banking system is already advertising the type of payment, amidst which transactions will cost 1% per EBC. That is just a third of the value of traditional credit card payments.
5 million EBC tokens out of 33 million have been at stake. Etherbanking commenced the ICO on January 10. Each coin will be fractioned into 11 blocks. As each of them will supplement $1 increase, the price of each and every token will be starting from $10.
Infographics Source: etherbanking.com