The development of blockchain technology has brought countless new uses in nearly every industry there is. It holds the major potential to improve the way we use different services, and even the way we think of security. However, one of the biggest and most useful use cases of blockchain technology lies in its ability to make middlemen obsolete.
In any situation where third parties act as intermediaries between two entities, it is more than likely that the 3rd party will benefit the most, while the original entities suffer the most. This is true in every industry, including finances. This is what banks and foreign exchanges do, and how they make a profit.
Thanks to blockchain technology, middlemen can be forever removed from the equation, which would mean reduced cost, improved delivery time, and larger profits for the original entities. However, the process still requires trust in order to be successful, which is one of the reasons why intermediaries are still necessary. Luckily, that can be resolved as well, thanks to a project known as Binkabi.
Binkabi is a blockchain project that aims to empower fairer and more profitable commodity network through collaborative efforts of its members. The project offers two applications: Barter Block and BinkabiDEX.
Barter Block is said to be the world's first smart bartering dApp, developed on the blockchain. It allows for direct, secure, and low-cost crossborder physical commodity trading, with significantly reduced reliance on the USD. As for BinkabiDEX, it is to serve as commodity tokenization and trading warehouse, powered by Binkabi's commodity tokenization protocol.
Binkabi believes that its applications could act as solutions for physical trading, commodity hedging, and supply chain financing. Further, the project plans to work with various partners to implement a permissioned blockchain, based on PoA (Proof-of-Authority) consensus, which will allow it to ensure privacy, speed, cost reduction, and integrity. Of course, its platform will be fully powered by Binkabi's own token, which is set to see its launch at some point in the future.
As mentioned, Binkabi is planning to launch its token at some point in the future, although its ICO has yet to receive an official time and date. Not a lot is known at this point, including the preICO and ICO dates. It is also not known which cryptocurrencies will be accepted in exchange for the tokens, not whether there will be restricted areas.
The project also did not announce its soft and hard caps, nor the total number of tokens for sale. In other words, there is a major lack of information at this time.
However, there are a few details that are known, including the fact that the token's ticker will be BKBI, and that it is being developed on Ethereum's platform. This makes it an ERC-20 token, and as such, it is likely that it will be obtainable in exchange for ETH. Whether this will be the only accepted cryptocurrency is, as mentioned, unknown at this time.
Another thing to note is that the project is registered in the UK and that those wishing to participate will have to go through a KYC procedure, possibly even Whitelisting. However, that is where the available information regarding the ICO ends.
|Start||April 1, 2019|
|End||June 30, 2019|
Time and again I see projects that reckon that it would suffice just to plaster “blockchain” all over the pitch deck and the investors will come flocking up from all sides. After browsing through their website and perusing the official papers, I arrived at the conclusion that all Binkabi does is that it introduces unnecessary complications. For instance, one could perform swaps or purchase commodities through the platform, but it is still required to deposit funds to a bank. So much for cutting out the middleman. Moreover, the Binkabi whitepaper doesn’t have a single word about their approach towards logistics and such matters as handling customs. I’d pass on Binkabi for sure.
The project certainly has a great vision and is expected to launch its working product quite soon. However, a lot of people may see the lack of information as a big red flag at the moment. Another issue right now is that its team is entirely unverified. If true, it is certainly a good team, with no lack of advisors, all of which are also unverified. It also lacks a roadmap, although it does have a 55-page long white paper, which might mean that the current lack of information is only a temporary matter.
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