Binkabi (Binkabi) Review

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.

About 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.

Binkabi ICO details


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.

Author: Ali Raza for Crypto-Rating.com

Binkabi
StartApril 1, 2019
EndJune 30, 2019
Expired

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.

Austin   June 26, 2019  


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.

George   June 26, 2019  


Add/Read Reviews

ICOs that might interest you

We list the most relevant upcoming crypto market ICOs from the industry leaders


BrandProtect
BrandProtect

Brandprotect is the Ukrainian blockchain project that presents the solution for the problem that concerns the protection of property rights on intellectual products and prevention of counterfeiting.

1 days left

Pbet
Pbet

Pbet offers a fully-fledged blockchain solution for the gambling industry that serves the purpose of connecting brick-and-mortar establishments with the project’s proprietary online products.

1 days left

UCBI Banking
UCBI Banking

UCBI is the London-based blockchain project that has a goal of creating a decentralized data bank that should bridge the gap between the crypto space and real economy.

1 days left

DIPChain
DIPChain

Presently, the increasing number of industries are looking for ways to adopt the blockchain technology to a wide range of activities. Regardless of its overly creative nature, art is also an industry that requires innovative approaches in many areas of its operation.

1 days left