ZeosX Translates Crypto Banking Into Reality

It is commonly known that the contemporary banking system has virtually run its course in terms of its serviceability and efficiency. Even though modern innovations, the blockchain technology, in particular, had already provided numerous solution with respect to financial operations, the overwhelming majority of banks are extremely reluctant to implement them in practice.

Problem statement

The reason behind such hesitancy lies in the fact that banks are benefiting from the things that blockchain is bound to eliminate: the predatory transaction fees, unnecessary payments for intermediary services, hindered access to loans, and the overall bureaucratization.

Besides, large banks went from being the servants of the general population to posing the global threat. Just take a moment to recall how the 2008 financial crisis began and the role that Lehman Brothers, Merill Lynch, and other high-street banks played in this catastrophe. 

Evidently, the community of blockchain developers must take matters into their own hands to present people around the world, especially the unbanked ones, with the entire range of benefits of blockchain and cryptocurrencies. ZeosX is another example of a blockchain startup that established the goal of freeing people from the exploitation by banks and granting access to the cutting-edge financial network.

ZeosX ecosystem

The ZeosX banking ecosystem is built on the Ethereum blockchain and runs on smart contracts with ERC-20 compliant token called ZEOS being its operating currency.

The ecosystem consists of several elements, namely ZeosX Hub, a cryptocurrency mobile wallet with an in-built exchange, ZeosX Loan, ZeoInsure, ZeoLend, and the service for issuing physical crypto banking cards.

As for the safety provision, the developers claim that they utilize the multi-layered ‘military-grade’ protection system though there are no specifications with regard to the type of encryption or algorithms. They do guarantee that all digital funds will be kept in a cold storage vault, but that’s about it for security arrangements - definitely a drawback as for the aspiring banking platform.

ZeosX Hub is the name of the core decentralized platform that brings all network participants together allowing them to use the following set of features:

• The collateral auction provides users with an opportunity to sell valuable physical assets, from jewels to the items of real estate, to the highest bidder for cryptocurrencies.
• The insurance of life and property by the virtue of ZeoInsure, a transparent system based on smart contracts.
• ZeosX Loan and ZeoLend provide the means for receiving both collateral and non-collateral peer-to-peer loans as well as lending crypto assets to other users with interest.  
• ZeosX also issues six types of physical debit cards that ensure additional perks for its holders, such as the improved monthly interest rates for ZEOS token holders, cashback and prizes obtained through the allocation of ZeoPoints, and exclusive bonuses for the owners of premium cards.
• Finally, the mobile wallet endowed with the ZeoPay decentralized payment system permits users to make transactions using cryptocurrencies with low and transparent fees. Users can exchange ZEOS token to other digital currencies directly in the dApp through ZeoStorm. ZeosX also plans to incorporate native POS terminals to help businesses integrate crypto in their operations. 

ICO details

Zeox is now conducting a private sale of ZEOS tokens that will last throughout the year until January 31. The tokens can be purchased via fiat currencies (PayPal) as well as Bitcoin, Litecoin, and Ethereum. 1 ETH will buy the investor 3900 ZEOS. The buyers are also subject to a 30% bonus and the future airdrops.  

Author: Alex Paulson. This article was written exclusively for cryto-rating.com