This February, American seed accelerator Y Combinator has published an article that describes the future development of blockchain technology. It turned out, the methods Ycombinator talked about are already utilized or developed by BANKEX. Let’s check it out.

Disintermediation

>Today, we resort to many layers of documentation and mediators to ensure that transactions happen. In many cases, it is more costly and time-consuming to prove that you did something than actually doing the work. You can see this behavior in real estate property rights and transfers.

The Proof-of-Asset (PoA) technology developed by BANKEX allows the tokenization of various assets. Thanks to this innovative technology, people now can make transactions without intermediates by tokenizing the assets. This technology will significantly reduce not only the time and costs of asset transactions but also its risks. Moreover, BANKEX team developed the world’s first private blockchain that supports Plasma Protocol for public auditing. It allows users to transfer different assets directly to each other leaving intermediaries obsolete and solves one of the most pressing problems facing current crypto world — high gas consumption.

Custodian

> In the next few years, custody is going to become more and more critical, and new industry will be created to solve it.

BANKEX has developed its custodian platform — Crypto-FIAT Custodian. It is a classical depository where clients can store crypto assets and view them on the balance sheet as they do with off-chain assets. Transactions of crypto assets via the Crypto-FIAT Custodian can protect banks and funds from risks. And the steps of carrying out transactions are similar to classical securities, only simper. BKX tokens are already stored in the Crypto-FIAT Custodian.

BANKEX Trust Service for Ethereum

>Bitcoin is also programmable. For example, if you want to add extra security, you could say that any transaction bigger than $1,000 USD needs to be verified by both you and your father. Ethereum took the concept a step further and supported more complex functionality in its smart contracts.

In order to facilitate the blockchain transactions, we developed BANKEX Trust Service, a decentralized handshake module that record details of agreements and transactions on the blockchain. It preserves and confirms the identities and conditions of blockchain transactions, contracts, or other interactions for further independent verification in a distributed network. Using BANKEX’s Trust Service, not only will the parties involved in a contract receive a record of the transaction, their privacy and security are also protected.

To sum it up, the Ethereum-based BANKEX platform allows storage and transaction of assets, in addition, it is possible for users to program agreements, which make transactions between asset-holders fully digital.

The tokenization of Digital Asset

>Experts like David Sacks and Balaji Srinivasan believe that ownership will get blockchained the same way content (video, text, and music) got packetized and sent over the internet. Once tokenized, they can be subdivided into near infinitely small pieces and exchanged freely, providing liquidity.

Producer of the Oscar-winning film “Birdman” Christopher Woodrow is developing his own token, Moviecoin, with the help of the BANKEX Proof-of-Asset protocol. This platform will allow film production to be financed with cryptocurrencies and movie-related tokens can be traded on global cryptocurrency exchanges.

Security vs. Hacking

>Exchanges, wallets, and custodians were compromised. Again, central, trusted parties can be hacked and will be hacked because they are honeypots. In this day and age, we see hacks happening every week.

Crypto-wallets are often hacked, that’s why BANKEX is developing our own highly secured wallet that will guarantee safe transactions on the BANKEX platform.

During the last Blockchain Hackathon held in Denver, Colorado, BANKEX Team invented a new security protocol

or

which allows transactions under a smart contract between two users to be invisible to the third parties.

Know Your Customer

>For example, Microsoft is working on decentralized digital identities.

KYC or ‘Know Your Customer’ is a customer identification process, which is crucial because it does not allow untrustworthy persons to participate in Tokens Sales. Regulatory authorities across most jurisdictions require token sellers to acquaint themselves with purchasers. The KYC process is in place to prevent fraud, money laundering and identity theft etc.

BANKEX is developing a Know-Your-Customer platform that will grant investors who have passed a KYC before a certificate, which will help to facilitate the passing of KYC in other Token Sales.

Wallets on Mobile Devices

> However, right now you need to install browser extensions like Metamask to interact with websites that enable “crypto functionality”. They are still really clunky, and the average user does not know they even exist. Native and more polished experiences both on web and mobile to sign and validate transactions need to happen for this to become meaningful. Until then, only tech savvy adopters will benefit from secure identification on niche use cases.

BANKEX Foundation is working on the development of web3swift platform

or

Web3swift will be integrated into the browser for interacting with smart contracts on mobile devices and adding extra support of decentralized online Blockchain services (Dapps). This platform will greatly simplify the process of cryptocurrency transactions and make it as accessible as fiat money transaction via mobile bank applications.

This article of Ycombinator was widely discussed in the blockchain community. While some people are predicting the future, BANKEX are making it. Our hard-working team atBANKEX are using and developing the most advanced blockchain technology and will not rest on its laurels.