Introducing bitcashBank: An All-in-one Bank, DEX, P2P Community, and DAO
Blockchain and cryptocurrencies have matured. Blue chip companies now employ blockchain technology. Crypto and NFTs make daily headlines. EOS has again caught the eyes of investors. What the mainstream consumer needs now is a one-stop place for cryptocurrencies where all the pieces fit together.
Enter a peer-to-peer gateway called bitcashBank.
What is bitcashBank?
New crypto users encounter any number of challenges. Trading the dollar value for Bitcoin (and altcoins) should be simple. The bitcashBank Network provides a one-stop location for all essential crypto applications. Underlying the network is a stablecoin and dynamic leverage. Other features include staking-ROI, community, a bank, trading, and a nextgen DAO. Find out how cryptocurrencies should work.
Interview with Jun Dam
Jun Dam is a Founding Partner, the Financial Architect, and head of Business Development for bitcashBank. He graciously shared his time to discuss fundamentals, the upcoming Launch Party, and Beta release. In describing the motivation behind bitcashBank, Jun expressed how the team is:
ready for crypto to go mainstream
When choosing an ecosystem for bitcashBank, it was clear to Jun that:
EOS is one of the best platforms for usability
The rest of this article was taken from the bitcashBank whitepaper, the website, and the Q&A with Jun.
OVERVIEW
User Interface and Key Security
The Network and P2P Community
Tokenomics and Staking
Partner Spotlight
Key Takeaways
Launch Party
USER INTERFACE AND KEY SECURITY
Blockchain was invented to build and improve upon a flawed economy. The dream of many early developers was a free, fair, and functional system. P2P networking is at the heart of the efforts. These are the concepts behind the creation of the bitcashBank smart contracts.
User Focused from the Start
The team recognizes the importance of usability. A friendly user interface was identified as an essential component for success. Communicating through the UI adds to an already strong community focus.
Key Security
New users often find key security among the most off-putting aspects of crypto. The bitcashBank Network provides for practical key security that keeps users in full control. Advanced security methods on the roadmap include:
smartphone pin code
biometric reader
selfie
webauthn
multi-signatures (of family or trusted parties)
time-based multi-factor system
Users can be confident in holding their keys within a recognizable web application. Furthermore, building on EOS brings with it practical functionality like readable account names.
THE NETWORK AND P2P COMMUNITY
The bitcashOrg Network is a decentralized DAO. The DAO controls the smart contracts which specifies all aspects of bitcashBank. Token holders govern a stake-weighted multisig system. Changes to smart contracts require a referendum. Block producers determine the state of the chain.
Network Growth and Access
The goal of bitcashBank is to develop a strong user-centric network. P2P networking grows the system. Transactions are governed by both parties. Thus, the centralized bias of KYC becomes much less relevant right from the start. The network’s focus is on personal freedom and self-regulation through direct P2P communication without KYC.
Such a free enterprise system isn't common to regulated, traditional networks where third parties control transactions. Initial network growth will follow a reputation system of whitelisted accounts. Beta access will require an EOS wallet until the light account is set up. In terms of compatibility, TokenPocket was chosen for the (mobile-focused) launch.
A bitcashBank light account system will be available when the Beta launches at the end of June. The light account will include a stand-alone private key system (bitcashKey). Resources for signing up will be provided by bitcashBank. Mainstream adoption is the goal from the beginning.
Community
Users will find bitcashBank's community strength refreshing. It's part of the underlying mechanics and is the best way for long-term sustainability and success. Referrals build the core network of investors and users. Keeping bad actors away early will do much for minimizing long-term challenges.
The bitcashBank networking model is similar to EdenOS. This illustrates the team's dedication to EOS and decentralization. Jun Dam praised the efforts and commitment to community. He believes that a community-driven bank can thrive using the same organizational approach as EdenOS. It’s about:
Sharing the business of banking with depositors with direct participation in the value generation.
Jun has extensive experience with EOS (e.g. BitShares 2015) and blockchain technology (2012) in general.
THE BANK, TOKENOMICS AND STAKING
Even the average crypto user needs a reliable set of tools, let alone the ability to trade in the safest way possible. Healthy project ecosystems are rare in crypto during the early development stages. A focus on community can change the status quo.
In the bitcashBank, essential tools quickly come together in very useful and powerful ways. What users might notice as mere features, is a brilliant integration and natural extension of the blockchain-based stablecoin concept.
The bitcashBank
The bitcashBank acts as an anchor for the platform's features. It’s a safe place for holding crypto. Operationally, the bitcashBank involves a Treasury Contract. This is a smart contract specifically for banking that returns a competitively high yield. The P2P network acts like an ATM. Note that the Beta will have limits on withdrawals during the early-phase to ensure security and collateral management.
More comprehensive banking services are in the long-term plans. Traditional deposit methods that users associate with cash will help integrate the network with the global economy. Popular payment methods accepted by the bitcashATM include:
Zelle
PayPal
Venmo
Alipay
WeChat
Acceptance of traditional payment channels all serve to streamline a significant amount of cash to crypto liquidity and strengthen the P2P gateway early in the system’s development.
Tokenomics
The bitcashBank difference flows from a DAO in control of the smart contracts. Token holders have a vested interest in the system that goes beyond personal assets. A P2P community, combined with a share in the platform fees, is fundamental to the network. This relationship will be apparent when bitcashOrg launches at the end of June. It's a revolutionary approach providing for the easiest way to trade crypto.
The network build allows for the intelligent leveraging of the EOS ecosystem and its proven solutions. The pooling of resources resembles an equity structure. In models like Uniswap, there’s a disconnect between network mechanics and token holders. The bitcashBank goes beyond traditional DAO tools used for discussion and voting:
Stablecoin
Decentralized Exchange
Bank (Treasury Contract)
DeFi - Lending and borrowing
DAO- stake-based virtual network
Partners establish the initial supply. Newly minted coins are created based on value generation for all token holders. It’s a revenue-based deposit system with a 20-80% split for the DAO and automated depositor distribution. Dynamic liquidity is another fundamental aspect of the bitcashBank's long-term plans.
Staking
Minting tokens. New bitcashOrg tokens are minted based on 80% of revenue generation. Existing staked deposits and the weekly market price will determine revenue generation in real-time. Stakers earn bitcashOrg tokens from trading fees. These tokens will also be used to pay for fees on the network.
Automated valuation. ROI is based on the pegged market value determined by a smart contract. Industry standards for stablecoin collateralization mechanics require dedicated innovation and refined automation as much as anything else. The bitcashBank's capitally efficient and accurate approach allows for unparalleled yields.
Withdrawal limits begin at 5%, with full withdrawal over 20 days. Users may continue to trade during the withdrawal period. As the network grows, stability in the stablecoin mechanics and security will allow for a more liquid system.
Note that there will be no earnings until the DAO launches in June. In recognition of the efforts of group leaders and influencers, promotional rewards have been set aside.
100X: A P2P TRADING APP
100X makes using the bitcashBank fun and easy-to-use. Deposits and withdrawals are fluid using preferred payment providers (previously listed). P2P trading of bitcashUSD for fiat is available through the bitcashATM.
In terms of trading, the system searches a network of users to present a compatible trade. Buyers are matched with sellers with account information included in the transactions.
100X functions are straightforward, requesting confirmations to complete each step. Leveraging tokens is a key aspect of 100X. A decentralized exchange allows for up to 20x leveraging of top cryptos like BTC, ETH, and EOS. Cryptocurrencies are clearly displayed and can be whitelisting for convenience. Advanced features are part of the long-term plan.
Unlike other crypto apps that pay minimal attention to the UX, 100X is considerate of the most basic users' needs. Features like independent histories for the ATM, Trades, and Payment transactions are all clearly displayed. 100X will initially be available through TokenPocket. Transactions are completed at the speed of the EOS network. Over the long-term 100X is also a way to grow the community.
FOUNDING PARTNERS SPOTLIGHT
There are four main types of partners at bitcashBank:
community growth
capital
product and software development
infrastructure
Brief Bio of the Founding Partners, the Minds behind the Mission and Origin of the Network
Jun Dam (Financial Architect & Business Development) has an extensive background in crypto and finance. His global impact includes the 2018 World Crypto Economic Forum, the 100x Crypto Investors Summit (2021), and leading grassroots efforts for Ron Paul. Jun has been a valuable member of the EOS community for years. He was behind EOS Ignite, organized key meetups, and hosted a recurring webcast on EOS Tokenomics, DACs, and governance.
Gabo Esquivel (Fullstack Tech Architect and Developer) founded Blockmatic, Chaingraph and BlockchainCR. He's been instrumental in promoting blockchain technology and shaping its future through consultation and development.
Max Gravitt (Blockchain Architect and Smart Contract Developer) founded, and is Lead Developer, at Digital Scarcity. He’s an EOSIO specialist with experience in a variety of cross-blockchain dapps.
TAKEAWAYS
one-stop crypto resource
buy crypto easily (w/o KYC)
trade (and leverage) efficiently with wrapped tokens
fees returned to the DAO
DAO controls the smart contracts
Beta is invite only
MAY 18TH LAUNCH PARTY
The public Beta release is scheduled for the end of June. In preparation for the large-scale rollout, the May 18th Party offers opportunities to learn about, and invest in, bitcashBank.
The Beta release will be invite only. Partnerships and contributors are encouraged in the following areas:
media
technology
startup
group leaders and influencers
The Launch Party is scheduled to run 3 to 5 hours with an after party to follow. Sign up at bitcashOrg. For those wishing to become partners prior to the Launch Party, contact the team on their telegram channel.
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