MyCryptoBank - online bank cryptocurrency that allows clients to perform various operations of traditional banks
= Introduction =
MyCryptoBank is an online bank allowing any client registered in the electronic bank system to make a full range of bank operations, additional operations with cryptocurrency (payment processing, debit cards, credits and cheap investment products, use of cryptoassets as credit security and many others) based on Blockchain technology without visit of department. So, MyCryptoBank provides services of client’s remote access to accounts, products and bank services in order to make banking operations.
MyCryptoBank offers its clients a multifunctional platform of banking service, which represents a hybrid system combining digital and traditional currencies. The use of digital currencies makes operations faster and cheaper, while traditional currencies guarantee practically all-round acceptance and validity. One account combination allows clients simultaneously using advantages of both types of currencies.
= Why MyCryptoBank ?
Now, in the sphere of FinTech there are a lot of blockchain-startups, an idea of cryptobank is investigated many times by different teams, some of them have already performed their own ICOs.
At the same time, its creation attempts always become unrealized up to the end, we may declare that now, no one crypto-business fully functions in the world.
The largest part of these projects failed at the stage of bank license receipt for work with cryptocurrency in the Euro-zone and USA – these countries choice was conditioned by any wish to demonstrate its reliability before clients. However, local regulators do not give banks any licenses for work with cryptocurrency.
We meet the rules in MyCryptoBank and in contrast with the largest part of competitors, we share our processes of bank license receipt and license for work with cryptocurrency that leads us legally to work both with fiat money and cryptocurrencies.
May 7, 2018, company, being a member of financial holding, which realizes MyCryptoBank project, received licenses in Estonia for cryptocurrency and virtual value turnover and keeping:
Provider of a service of exchanging a virtual currency against a fiat currency № FVR000139;
Provider of a virtual currency wallet service № FRK000118.
Advantages of MyCryptoBank before any favorite traditional bank are obvious and shown in the following table :
Comparative analysis of MyCryptoBank with other cryptobanks :
= MyCryptoBank Ecosystem =
Main service, available for all clients of MyCryptoBank :
Wallet (mobile cryptobank);
Bank card and Payment Rings;
Exchange of cryptocurrency/ cryptocurrency, cryptocurrency /fiat;
Money transfer all over the world;
Financing and loans P2P;
Cryptocurrency acquiring;
Crypto-ATM and cryptomachines;
Deposit percents;
Forex Trade;
Consulting and legal services, including taxes;
= Wallet (mobile cryptobank) =
This is a mobile application, representing a set of payment services for its clients. Services include emission of virtual cards of payment systems. Until this bank receives a license this service will be performed with the participation of bank-partners but soon, MyCryptoBank will be able to issue cards independently
= Bank Cards and Payment Rings =.
= Debit Cards =
To make cryptocurrency transactions in payment system trading networks will be issued virtual cards Visa, Mastercard and UnionPay and mobile services Apple Pay, Samsung Pay or Android Pay will also be attracted. This allows not only paying through standard POS-terminals with PayPass, payWave, QuickPass support and sites, receiving bank cards for payment but also withdrawal or deposit cash through ATM, working with paypass payments.
= Payment Rings =
MyCryptoBank also plans to issue payment rings — a paypass card analog, integrated in bank payment system and allowing to make payment similar to a bank card. A miniature chip (NFC module) is integrated in the ring such as in paypass bank card. To make a payment, it’s enough to bring the ring to the payment terminal and the necessary amount will be written off.
= Digital Multi-card =
Digital Multi-card is a full replacement of typical wallets. It allows attaching several cards: debit, credit, discount, gift cards or even fitness club cards etc. In other words, any card can be tied up to it with a BAR-code or EMV-chip.
= MyCryptoBank Token (MCB) =
MCB TOKEN is the central element of MyCryptoBank segment, integrating all components of the financial ecosystem. All ecosystem tokens will be issued in the course of the ICO, with no possible additional emission upon ICO completion.
To obtain the statuses the below rates will be applied at the end of the ICO :
= Platform selection for MCB token =
Possibility to create smart contracts and decentralized applications (DAPPs): MCB token is a smart contract, used in various bank applications. Each of the applications is a decentralized one, composed of 2 basic parts — the smart contract and the user interface (UI), simplifying the communication procedure between the user and the contract.
Scalability: Client base of some banks contain millions of users, requiring possible fast scale
Cost of transactions: If clients are requested to pay the additional blockchain network fee, it will set back the bank development and the client database growth. Thus, the blockchain platform with the close to zero cost of transactions should be chosen for implementation.
Updateability of smart contracts and applications (DAPPS): Bank products and software should keep up with the times and develop continuously, which requires possible on hand update of the software code and security patch with no hard fork.
Parallel tasking: Many bank applications make huge computations, thus there is need of parallel computing to speed up the applications.
Time of transaction confirmation: Minimum time for the transaction to get sufficient number of confirmations and to become irreversible.
Interoperability with different blockchain architectures: Possible interoperation with different blockchain assets — an important feature, required for banking solutions configuration, supporting the multicurrency service.
MCB token is issued on the EOS platform, being at present the only platform, complying with all listed criteria. EOS is based on DPOS algorithm consensus (Delegated Proof Of Stake) and Byzantine fault tolerance modification. The present algorithm consensus assures low cost of transactions, high application execution speed and has already proved to be reliable in such networks as Bitshares and Steem. Additionally, EOS supports possible internetwork communication (Inter Blockchain Communication), facilitating development of multicurrency banking applications.
= Distribution of Funds =
65%: Distributed among the ICO participants
10%: Kept for the project team
3%: Allocated for development of the Bounty campaign
7%: Distributed among partners and experts
15%: Reserve fund
30%: Development and Integration of Blockchain Platform
20%: Marketing and Partner Network Development
20%: Obtaining banking licenses and maintaining the bank liquidity
10%: Development of crypto ATM network with fingerprint identification and face recognition function
10%: Development of innovative products
10%: Infrastructure development
= Order and rules for ICO conducting =
During the ICO MyCryptoBank the MCB tokens will be issued. The basic token price will make 0.2 USD dollars. All the ecosystem tokens will be issued within ICO in maximum quantity of 795.5 million MCB.
Upon completion of ICO, MyCryptoBank (MCB) tokens will be used within the internal ecosystem.
МСВ token stability together with progressive project development makes it attractive not only for acquisition of the status investor privileges, but as an investment tool as well.
Investments will be done through the allocated platform, assuring transparency of the whole investment process: the real-time follow up of invested assets and tokens sold.
Those are some summaries that I can explain to you all about the "MyCryptoBank" project .
If you are interested in contributing to this great project, please visit the following links :
Website
Whitepaper
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