Project Bank Polybius: how we make the first cryptobank with Estonian-Swiss roots
News about new cryptostates and blockchain projects appear almost every week, but so far the cryptobusiness did not have its own bank - which is even a bit strange, given the fintech focus of most of these projects and the importance of banking services for the functioning of the business.
There comes “time of the first” in the world of banks
The Estonian company Polybius Foundation decided to fill this gap and establishes the first bank specializing in financial services for cryptostartups and blockchain projects around the world: the Polybius Bank Project. About what this bank is, why it is needed, how it is arranged - and, most importantly, how to participate in this project before it is too late - our first article on this topic.
The founders of the Polybius Foundation are the same guys that founded the manufacturer of mining equipment and the blockchain developer HashCoins, whose first profile of activity was the production and sale of mining equipment. Of course, like any business, they needed a bank account. The dialogue with the clerk looked like this:
')
- What is your business?
- We sell mining equipment and extract bitcoins themselves.
- Oh, oh, we do not need this!
It should be understood that the process of recognition of cryptocurrency by the regulatory authorities began quite recently and so far is in full swing. Prior to this, some three or four years ago, to come to the bank with the statement “we are here cryptocurrency mine” was equivalent to a request to open an account for storing money from sales of drugs and weapons. To find a bank that would agree to service a HashCoins account, the guys had to say that they were selling computers and components (which, in fact, was also true, but did not contain the alarming words “cryptocurrency” or “bitcoins”) and agreed to an increased interest rate “For riskiness”, which the bank reduced only years of stable and trouble-free cooperation later.
Similar problems arise in cryptostates around the world. In Russia, as we remember, a couple of years ago, they were almost going to plant a cryptocurrency. The situation has changed - largely thanks to German Gref himself, who heard the words “blockchain” and Agile at Western conferences and rushed to introduce them in Sberbank and promote it in the country - thanks to which Russia has become almost one of the leading countries in developing blockchain projects and cryptocurrency. But progress is uneven across the planet, and the problems described above are still more or less relevant for many countries.
One of you came up with the name of the bank: habrayuder andorro , who suggested using the "Polybius square" - one of the oldest cryptography methods - in one of our projects: an unfamiliar commercial, with a memorable and recognizable name.
By subscribing to our blog, you get a unique opportunity to observe the process of creating a bank in real time - if possible, we will comment on what is happening as detailed as possible.
Since childhood, the word "banker" was synonymous with success and earnings. But if you open your bank, you will not be able to do it - and it’s not only money (and the budget for opening a bank in the EU is several million euros), but also the required experience, knowledge and time costs, and you don’t see much meaning because there is no place to wait for a sharp rise there, think about investing in the bank being created. This is the opportunity provided by the Polybius Bank project: a modern high-tech bank in which full compliance with all the requirements of European financial regulators meets modern technological stuff guaranteeing the speed and safety of transactions of the 21st century level. Now you have the opportunity to invest in its development, guaranteeing yourself a share in the bank's profits protected by a smart contract and the laws of the European Union. The more investments - the more profit.
First of all it will be a bank - i.e. just a bank, a financial institution for everyone. The Polybius Bank project will provide a traditional set of financial services such as deposits, loans, issue of bank cards, etc. not only cryptostates, but also ordinary businesses and, of course, individuals.
In this case, the latest achievements of technologies, both crypto and ordinary ones, will be used.
The point is to re-invent what can be re-invented and optimize what can be optimized in a modern financial institution within the framework of the Procrustean bed of legislation that now exist. But European legislation has never been laconic. On the one hand, this is a plus: the very fact that the bank is located in European jurisdiction guarantees the European level of respect for the rights of depositors.
Not the only, but the most important reason why we started all this: the support of cryptostates and crypto-enthusiasts around the world.
A project like Polybius became possible when those who have the experience, knowledge and desire to make modern digital products met with those who have financial expertise, banking experience and an understanding of what can and cannot be improved under the conditions of existing regulations. Thus, the cradle of our bank has gathered a motley, but exceptionally powerful team of experts in completely different fields: a strong team of programmers, security and cryptography experts, developers of financial platforms, credit agencies, bankers, lawyers and experts in European regulations. In our team alone There are several doctoral degrees, and joint experience is that we want to do more than a century with us. You can see our team in person on the Polybius website. We are proud of our people and will definitely tell you more about them, but we would like to start with a few names.
Hugo Bekis . Strategic Advisor to the Polybius Bank. When a technology company launches a bank, it faces two problems: on the one hand, some ideas are simply unrealizable under current legal restrictions, on the other - due to the lack of banking expertise, you can skip the really interesting areas and free niches. To prevent this from happening to us, Hugo helps us: a distinguished financier who has built his career in a number of major banks, including Deutsche Bank and Bank of America, a member of the European Task Force on Cybercrime. His many years of experience in the financial sector covers all aspects of the banking business: from how financial transactions are arranged to building a bank from scratch. For the past 14 years, Hugo has been at the forefront of the financial world, and can not only correct the development of the company, but also suggest new directions for movement.
Ivan Zakharenko . In the Polybius Bank project, Ivan is responsible for creating and promoting banking products and services, based on knowledge of market needs and demand and his ten years of experience in banks such as Swedbank and Citadele Bank. He served as director of corporate development at Expobank AS, a senior specialist for working with large clients at Baltikums Banks, and a specialist for working with large customers at Parex Bank.
Pavel Kravchenko . Candidate of Technical Sciences, cryptographer, Kravchenko is a consultant on the security of technological solutions "Polybius". Pavel is one of the founders of AtticLab , which developed the openbankIT banking system, which includes a cryptographic processing center that has been certified by the National Bank of Ukraine.
Sergey Potapenko : the ideological inspirer of the Polybius Bank project and the co-founder of the Polybius Foundation. He is a co-founder of HashCoins, which since 2013 has been manufacturing mining equipment, as well as developing crypto projects, including the cloud mining service HashFlare, with more than 500 thousand users.
Oleg Hovayko . A cryptographic specialist, Oleg advises technical specialists of the Polybius Bank project on cryptography, security and the use of the blockchain. Oleg is one of the creators and technical director of the Emercoin project, whose many technical developments based on the blockchain we told in our blog.
ICO of the Bank Polybius project starts this spring. In order not to miss this event, and to have time to purchase tokens in the first weeks, while there will be bonuses, subscribe to the newsletter with a notification on the website polybius.io or follow the news on our blog on Giktimes.
There comes “time of the first” in the world of banks
The Estonian company Polybius Foundation decided to fill this gap and establishes the first bank specializing in financial services for cryptostartups and blockchain projects around the world: the Polybius Bank Project. About what this bank is, why it is needed, how it is arranged - and, most importantly, how to participate in this project before it is too late - our first article on this topic.
Little history
The founders of the Polybius Foundation are the same guys that founded the manufacturer of mining equipment and the blockchain developer HashCoins, whose first profile of activity was the production and sale of mining equipment. Of course, like any business, they needed a bank account. The dialogue with the clerk looked like this:
')
- What is your business?
- We sell mining equipment and extract bitcoins themselves.
- Oh, oh, we do not need this!
It should be understood that the process of recognition of cryptocurrency by the regulatory authorities began quite recently and so far is in full swing. Prior to this, some three or four years ago, to come to the bank with the statement “we are here cryptocurrency mine” was equivalent to a request to open an account for storing money from sales of drugs and weapons. To find a bank that would agree to service a HashCoins account, the guys had to say that they were selling computers and components (which, in fact, was also true, but did not contain the alarming words “cryptocurrency” or “bitcoins”) and agreed to an increased interest rate “For riskiness”, which the bank reduced only years of stable and trouble-free cooperation later.
Similar problems arise in cryptostates around the world. In Russia, as we remember, a couple of years ago, they were almost going to plant a cryptocurrency. The situation has changed - largely thanks to German Gref himself, who heard the words “blockchain” and Agile at Western conferences and rushed to introduce them in Sberbank and promote it in the country - thanks to which Russia has become almost one of the leading countries in developing blockchain projects and cryptocurrency. But progress is uneven across the planet, and the problems described above are still more or less relevant for many countries.
Why "Polybius"?
One of you came up with the name of the bank: habrayuder andorro , who suggested using the "Polybius square" - one of the oldest cryptography methods - in one of our projects: an unfamiliar commercial, with a memorable and recognizable name.
Startup & ICO Progress
By subscribing to our blog, you get a unique opportunity to observe the process of creating a bank in real time - if possible, we will comment on what is happening as detailed as possible.
- Registration of a constituent organization that will own 100% of the shares of the Polybius Bank project - Polybius Foundation . Done.
- Charter of the bank. An important legal document, the cornerstone of any organization. In our case, the Charter will not be quite ordinary - but very unique. About this below.
- Bank registration. We choose one of the locations within Europe. Now the choice has narrowed down to the UK, Switzerland (clear choice for the bank) and Lithuania (not so obvious, but also a cool option, given Lithuania’s intention to become a leading state in the field of fintek ).
- Ico. Initial Coin Offerings can be considered a crypto-analog of the IPO (Initial Public Offering) concept familiar to many, when tokens are issued instead of shares - borrowing cryptocurrency in exchange for a fixed share of profit. One token costs $ 10. The principles of ICO are spelled out in the Charter of the Polibyus Foundation, the founder of the project “Bank Polybius”. And this will be a separate post.
Why participate in ICO
Since childhood, the word "banker" was synonymous with success and earnings. But if you open your bank, you will not be able to do it - and it’s not only money (and the budget for opening a bank in the EU is several million euros), but also the required experience, knowledge and time costs, and you don’t see much meaning because there is no place to wait for a sharp rise there, think about investing in the bank being created. This is the opportunity provided by the Polybius Bank project: a modern high-tech bank in which full compliance with all the requirements of European financial regulators meets modern technological stuff guaranteeing the speed and safety of transactions of the 21st century level. Now you have the opportunity to invest in its development, guaranteeing yourself a share in the bank's profits protected by a smart contract and the laws of the European Union. The more investments - the more profit.
How it will work
First of all it will be a bank - i.e. just a bank, a financial institution for everyone. The Polybius Bank project will provide a traditional set of financial services such as deposits, loans, issue of bank cards, etc. not only cryptostates, but also ordinary businesses and, of course, individuals.
In this case, the latest achievements of technologies, both crypto and ordinary ones, will be used.
The point is to re-invent what can be re-invented and optimize what can be optimized in a modern financial institution within the framework of the Procrustean bed of legislation that now exist. But European legislation has never been laconic. On the one hand, this is a plus: the very fact that the bank is located in European jurisdiction guarantees the European level of respect for the rights of depositors.
- Charter with a smart contract. Under the terms of the ICO, investors will be assigned and guaranteed by a smart contract the payment of 20% of the profits of the Polybius Bank project. The very fact that the concept of a smart contract and ICO appears in such a conservative document as the Charter is a small breakthrough and a true sign that change is already beginning.
- AI in lending. Like any other bank, we will be engaged in lending. And we plan to use for scoring - determining the creditworthiness of the client - the neural network. It may not sound like a super innovation, because in fact, banks are already introducing similar technologies around the world, but we will support artificial-intellectual scoring with another interesting development of our authorship.
- DigiPass. Here comes the blockchain. DigiPass will be a universal decentralized repository of private information about the user - from credit history to medical records - in the blockchain, which only he will have access to. The role of "Polybius" is to act as a trusted agent for verifying user input. Information certified by the bank will be valid for all credit, financial and many public and private organizations around the world. In this case, the user himself will decide what information to provide on request to one or another institution. Wanted to take a loan from City Bank? Instead of a bunch of tedious certificates, you simply give access to that part of your Digipass, which contains a credit history. Do you buy medical insurance? Share your agent's access to the part of the repository where your health information is. The decentralization of the repository ensures the independence of the safety of your information on the state of the Polybius Bank project itself.
Services for crypto projects and cryptophatics
Not the only, but the most important reason why we started all this: the support of cryptostates and crypto-enthusiasts around the world.
- Legal crypto projects - i.e. unrelated to any illegal activity - it will not be difficult to get an account and the opportunity to apply for a loan in the Polybius Bank project on general, non-discriminatory grounds . In a sense, it will be even easier for them to work with us, because behind the bank there is a team of cryptophatists and crypto-enthusiasts - we will perfectly find a common language.
- Lending on the security of cryptocurrency can also be an interesting option for many crypto projects and cryptousers. Just imagine that you have developed a new crypt and have come to Sberbank for a loan for its development, despite the fact that you may not have any other assets. Or not in “Sberbank” - substitute “Raiffeisen” or “City” in this thought experiment - the result will still be the same. The Polybius Bank project is happy to consider such a proposal. Our experience and expertise in mining, creation and development of crypto projects will help assess your prospects and even, perhaps, suggest in which direction you should develop.
The people behind us
A project like Polybius became possible when those who have the experience, knowledge and desire to make modern digital products met with those who have financial expertise, banking experience and an understanding of what can and cannot be improved under the conditions of existing regulations. Thus, the cradle of our bank has gathered a motley, but exceptionally powerful team of experts in completely different fields: a strong team of programmers, security and cryptography experts, developers of financial platforms, credit agencies, bankers, lawyers and experts in European regulations. In our team alone There are several doctoral degrees, and joint experience is that we want to do more than a century with us. You can see our team in person on the Polybius website. We are proud of our people and will definitely tell you more about them, but we would like to start with a few names.
Hugo Bekis . Strategic Advisor to the Polybius Bank. When a technology company launches a bank, it faces two problems: on the one hand, some ideas are simply unrealizable under current legal restrictions, on the other - due to the lack of banking expertise, you can skip the really interesting areas and free niches. To prevent this from happening to us, Hugo helps us: a distinguished financier who has built his career in a number of major banks, including Deutsche Bank and Bank of America, a member of the European Task Force on Cybercrime. His many years of experience in the financial sector covers all aspects of the banking business: from how financial transactions are arranged to building a bank from scratch. For the past 14 years, Hugo has been at the forefront of the financial world, and can not only correct the development of the company, but also suggest new directions for movement.
Ivan Zakharenko . In the Polybius Bank project, Ivan is responsible for creating and promoting banking products and services, based on knowledge of market needs and demand and his ten years of experience in banks such as Swedbank and Citadele Bank. He served as director of corporate development at Expobank AS, a senior specialist for working with large clients at Baltikums Banks, and a specialist for working with large customers at Parex Bank.
Pavel Kravchenko . Candidate of Technical Sciences, cryptographer, Kravchenko is a consultant on the security of technological solutions "Polybius". Pavel is one of the founders of AtticLab , which developed the openbankIT banking system, which includes a cryptographic processing center that has been certified by the National Bank of Ukraine.
Sergey Potapenko : the ideological inspirer of the Polybius Bank project and the co-founder of the Polybius Foundation. He is a co-founder of HashCoins, which since 2013 has been manufacturing mining equipment, as well as developing crypto projects, including the cloud mining service HashFlare, with more than 500 thousand users.
Oleg Hovayko . A cryptographic specialist, Oleg advises technical specialists of the Polybius Bank project on cryptography, security and the use of the blockchain. Oleg is one of the creators and technical director of the Emercoin project, whose many technical developments based on the blockchain we told in our blog.
How to take part in this
ICO of the Bank Polybius project starts this spring. In order not to miss this event, and to have time to purchase tokens in the first weeks, while there will be bonuses, subscribe to the newsletter with a notification on the website polybius.io or follow the news on our blog on Giktimes.
Source: https://habr.com/ru/post/402779/
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