Polybius is a project that aims to make the lives of individuals and corporations easier by helping to bridge normal banking operations and elements of the crypto space like blockchain technologies. At it's core it will have many features of a traditional bank such as SWIFT membership for financial to financial transactions, card issuance capabilities and even things like P2P loans and Currency Exchange. However there are many things that set this apart from your standard bank and the goals of the Polybius Bank (PI) stretch far beyond those of a normal financial institution.
At the center is Digital Pass, a standalone piece of technology that aims to standardize system to system communication and provide a way to establish trust relationships between entities. Built on a smart contract set of features and using technology from Emercoin blockchain, Digital Pass could be used in many scenarios, one of which is as follows:
An individual, wants a loan from a Credit Organization (CO). Normally you would be providing lots of Personally Identifiable Info to request the loan and going through a process of validation at the CO in person. Digital Pass can make this easier, the user will have an Info Card with data about themselves such as Name, Address, etc. The user will also have in their possession an SSL Certificate for client side authentication operations. Using OAuth2 technology, the CO site can redirect your browser with the client certificate in its user cert store to a Digital Pass site to perform the OAuth2 functions.
After you prove your identity using the SSL cert, a User Token is sent back to the CO site with info such as the state of the transaction (Pass/Fail at it's simplest). With this info, the CO then sends data back to the Digital Pass network with info on the transaction without sending Personally Identifiable Info. The info sent here includes things like the SSL ID of the loaner, amount of the loan and also the lending organization name. Digital Pass takes this info an appends it to the blockchain at this point.
Polybius Bank (PI) is unique as well in that it will not have physical banking locations. In a world of ever increasing digitization of our lives this is a way to cut out a dwindling aspect of banking and save capital. Honestly, I can't recall myself the last time I stepped foot in a banking institution's physical branch.
The Polybius Token is a digital profit sharing smart contract. When you purchase PLBT, you are buying into a contract that establishes that as an owner of PLBT you are partly a receiver into the 20% of Polybius Bank (PI) profits that are distributed to all smart contract profit sharing holders that own PLBT. The idea is pretty novel and is basically a digital form of stock into the company. The ICO is still going on now so to purchase PLBT you will have to sign up for an account and digital wallet at https://polybius.io/eng/ in order to get in at the moment. The current price of PLBT is pegged at 10 USD and there are tiered bonuses as well, for example for another 24 hours or so of the time of this posting you will get 10% more PLBT if you invest.
The amount of PLBT is going to be determined by the result of tokens purchased in the ICO. A total of 93% of tokens go to investors with a small subset reserved for the devs and also a rewards campaign.
There were various goals PI wanted to reach during the ICO and a roadmap to show each one and the objectives they will be going after when they hit them. The current amount raised is nearing $22 million and the highest goal to be met is pegged at 25 million USD so there is a good chance this will be met.
Wanted to throw in a disclaimer here, I am not a financial or investment adviser I am simply reporting on a project I found interesting and will be putting a little money into. The promise of a profit sharing type smart contract is very interesting and if the process of loans, currency exchange and other banking processes can be streamlined then I welcome it. Check it out for yourself and leave a comment telling me what you think.
Thanks as always for taking the time to read this and your upvotes, follows, and comments are appreciated!
Bitcoin 1KM5MaPNsZdAA6W3MQZQa2yqq1VzxV69My
Ethereum 0x79B4fAEAA31EAc19f33A1517288abE82cB2da6Fd
