Rubius Inc. plans to use the blockchain to solve one of the world’s most pressing problems — the unbanked.
The unbanked are the 1.7 billion adults that lack access to the world’s economy because they have no bank accounts and no access to electronic financial services. Most of those people lack bank accounts because they live in places traditional banks are afraid to operate. That includes war-torn regions and lawless areas.
One of the world’s most unstable regions, the Middle East, is also the most unbanked. Around 86% of the adults in the Middle East have no bank account simply because of their faith. Islamic Sharia law teaches that charging interest is a sin. Most of the world’s banks operate on an interest-based model — that excludes devout Muslims from the financial system.
Another reason why the banks refuse to operate in many areas is that they need to trust their patrons. The trust is developed by checking the history of borrowers — which is impossible when people have no banking history.
Trustless Banking is born
Rubius Inc. plans to bring financial services to the unbanked through “trustless” banking utilizing its blockchain software. The unbanked can use blockchain-based trustless banking products because no credit history or interest is required.
An example of such a product is a no-interest blockchain checking account for Muslims in the Middle East. The account holders would access the checking account through the blockchain via an app on their smartphones.
No trust will be needed because that app would simply transfer funds between individuals. The transfer will be facilitated by cryptocurrency and protected by blockchain.
Cryptocurrency is ideal for trustless banking because the transactions are verified using cryptographic proofs, rather than trust. Funds can be transferred without charging interest and platforms can be financed by charging small fees.
Blockchain-based trustless banking has many advantages including the lack of a physical infrastructure. There will be no paper currency and no brick and mortar banks. That reduces the costs and eliminates most of the risks that prevent traditional banks from serving many regions.
All that will be needed to access the banking system is a smartphone, wireless service, and an app. Rubius is building that app.
Rubius Inc. — a Software Startup for Ethereum and the blockchain
Rubius Inc. is a software startup designed to facilitate economic development through trustless banking. Rubius’s plan is to create the tools that will make trustless banking a reality.
Trustless banking tools under development at Rubius include:
· Rubius Coins — The Rubius (RUBY) cryptocurrency is an ERC20 token that is easily compatible with any Ethereum wallet. As an ERC20 token, Rubius can be easily integrated into any third-party exchange or payment software.
· Aryl — a smartphone app and Ethereum Wallet that will allow anybody anywhere to easily access the Rubius ecosystem. Aryl will make fast peer-to-peer (P2P) cryptocurrency payments possible using a consumer-friendly interface similar to PayPal’s Venmo app. Also, Aryl’s Switch feature lets you use cryptocurrency without the risk of losing money due to market volatility. The Switch automatically converts currency and provides a higher level of security by only storing your funds in a safer, more-stable currency.
· Rubiex — a web-based exchange. All Aryl users will have seamless access to Rubiex. An obvious use of Rubiex will be to convert cryptocurrency into fiat currencies, and vice versa.
· Rubius Accounts — Blockchain-based bank accounts that can be created through the Aryl App or in the Rubiex exchange. The account will feature cross-platform functionality and give users seamless access to all Rubius products.
· The Rubius Ecosystem — This system will function as a global platform for financial security accessible through any smartphone, desktop, tablet, or laptop with internet access.
· Rubius Blockchain Infrastructure — This system is envisioned as an improved and more energy-efficient version of the very popular Ethereum blockchain. This infrastructure is supposed to facilitate faster and cheaper processing of cryptocurrency transactions. Using present methods, it costs $55 and takes 10 minutes to process a Bitcoin (BTC) transaction. With Rubius and Ethereum, transactions can be processed in just 14 seconds at an average cost of $1.
Rubius has many other products on the drawing board including Rubius Smart Escrow, Rubius Smart Loans, and decentralized social media. All of these functions will be accessible through the Rubius Ecosystem and Aryl.
A New World Bank
The Rubius Ecosystem is intended to be the basis of a new world bank that will offer trustless financial services to the people of the world. Rubius plans to bring this vision to life by developing the blockchain-based software needed to make trustless banking a reality.
The first step in that process was the establishment of Rubius Inc. The second will be Rubius’s initial cryptocurrency offering (ICO) for the Rubius coins, which is scheduled for September 4 to September 25, 2018. A pre-ICO sale of Rubius coins is scheduled for July 31 to August 14, 2018.
The hope is that the Rubius ICO will be the first step on the road to global trustless banking.
To learn more about Rubius and Rubius coins please visit:
Full details of Rubius’s business plans and products are found in the Rubius whitepaper, which is available in PDF format here:
https://rubius.io/rubius-whitepaper.pdf
Disclaimer: Rubius Inc. is not yet registered as a bank and does not intend to register until after the Rubius ICO. The Rubius (RUBY) cryptocurrency is not an investment vehicle, and Rubius Inc. makes no promise of an increase in value. If you have any questions, please contact the Rubius team at [email protected].
