Most, if not all financial service providers offer limited transparency. While some may work well, failures due to poor governance and unethical actors are very common and are arguably inevitable.
Why does this happen?
Well, only insiders of a firm really know what is going on within the organization and how it operates. Concerns about the privacy and security of personal information have been increasing in recent years. According to KPMG’s report for the second quarter of 2021, 86% of consumers say that data privacy is a growing concern.
Furthermore, the costs associated with payment transactions have skyrocketed over the years! According to the World Bank, sending money across borders costs an average of about 6.4% of the total transaction amount. The lack of standardization in the payments industry across international borders not only adds to the cost but also slows down the process.
One way to address these concerns would be to create a digital experience that is not only user-friendly but also completely user-controlled. So, the big question is, is there any platform that offers a unique experience while keeping the users at the center? The answer to this question can be found in one word: BAXE.
BAXE is looking to help users “take back the Internet” by pioneering the new decentralized, digital economy. In short, it is a unified communication and peer-to-peer exchange platform. BAXE leverages the innovation behind distributed ledger technology (DLT) and blockchain technology to create a super dApp that is poised to usher in a new paradigm of integrated payment systems.
As CEO and Co-Founder, Christian Moore, has stated, “This is our mission: I am blessed with a team of highly intelligent and competent executives who use blockchain and Web3 technology to make a difference and take control. We are passionate about our dream of putting the community and the world back in the hands.”
Like the app, Teams is also decentralized in Australia and Asia.
His career has brought him to the crossroads of West Meets East in terms of technology and business model, which fueled the thinking behind the BAXE Super App.
The BAXE management team has a diverse and relevant career background to consider in such a major job: Moore has a background in legal and finance, COO Andrew Broad is in capital markets technology, CTO Dylan Blankenship is into blockchain development and CFO James Maher is a CFA and market analyst while CMO Ben Lightfoot is at Digital Media, to be more precise, Facebook.
The BAXE app combines banking-level functionality with high-end, sophisticated communication channels. BAXE brings all these features together in one easy-to-use space with an accessible interface.
“We want to develop an ecosystem,” explains Moore, “with unified communications and value exchange capabilities. We want to take lessons from the past where everything is bundled into one ecosystem, for example WeChat, and call it Combine that with the western experience where platform companies focus on one thing and do it well.
Andrew Broad further explained that the team is initially looking at bringing three pillars to BAXE: an e-commerce pillar, a lifestyle pillar, and an embedded finance pillar within the same ecosystem.
BAXE secures and stores data and digital assets through a decentralized data vault. This state-of-the-art technology ensures that only authorized users have access to the information vault. This is achieved by three main security protocols:
- reconstruction; breaking data into multiple parts
- Decentralisation; separation of parts
- Distribution data and single-use encryption keys to multiple locations, changing the key for each transaction and re-encrypting the data
According to the team, the data is accessed using an advanced set of algorithms known as derived keys. These derived keys, along with a unique set of biometrics of the user, authenticate their identity.
Haventec Vault provides a level of security that will provide trust and security across the ecosystem. This includes identifying documents, digital assets, health records, and payment information as well as signing transactions while interacting with the emerging digital economy.
Therefore, BAXE’s distributed finance platform will provide secure online data storage through cloud-based encrypted storage facilities, crypto wallets, insurance offerings and custody services. It provides an additional layer of security in addition to the standard KYC protocol in place.
BAXE aims to facilitate transactions within the ecosystem as well as outside the economy at minimum cost.
Moore argues that the current integrations of various apps are clunky and hard to use. However, instead of sticking to the current levels and limits in the space, BAXE has developed two token economies: a stablecoin used to move value around the network and a market coin (ERC-20) that is used by holders. Can both trade and stake to share in value creation within the ecosystem.
The BAXE Stablecoin is the lifeblood of the BAXE in-app ecosystem: built on the state-of-the-art Hyperledger Besu infrastructure, it facilitates instant transactions in a low-no-fee environment.
Their ERC20 token – the BAXE Market Coin (BMC) – sits outside the ecosystem and complements it, giving holders a share of merchant fees earned on the app, and fostering an owner mindset. The BMC token will be available on both centralized and decentralized exchanges (such as Uniswap).
“We want our users to share in network impacts as user base and transaction volume scale and our team has created Tokenomics as a way for our community to participate – WAGMI for all of our Baxers. ” Moore added.
According to BAXE, integration into the Marketplace gives BAXE users the power to create their own e-commerce stores within the BAXE ecosystem. It will allow global vendors to interact and transact in the digital economy.
Furthermore, sellers will be able to take advantage of this integration as they will be able to exchange data with other e-commerce platforms like Shopify and incorporate it into the BAXE ecosystem. The BAXE e-commerce platform will be highly integrated with the communication layer, enabling seamless transactions between the customer and the merchant.
BAXE will be the primary currency of exchange within the stablecoin ecosystem and can be exchanged with fiat currency. This is to ensure that anyone, anywhere can sell their products and services on the BAXE platform and take full advantage of the rapidly growing digital economy.
In essence, BAXE acts as a gate or bridge through which users can walk in, access basic elements, and then follow code development to build their own platform and app on top of BAXE. platform can be used.
Interested in their future plans? The roadmap for BAXE is as follows:
“We really believe in the principles surrounding DLT technology and we also want to see a paradigm shift from the current financial system. We want people to be free, we want them to have control over their information, identity and privacy. We want them to have agency so they can take advantage of their usefulness in their data and determine who gets access to what, when, where and how.” Moore said.
The BAXE app will be made available to the public in February 2022.
If you like the sound of BAXE, be sure to check out their website for more and what’s in store.
Join their tech discussion on Telegram or Discord today.
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