BABB

A decentralised banking platform will enable anyone to open a bank account and crowdsource financial services.

About BABB

BABB is a blockchain based banking solution. They are going to provide users with an ability to register a UK bank account and accept SEPA payments. It’s not looking ready to start. No MVP or alpha released. All features are similar to the existing projects within the blockchain banking industry (Bankera, Monaco, TenX, etc). The best thing about this project is the correct implementation of the blockchain. It will be used for transferring value – it’s original function (as a cryptocurrency). Unique features appear to be connection to a UK bank account (with IBAN etc.) and “Social KYC” (whereby any validated network member can vouch for and onboard other users for initial limited access). There’s also a planned reliance on central banks issuing local digital currency accounts with tokenized fiat, while hosting and operating a portion of the network. According to the RoadMap, the project should be launched at the end of 2018 but currently, nothing has been released, so we aren’t sure if they will get there in time. The project’s team is mostly from finance and marketing, and in our opinion, not enough to develop a blockchain bank without high skilled professionals on the tech side.

Token Sale Use of Blockchain

Product

2.0
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

1.0
N/A
1 - Many / much better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

1.0
N/A
1 - None or indeterminate.

Product

It’s one of the worst sides of their project. For now, according to the RoadMap of the project, Minimum Viable Product is under development, but still no alpha, beta or even smart contract released. The product itself is similar to other blockchain banking services, nothing revolutionary. Only digital blockchain bank. One important achievement that they’ve got status of Authorized Payment Institute given by FCA, and they are next applying for a UK banking licence.

Product Whitepaper

Use of Blockchain

2.8
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

3.0
N/A
3 - Issuing a custom token is justifiable.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

As at any financial project, blockchain will be used for the value transfer within the system (as a payment instrument). All properties are standard and using of blockchain will provide users with traditional benefits of technology like low fees and security of the payments. For now, no smart contract source code available. It will be released, but no dates mentioned. Additionally, BABB team is going to use blockchain to provide so-called: “Social KYC” where existing and verified members will vouch for new ones to provide them with the rating for initial, limited access to the platform, without requiring additional ID verification. This will be in addition to usual onboarding with KYC/AML by the company or banks, to make it easy to onboard new users.

Use of Blockchain Roadmap

Whitepaper

2.2
Whitepaper
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.

Whitepaper

Whitepaper consists of 56 pages where a lot of details are clarified. A lot of areas are described there, but without a lot of details. ICO details are described shortly, no actual dates or deadlines mentioned. Team section and RoadMap are also absent there. Looks like just 56 pages of attractive text and plans, but nothing more

Whitepaper Compliance

Roadmap

2.0
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

1.0
N/A
1 - Nowhere yet.

Roadmap

BABB is a blockchain based banking solution. They are going to provide users with an ability to register a UK bank account and accept SEPA payments. It’s not looking ready to start. No MVP or alpha released. All features are similar to the existing projects within the blockchain banking industry (Bankera, Monaco, TenX, etc). The best thing about this project is the correct implementation of the blockchain. It will be used for transferring value – it’s original function (as a cryptocurrency). Unique features appear to be connection to a UK bank account (with IBAN etc.) and “Social KYC” (whereby any validated network member can vouch for and onboard other users for initial limited access). There’s also a planned reliance on central banks issuing local digital currency accounts with tokenized fiat, while hosting and operating a portion of the network. According to the RoadMap, the project should be launched at the end of 2018 but currently, nothing has been released, so we aren’t sure if they will get there in time. The project’s team is mostly from finance and marketing, and in our opinion, not enough to develop a blockchain bank without high skilled professionals on the tech side.

Roadmap Company and Team

Compliance

2.8
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

5.0
N/A
5 - Only through utility value, or airtight compliance.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.

Compliance

BAX token is a utility token. Will be used within the BABB platform as follows:
1. As an interaction instrument between platform and 3rd parties (e.g exchanges who will list BAX or merchants using BABB for accepting crypto)
2. To transfer Fiat money between BABB accounts (will be converted to BAX at the start point and at the end point BAX will be converted to Fiat)
3. BABB has fundraising features and all raised funds will be in BAX tokens.
4. BAX tokens will be used to pay all fees on the BABB platform, but cost structure has not yet been defined.

Compliance Token Sale

Company and Team

2.4
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.

Company and Team

Team section consists of 15 members. No one else is mentioned there. Finance is the main area of expertise. On our opinion, there is lack of technical specialists. Only 4 members are responsible for technology part (e.g Software engineer, researcher, CTO and Head of engineering). For project which is going to implement their solution to Central Banks, technical part should be more important and more people should take care of it.
All team members have working linkedin profiles.

Company and Team Product

Token Sale

2.2
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

Price per token: 0.0012 $ (adjusted daily. Depends on rate ETH/USD)
HardCap: 20 000 000 USD
Min. purchase amount: 0.2 ETH
Bounty campaign: 2% of issued tokens
Bonus: 25% (available only at Pre-Sale stage)
Token allocation: 60% (ICO – 40% in phase 1 and 20% in phase 2 once platform is live); 2% (bounty); 18%(foundation); 20% (team)
Funds allocation: 30% Development; 20% Operations; 20% Marketing; 10% Legal; 10% Working capital; 10% Reserve
ICO will be divided into 3 stages: Pre-Sale (current stage), CrowdSale – phase 1 (spring 2018), and CrowdSale – phase 2 (2019).

Product

It’s one of the worst sides of their project. For now, according to the RoadMap of the project, Minimum Viable Product is under development, but still no alpha, beta or even smart contract released. The product itself is similar to other blockchain banking services, nothing revolutionary. Only digital blockchain bank. One important achievement that they’ve got status of Authorized Payment Institute given by FCA, and they are next applying for a UK banking licence.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

1.0
N/A
1 - Many / much better competitors.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

1.0
N/A
1 - None or indeterminate.
Product Score:
2.0

Use of Blockchain

As at any financial project, blockchain will be used for the value transfer within the system (as a payment instrument). All properties are standard and using of blockchain will provide users with traditional benefits of technology like low fees and security of the payments. For now, no smart contract source code available. It will be released, but no dates mentioned. Additionally, BABB team is going to use blockchain to provide so-called: “Social KYC” where existing and verified members will vouch for new ones to provide them with the rating for initial, limited access to the platform, without requiring additional ID verification. This will be in addition to usual onboarding with KYC/AML by the company or banks, to make it easy to onboard new users.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

3.0
N/A
3 - Issuing a custom token is justifiable.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
2.8

Whitepaper

Whitepaper consists of 56 pages where a lot of details are clarified. A lot of areas are described there, but without a lot of details. ICO details are described shortly, no actual dates or deadlines mentioned. Team section and RoadMap are also absent there. Looks like just 56 pages of attractive text and plans, but nothing more

Category Breakdown
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.
Whitepaper Score:
2.2

Roadmap

BABB is a blockchain based banking solution. They are going to provide users with an ability to register a UK bank account and accept SEPA payments. It’s not looking ready to start. No MVP or alpha released. All features are similar to the existing projects within the blockchain banking industry (Bankera, Monaco, TenX, etc). The best thing about this project is the correct implementation of the blockchain. It will be used for transferring value – it’s original function (as a cryptocurrency). Unique features appear to be connection to a UK bank account (with IBAN etc.) and “Social KYC” (whereby any validated network member can vouch for and onboard other users for initial limited access). There’s also a planned reliance on central banks issuing local digital currency accounts with tokenized fiat, while hosting and operating a portion of the network. According to the RoadMap, the project should be launched at the end of 2018 but currently, nothing has been released, so we aren’t sure if they will get there in time. The project’s team is mostly from finance and marketing, and in our opinion, not enough to develop a blockchain bank without high skilled professionals on the tech side.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

1.0
N/A
1 - Nowhere yet.
Roadmap Score:
2.0

Compliance

BAX token is a utility token. Will be used within the BABB platform as follows:
1. As an interaction instrument between platform and 3rd parties (e.g exchanges who will list BAX or merchants using BABB for accepting crypto)
2. To transfer Fiat money between BABB accounts (will be converted to BAX at the start point and at the end point BAX will be converted to Fiat)
3. BABB has fundraising features and all raised funds will be in BAX tokens.
4. BAX tokens will be used to pay all fees on the BABB platform, but cost structure has not yet been defined.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

5.0
N/A
5 - Only through utility value, or airtight compliance.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.
Compliance Score:
2.8

Company and Team

Team section consists of 15 members. No one else is mentioned there. Finance is the main area of expertise. On our opinion, there is lack of technical specialists. Only 4 members are responsible for technology part (e.g Software engineer, researcher, CTO and Head of engineering). For project which is going to implement their solution to Central Banks, technical part should be more important and more people should take care of it.
All team members have working linkedin profiles.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.
Company and Team Score:
2.4

Token Sale

Price per token: 0.0012 $ (adjusted daily. Depends on rate ETH/USD)
HardCap: 20 000 000 USD
Min. purchase amount: 0.2 ETH
Bounty campaign: 2% of issued tokens
Bonus: 25% (available only at Pre-Sale stage)
Token allocation: 60% (ICO – 40% in phase 1 and 20% in phase 2 once platform is live); 2% (bounty); 18%(foundation); 20% (team)
Funds allocation: 30% Development; 20% Operations; 20% Marketing; 10% Legal; 10% Working capital; 10% Reserve
ICO will be divided into 3 stages: Pre-Sale (current stage), CrowdSale – phase 1 (spring 2018), and CrowdSale – phase 2 (2019).

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.2

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