• BANKEX

  • BANKEX is a Bank-as-a-Service on blockchain, building the Proof-of-Asset protocol.

About BANKEX

BANKEX is a Bank-as-a-Service on blockchain, building the Proof-of-Asset protocol. BANKEX’s main product is the Proof-of-Asset (PoA) protocol, which aims to solve the issue of asset liquidity. Proof-of-Asset means that the token issued as part of the protocol is backed by an actual asset.

BankEx defines itself as a “Bank-as-a-Service on blockchain”, which somewhat cryptically refers to a platform that enables banks to exchange products via smart contracts. The BankEx platform is based on its main product and development – the Proof-of-Asset (PoA) protocol. PoA compliant tokens are backed by actual, real-world assets, and provide liquidity for those assets. Unlike other specific asset-backed tokens, BankEx’s PoA protocol has a modular structure and allows tokenization of different types of assets.

The company’s target assets for tokenization are (according to their website’s FAQ) “a class of assets with a summary capitalization exceeding 100 million USD, that generate or are able to generate cash flow.” BankEx is focused on tokenizing and creating liquidity for financial assets, but, as stated in their whitepaper “do not think it impossible to apply the Proof-of-Asset Protocol in other fields, with approval from the BANKEX Foundation in case of non-financial Smart Assets.” In its whitepaper, BankEx describes what it does in the following way: “We take a client asset, primarily on the financial market, we tokenize it, then, without waiting for the portfolio to accumulate critical mass, we turn this asset into money for the bank. This is made possible through formation of a single pool of similar assets (e.g., pool of banks) thereby creating a marketplace, where banks benefit from liquidity and investors benefit from a predictable and transparent cash flow.”

Prior to the development of their crypto-focused products, BankEx Labs was already providing fintech solutions for banks such as “KYC Findostakva”, crowdfunding for loans, securitization for loan companies, etc. Bankex ended up gathering all its products under a Bank-as-a-Service ecosystem. The ecosystem includes a fintech laboratory BankExLab.com, a crypto-invest bank BankEx.com, and finally BankEx.org, which develops a combination of various smart contracts individually engineered for each type of asset.

How does it work?

To showcase the Bankex proof of asset protocol, let’s take an example and simplify the steps.

Let’s take as an example a car owner that wants to sell it.

  1. Bankex gathers information about the car and the client, identifying the client via wallet address, email, and a KYC check. Once verified, the client can upload information about his car.
  2. Bankex checks the availability of the asset, its location, and other details.  It does so either by using an IoT sensor (example : sensor plugged on an electric car can upload to the chain its full report) Or by using an external oracle. An external oracle is a third party that audits and validates the client’s inputs.
  3. Bankex Verifies the delivery terms and conditions in the specific jurisdiction. ( taxation, logistics requirements to move it, … ).
  4. Bankex inputs all the information into a formula that turns the inputted data into a smart contract. For each kind of asset a specific kind of formula (car, equity, office space, … ).
  5. Using Bankex protocol, the smart contract is translated into a smart asset. In our case a car token.
  6. The smart asset is verified by Bankex and in some cases by expert review.
  7. Bankex runs the car token through several product filters so that buyers can find it in the Bankex market.
  8. Bankex puts the car token in the market and starts matching Asks and Bids.
  9. Once a match is made between a buyer and the seller then the final price is defined.\
  10. The product Token is then delivered to the buyer and the seller gets a Bankex tokens. It is important to note that carved in the initial smart contract is data about the car’s location, customs, Etc,… Now that Bankex got information on the buyer too it can trigger a shipping order to a third party to deliver the car to the buyer.

It is important to note that when it comes to physical goods, there are plenty of grey zones in the Bankex marketplace processes.  Transferring ownership of shares, bonds might be smooth following the steps stated above, but once a physical product is into question, Bankex didn’t really come up with something that outperforms the current marketplaces model:

Product ownership transfer: Aside from owning a smart asset on the blockchain, it is not clear how Bankex grant product ownership, legally, in the real world.

Product transfer (logistics): Once the ownership transfer done, shipping the asset from the seller to the buyer gets challenging. The cost of transfer of a car from Canada to Zimbabwe can’t be calculated automatically and needs special quotes and timelines from freight forwarders, it is unclear on how this kind of parameters will be included in the smart asset.

Product double spend: Another challenge is guaranteeing that once a product is tokenized it cannot be sold outside the platform. Bankex team, says they will address the problem by developing assets digital fingerprinting technology.

Token Sale

Token usage :

BKX tokens allow you to :

  • Get access to BANKEX ecosystem
  • Real-world assets tokenization
  • Create new smart contract chains for new types of assets to tokenize
  • Buy smart assets from BANKEX Exchange

Token Sale

BANKEX’s tokens will be ERC20 compliant and will be based on the Ethereum blockchain. They will require ‘gas’ for transactions. The private sale was concluded in July and lasted two weeks with a little bit over  $1,500,000  raised.

During the ICO the exchange rate will be around 500 tokens per Ether, meaning the minimal price would be 1/500 Ether since the minimal possible purchase is 1 token.

Public token sale will start on the 28th November, 2017 and no information regarding an end date has been given as of the writing of this review. The team will issue a total of 400.000.000 BKX tokens.

Bankex is expecting to sell around 220.000.000 BKX tokens,  40%-50% of which will be sold during the pre-sale (pre-sale minimum is 100 ETH).

Unsold tokens will be frozen for 1 year minimum – in the same ratio as at ICO. The number of unsold tokens will be frozen on a 45/55 Ratio, meaning for 55 million tokens not sold, 100 million tokens will be frozen. This will take the total pool of Tokens from 400 million to 300 million. This way, the tokens sold will always represent 55% of the total circulation, in our example it went down from 220m (55% out of 400m) to 165m (55% out of 300m).

Further details will be unveiled as the team closes on the ICO Date. That said, the ICO date was moved from August to October and now the team just communicated through Slack that it is postponed to the 28th of November.

 

 

Team

The team behind the project has extensive experience in all fields surrounding the project. Its size though, remains one of the biggest for a pre-ICO team. The scale and complexity of the project might justify why the team is this big. It is important to note that Bankex exists prior to this blockchain project and it has been operating in the Fintech industry for years. Its global team counts around 50 employees. The 26 presented here are only the ones involved in the blockchain project. The team, composed of 26 individuals, can be split on 3 major parts : Core ( 8 team members), business & product development (6 team members) and Tech (12 team members).
Igor khmel
Founder & CEO

Formerly board member at Segmento (an ad tech company) and managing director at Sberbank digital ventures.

Denis Khoruzhiy
 CTO

Formerly CTO at AdWired Inc and iD EAST.

Dima Dolgov
Operations Lead

Formerly serial ecommerce entrepreneur.

 

Stan Sushko
Legal and Compliance

VP at Uniastrum Bank and TRUST Bank.

 

Nauris Dauksta
Global Community Manager

Formerly founder at Token.coach a decentralized collaboration platform and senior consultant at Accenture.

Maria mikhaylenko
Director of Risk and analytics

Formerly risk analyst at sberbank and bank of Moscow.

 

Petr Korolev
Principal Architect and Head of Blockchain Development

Formerly architect and lead developer at Fxpro Group.

Vitaly Dubinin
Bankex Lab CEO

Founder and CEO at iD EAST (Fintech development company) and AdWired.

Crowdsale Details

Token Sale Dates

28th November, 2017 – N/A (Not yet disclosed)

Total Supply

400,000,000 BKX tokens, 220,000,000 of which are for sale.

Raise Limit

Undisclosed.

Pricing Structure

1 ETH = 500 BKX.

Project Highlights

Technical Whitepaper

The white paper covers the functions of Bankex’s whole ecosystem through all its steps, in depth. Other details such as the public sale, the funds distribution and more are unmentioned, and must be searched for through other channels. (Social media)

Location

New York, USA.

Blockchain

Ethereum.

Prototype

The Team launched recently a live demo of its Proof of asset protocol that allows users to test the tokenization of their assets.

Project Code

GitHub

Ratings

Product

View Breakdown
Product readiness

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

3
N/A
3 - Prototype / MVP
Competitive advantage

Does this solution have a distinct edge?

4
N/A
4 - Better than some / most alternatives.
Size of addressable community

Is it mass market or niche?

5
N/A
5 - Can be used by everyone.
Space in the market

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

4
N/A
4 - Few to no alternatives.
Innovation and IP

Is there (patentable) innovation and intellectual property?

1
N/A
1 - No way. It's like patenting water.
Use of Blockchain

View Breakdown
Blockchain advantage

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

4
N/A
4 - Yes.
Precautionary measures

Is it safeguarded against misuse and corruption?

3
N/A
3 - Didn't stand out either way.
Need for a custom token

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

5
N/A
5 - Yes. Value created by Token strategy.
Intrinsic value of token

Does the token provide holders with value other than as an investment?

4
N/A
4 - Can be used for many things
Contribution to the blockchain economy

Does the solution contribute to the evolution of blockchain infrastructure and economy?

4
N/A
4 - Yes, potentially significantly.
Compliance

Is the token a utility, a security, or both? Is it compliant with relevant legislation?

N
N/A
N/A
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

4
N/A
4 - Covers key issues, well written.
Readability

Is it easy enough to understand?

4
N/A
4 - Easy to read.
Transparency

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

2
N/A
2 - Unclear.
Business Plan

Does it contain a viable, comprehensive business plan?

2
N/A
2 - Some vision, less plan.
Technology

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

4
N/A
4 - Yes, clearly.
Development Roadmap

View Breakdown
Concreteness

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

3
N/A
3 - Yes, but not full.
Feasiblity

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

2
N/A
2 - Possibly, but very ambitious.
Vision

Is there a larger, long-term vision?

1
N/A
1 - No. Can't be found.
Maturity

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Enough.
Current position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

1
N/A
1 - No, all vision, no alignment.
Business Model

View Breakdown
Concreteness

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

3
N/A
3 - Yes, to a degree.
Feasiblity

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Yes, however optimistic.
Clarity

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

3
N/A
3 - Yes, to a degree.
Cost effectiveness

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

2
N/A
2 - Range is too wide to tell.
Legitimacy

Is it safe from legal, moral or investor abuse?

3
N/A
3 - Probably safe, but possibly abused.
Company and Team

View Breakdown
Company stage and foundation

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

3
N/A
3 - Company structure in place.
Founders

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

4
N/A
4 - Have updated online (e.g. LinkedIn) profiles showing considerable relevant experience.
Core team

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?

4
N/A
4 - Team fully assembled, committed and transparent.
Advisory Board

What is the level of presence, added value, and commitment of the advisory board?

4
N/A
4 - A well-rounded collection of experienced, commited advisors.
Blockchain Talent

Are there enough sufficiently experienced blockchain architects and developers on the team?

3
N/A
3 - Some blockchain experience
Development Talent

Are there enough sufficiently experienced non-blockchain developers on the team?

4
N/A
4 - There is senior experience for both front end and back end development
Business Talent

Are there enough sufficiently experienced business developers on the team?

4
N/A
4 - Extensive and proven.
Legal Counsel

Does the team have good legal counsel?

4
N/A
4 - Team has a legal advisor.
Overall Skill Set

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

4
N/A
4 - Experience matches the project's needs well.
Token Sale

View Breakdown
Raise Amount Max

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

1
N/A
1 - No, very greedy / insufficient.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

1
N/A
1 - None; or no sense of what is actually necessary.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2
N/A
2 - Use of funds only loosely defined.
Token Sold / Kept Ratio

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

3
N/A
3 - Sufficiently balanced.
Quality Campaign Stategy

Is the ICO well planned in terms of time, phases and scenarios?

1
N/A
1 - Novice
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?

3
N/A
3 - There is soical presence, but no outstanding interest

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