The traditional banking sector is not equipped to provide secure financial services to all the world’s people, thus the greater majority either go through very insecure channels or lack access entirely. The emergence and advancement of blockchain technology has paved the way for truly peer-to-peer systems that allow people all over the world to cooperate in effective and meaningful ways without trusting central authorities or even each other.

LakeBanker is a project stemming from LakeBTC, a cryptocurrency exchange that has over 10 million user accounts operating in 162 countries. To date, LakeBTC has not suffered any thefts, scandals, or crashes.

The LakeBanker project seeks to circumvent the incredible cost of establishing traditional financial services in communities around the world using an innovative “crowd-banking” model which allows users to provide financial services to each other rather than a central bank. These users, LakeBankers, are the nodes of a network encouraging the dual role of consumer and supplier of these services. LakeBankers access the network through a mobile app through which they can transmit and accept requests for services. The app also utilizes an artificial intelligence agent named Sage which optimally matches users and conducts risk management based on past and present financial data provided by the app.

The project identifies the following as the main goals of crowd-banking:

  • Provide comprehensive risk management to sustain a business model that excels that of traditional banking.
  • Drastically reduce operational overhead for incredible cost-efficiency.
  • Create exponential growth through network effects.
  • Reach unbanked/underbanked populations around the world.

The LakeBanker Foundation will issue BAC tokens in a two-phase crowdsale. These tokens will have several functions throughout the LakeBanker network such as providing incentive mechanisms and being the denominator of all interests and fees. The first phase of the token distribution has already started and will end on September 20, 2017, 3pm UTC. The second phase will begin in October and run for 15 days.

If you have any questions about the project or wish to learn more about LakeBanker and LakeBTC, check out the links below.

 

Sources:

https://lakebanker.com/whitepaper.pdf

https://lakebanker.com/

https://www.lakebtc.com/ 

 

LakeBanker logo image via LakeBanker.com

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