BANKEX (BKX) Review: Merger of Crypto and Fiat
Here at CryptoDetail we constantly talk about our love of projects that bring the fiat and crypto worlds together. Let's discuss BANKEX.
But what is BANKEX and why do we love that project?
BANKEX is, in a nutshell, way to monetize your real-world belongings in order to have the money you need to live life, pay your bills and invest in your future. The original BANKEX platform had a sample to show off the possibilities of their smart contract capabilities. It was entitled "How to Tokenize Your Skyscraper". This snippet explained the BANKEX process of "tokenizing" your real-world assets into their blockchain based ERC20 token (the BKX). While it was the name of the example that drew us into the project at the outset, it is the sheer innovative attitude of the BANKEX team that keeps us hooked.
But, before we examine all of their new innovations, let's jump back to the beginning again. The BKX token is one of those amazing little ERC20 tokens that lives on the ETH blockchain. As such, there is an extra piece of code inside the BKX called a smart contract that automates the whole process from start to finish.
What does the BKX token smart contract do?
The whole point of the BKX token is so that you can turn your assets into cash. Basically you are turning your property into money while keeping what you own under your control. Since this concept is very much in line with Satoshi's original notion for Bitcoin, we embrace the point of BANKEX from the very first idea.
But, how does it all work? Well, the BKX smart contract automates what is very much like a traditional, secured loan. When you apply to tokenize your property the system starts. The BANKEX team reviews your application and sends out a professional assessor to evaluate the property and the BKX tokens are issued according to that assessment.
Tokenizing a house
Since most of us do not own the skyscraper listed in their sample; let's take a look at how one would go about tokenizing a house. Once your application is reviewed and the team contacts you to review the situation and their protocol the aforementioned assessor is assigned. Luckily, BANKEX is international; so, this can happen nearly anywhere on the planet. The assessor comes out and looks at your property very closely; just like they'd do if you were applying for a mortgage or home improvement loan from a traditional, fiat bank.
The assessment is drawn up and sent back to BANKEX whereupon the valuation is turned into BKX tokens. So, for our example, we will say that your property is valued at $ 300 k. This would give you that amount in BKX (which would at today's prices be 1.5 M BKX). Of course, this is a very simplified version of their tokenization process. The point is that, with BANKEX and their BKX token; you can use tie the value of your real-world objects to the blockchain in order to monetize your assets. Since those early beginnings (way back last year in 2017) BANKEX has expanded far beyond those "humble" beginnings.
A wide variety of innovation
Today BANKEX offers financing for the filmmaking industry through their MOVIECOIN. Once again, this BANKEX innovation has drawn in billions of dollars to the blockchain with this addition to their repertoire. Not making a movie; but, you still want to be famous?
Did you create an App and are trying to sell it on the App Store or Google Play? Get quick crowdfunding through the BANKEX APPTOKEN.
Do you have a brick and mortar store /business that needs a boost? Get the best blockchain business funding available today the BANKEX FRANCHISE token.
With such a wide variety of innovation, it is clear why BANKEX is one of our favorite crypto projects here at CryptoDetail.
The simple fact is
.. that, while there have been so many worthless projects and obvious scams that have come to life in the cryptosphere over the past couple of years; BANKEX is one of the ones that truly show the full potential of blockchain technology.
The team behind the BANKEX project is a group of individuals that will be here in the cryptosphere for decades to come. In our estimation; seeing the birth and early years of BANKEX is like watching the first Apple computer being created in 1976.
The secret here is being able to recognize innovation, and we most definitely do.
Do your research
BANKEX is a project that saw the potential, created the software, gave birth to a multifaceted token and now is THE leader in binding the cryptosphere to the physical and fiat Worlds. Those mergers between then and now are what drew us into this project last year. And, the constant advancements since will keep us watching BANKEX, and HODLing their tokens as a staple, for many, many years to come.
But, don't take our word for it. Like we always say; if you are interested; do your research.
Check out the BANKEX website here and join them on their various social media platforms - Facebook, twitter, linkedin, Github, youtube, Instagram, Reddit, and steemit.
And, once you have read everything and looked at what they have to say; talk to the team live and in real time on Telegram.
Throughout all of that research, you will find that the team is open, honest and very accessible. That is the attitude we expect in the cryptosphere. So, we embrace their project, their ideas, and their persona.
And, we here at CryptoDetail know you will feel the same way when you take a look and meet some of the most creative individuals in the cryptosphere at BANKEX.
Good luck on your crypto journey! Happy HODLing!!!