Polybius Bank is an ambitious European project, born in Estonia, with the aim of being the first fully digitized and decentralized bank based on the most innovative technologies. A bank that will combine the financial instruments of traditional coins with digital coins. An ICO was set up for the development of the technologies the bank needs, which is scheduled for May 31st 2017.
This article collects the interview with Pavel Tsihhotski, Community Manager of Polybius.io Team. The menu below allows you to jump to the individual questions with the corresponding answer.
|1. A bank that runs alone||4. A bank of traditional coins and digital coins|
|2. The novelties of Polybius Bank in the scenario of European banks||5. Opportunities for investors|
|3. Innovative services for internet banking|
Interview with Polybius Bank team
Polybius will be a fully digital bank. Does it mean that you will handle it alone without human involvement?
Human involvement is, as always, necessary, but in a far lesser quantity. We're getting rid of front offices, freeing up millions in corporate expenses. In Polybius everything that can be digitized will be digitized. This means: complete and instant access to account, services and transaction information available to the user via smartphone anytime and anywhere. The AI can also handle customer support and asset management and analysis to a certain extent.
All the documentation in Polybius will be digital. We’re going to use blockchain for that: the technology itself will guarantee that an exact piece of information was entered at a specific moment of time, and will stay there without any chance of being deleted, changed or compromised.
Polybius will also interconnect an array of digital tools including finance, healthcare, insurance, education and many more that everyone uses on a daily basis. The interconnection between services will be enabled with a Polybius electronic ID based on the European electronic identity system, which will be built in unison with all present and upcoming European regulations and directives.
How will Polybius be different in comparison to European banks?
Banking worldwide is currently undergoing one of the biggest transformations in financial history. The fintech and digital revolutions already have a significant impact on banking as we know it. The role of banks is changing and modern banks are now actively investigating best use-cases for distributed ledger technologies and AI.
For Europe it is an exceptionally exciting time. The European retail banking is about to evolve to a completely new level in the scope of the upcoming PSD2 (Revised Payment Services Directive). In short, the new EU directive will force banks to provide third-party providers, such as fintech companies, access to their customers’ account information through open APIs (application program interface). This means, that the banks will no longer have a monopoly on both their customers' account data and payment initiation. The environment as a whole will become much more open, collaborative and customer-centric.
What makes Polybius different is the approach to handling customers and their information, completely changing the way in which banks and people interconnect.
Polybius will be joining the market on the wave of these changes and as such is planning to contribute to the new ecosystem. The mission is not only to simply comply with the new regulatory and security standards, but to also provide an open platform to build connected experiences and provide integration of its services seamlessly for the e-commerce market.
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What services does Polybius bank add for its customers to internet banking?
The key technology of Polybius Project is Digital Pass, a unifying next generation digital identity and financial infrastructure. Digital Pass, the product of our development, is a standalone technology and service aimed to standardize system-to-system communication, and enable trust through the integrity of records. It is designed to facilitate individuals and businesses to get access to, and to keep encrypted personal & corporate data in a privately accessible decentralized ledger. The data will later be used in a secure, open and non-discriminatory manner to increase the scope of Polybius Bank or P.I. procedures, as well as to build an ecosystem for businesses in strict accordance to regulations issued by the European Parliament and outlined by the European Commission.
Digital Pass design is focused on customer agility and platform unification. Its primary task is to interconnect those owning identity data with those seeking for such data, but only upon user's consent. Digital Pass will serve as an encrypted data gateway, ensuring that no middlemen could interfere and only the required information goes through. Customers of Polybius Bank will be the first to receive their very own Poly ID, which will allow seamless and secure connection to the digital data in their everyday life.
Will it be a bank of traditional coins and digital coins? How will the two monetary systems join?
Polybius is designed as a project of a fully regulated European FIAT bank first of all. However, Hashcoins, the company leading the development, as well as many partners and members of the advisory board on the project are cryptotechnology enthusiasts who run successful cryptobusinesses. You can bet, as soon as the regulatory environment allows for it, Polybius will be among the very first adopters. The Digital Pass technology is developed as supplement to the payments infrastructure making cryptocurrency processing a reality in the future of banking.
Even at the first stages of its development, Polybius will use 3 different blockchains.
- We are using Ethereum smart contracts for the Polybius token PLBT and dividend distribution.
- We plan to expand the uses of the Emercoin blockchain's solutions of emcSSH and emcSSL functionalities to support and enhance data transaction and record access control.
- The core banking transactional system will be based on openbankIT developed by AtticLab. This blockchain will let us not only keep track of all the processes inside Polybius, but to also be sure that 100% of the information is genuine and has never been changed.
What opportunities are there for investors who decide to invest in your ICO?
For investors we are offering a dividend token based on the Ethereum smart contracts. 20% of the annual profit will be distributed among all token holders at the end of the financial year proportionately. Furthermore, Once the ICO completes, PLBT will become available for trading on cryptoexchanges.
We're offering a unique opportunity to take part in the shaping of the digital economy and invest on the early stages of the project in return for lifetime dividends based directly on the company's success.
To join the reference site is https://polybius.io.