Most, if not all, financial service providers offer limited transparency. While some may work well, failures due to poor governance and unethical actors have been far too common and arguably inevitable.
Why does this happen?
Well, only company insiders really know what’s going on in the organization and how it works. Concerns about the privacy and security of personal information have increased in recent years. According to a Q2 2021 report from KPMG, 86% of consumers say data privacy is a growing concern.
In addition, the costs associated with payment transactions have exploded over the years! According to the World Bank, it costs on average about 6.4% of the total transaction amount to send funds across borders. The lack of standardization in the payments industry across international borders not only increases costs, but also slows down the process.
One way to solve these problems would be to create a digital experience that is not only user-friendly, but also completely under the control of the user. So, the big question is: is there a platform that offers a unique experience while putting users at the center? The answer to this question can be summed up in one word: BAXE.
BAXE is on a quest to help users “take back the Internet” by pioneering the new decentralized digital economy. It is essentially an integrated peer-to-peer communication and exchange platform. BAXE leverages Distributed Ledger Technology (DLT) and the innovation behind blockchain technology to create a super dApp that is expected to usher in a new paradigm of integrated payment systems.
As CEO and Co-Founder, Christian Moore said, “It’s our mission: I’ve been blessed with a very smart and capable team of executives who are passionate about our dream of using blockchain and technology. Web3 to make a difference and put control. in the hands of the community and the world.
Just like the app, the team is also decentralized to Australia and Asia.
Their careers have taken them to the intersection of West and East in terms of technology and business models, which has fueled the thinking behind the BAXE super app.
BAXE’s management team has varied and relevant professional backgrounds to consider such an important project: Moore’s background is in legal and finance, COO Andrew Broad specializes in capital markets technology, CTO Dylan Blankenship is in blockchain development and CFO James Maher is a CFA and market analyst while CMO Ben Lightfoot is in digital media, Facebook to be more specific.
The BAXE app combines bank-level functionality with sophisticated high-level communication channels. BAXE brings all these features in an easy to use space with an accessible interface.
“We want to develop an ecology,” Moore explains, “with built-in communication and value exchange capabilities. with the Western experience where platform companies tend to focus on one thing and do it well.
Andrew Broad further explained that the team initially envisioned bringing three pillars to BAXE: an e-commerce pillar, a lifestyle pillar, and an integrated finance pillar, all within the same ecosystem.
BAXE secures and stores data and digital assets through decentralized data vaults. This state-of-the-art technology ensures that only authorized users have access to information safes. This is achieved by three main security protocols:
- Of construction ; the decomposition of data into several parts
- Decentralization; separation of parts
- Distributing data across multiple locations and one-time encryption keys, changing keys, and re-encrypting data for each transaction
According to the team, access is granted using an advanced set of data algorithms called derived keys. These derived keys, along with the user’s unique set of biometric data, authenticate their identity.
The Haventec vault provides a level of protection that will ensure trust and security across the entire ecosystem. This includes storing identification documents, digital assets, health records, and payment information, as well as signing transactions when interacting with the emerging digital economy.
Therefore, BAXE’s distributed finance platform will provide secure online data storage through cloud-based encrypted storage facilities, crypto wallets, insurance offerings and custodial services. This provides an additional layer of security on top of the standard KYC protocols in place.
BAXE aims to facilitate transactions within the ecosystem as well as the external economy at minimal cost.
Moore argues that current integrations of different apps are clunky and difficult to use. However, instead of sticking to current levels and limits in the space, BAXE has developed a two-token economy: a stablecoin used to transfer value across the network and a market coin (ERC-20) that holders can both trade and stake. to participate in the creation of value within the ecosystem.
The BAXE Stablecoin is the lifeblood of the BAXE integrated ecosystem: built on the state-of-the-art Hyperledger Besu infrastructure, it facilitates instant transactions in a low or no-fee environment.
Their ERC20 token – the BAXE Market Coin (BMC) – sits outside of and complements the ecosystem, giving holders a share of merchant fees accrued on the app and fostering the owner mentality. The BMC token will be available on both centralized and decentralized exchanges (e.g. Uniswap).
“We want our users to share the effects of the network as the user base and transaction volumes grow and our team has designed tokenomics in a way that our community participates – WAGMI for all our BAXErs.” Moore added.
According to BAXE, integration into Marketplacer gives BAXE users the power to create their own e-commerce stores within the BAXE ecosystem. This would allow global suppliers to interact and transact across the digital economy.
In addition to that, sellers could benefit from this integration as they could exchange data from other e-commerce platforms such as Shopify and integrate it into the BAXE ecosystem. The BAXE e-commerce platform will be highly integrated with the communication layer, enabling seamless transactions between customer and merchant.
The BAXE Stablecoin will be the main currency of exchange within the ecosystem and will be exchangeable for fiat currency. This is to ensure that anyone, anywhere is able to sell their products and services on the BAXE platform and take full advantage of the rapidly growing digital economy.
Essentially, BAXE acts as a door or bridge through which users can enter, access the fundamentals, and then use a low-code development platform to build their own platforms and applications on top of BAXE.
Interested in their future projects? BAXE’s roadmap is as follows:
“We really believe in the principles surrounding DLT technology and we also want to see a paradigm shift away from the current financial system. We want people to be independent, we want them to be in control of their information, identity and privacy. We want them to have agency, to be able to leverage their own utility in their data and determine who has access to what, when, where and how,” says Moore.
The BAXE application will be made available to the public in February 2022.
If you like the sound of BAXE, be sure to find out more and find out what to expect on their website.
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