The Polybius project aims to use blockchain-based, decentralized technologies to revolutionize the efficiency of the payments’ market.
The Estonia-based new-age Polybius cryptobank project has unveiled exact dates for the upcoming crowdsale. The launch of ICO that is expected to allow interested investors and cryptocurrency enthusiasts contributing to the development of the project is scheduled for May 31, 2017.
The Polybius project aims to leverage the latest technologies including distributed ledgers, Internet of Things, Big Data and more to revolutionize the efficiency of the payments’ market. These high-end digital solutions will allow making more services available for the potential customers than any other commercial bank or payment institution can offer. The project model also eliminates the need for a physical location and multitude of staff to provide payment and identity verification services to individuals and businesses.
The primary aim of the Polybius project is to effectively reduce costs and increase disposable capital by bringing new, blockchain-based, decentralized technologies to the customers. Increasing revenues will translate to profitable annual dividends for investors and availability of additional funds for the platform’s further development.
The traditional banking system has too many overhead costs and little integration to be called efficient. Edgar Bers, the official representative of Polybius Foundation, identified the shortcomings of traditional banks:
“As usual, the principal factor is the human factor. In modern banks, there are far too many people who are really surplus to requirements. The people who deal with verification and transactions. Managers and clerks who work in offices, helping clients with operations that could be done online. Analysts who manage clients’ assets, studying the market and doing the trading. Even the cleaners who have to tidy up a huge area in these offices and bank departments every day — all this makes up a heavy load of expenditure which can and should be avoided.”
The Polybius team identified the room for improvement and aims to combine the best of traditional and new-age banking and eCommerce to offer the best service to the customers.
Edgar says his team is ready to offer a solution to the ineffectual staffing of traditional banks:
“Even skilled work can now be done by robots instead: for example, one recently-developed gadget at JP Morgan can analyze financial documents in seconds, which would previously have required 360,000 hours of work per year from lawyers and Loan Managers.”
The Polybius team chose ICO crowdfunding instead of a traditional fundraising campaign as additional funds and potential savings can be better invested by the team’s developers directly into the project. Also, the smart contracts associated with the ICO and tokens create a permanent relationship between the platform and token holders called “digital commitment” that can contribute to the platform’s growth.
Polybius unveiled the total goal for the ICO – it is planning to raise $25 million. The funds will be directed to further development and promotion of cryptobank project. The Polybius team is preparing to announce more information about the upcoming ICO on its website, newsletter and social media channels.