What is BABB (BAX)?
BAX is the native token of BABB, which is a decentralized banking platform. Through its blockchain platform based in London, United Kingdom, it aims to provide access to financial services to all people who don't have access to traditional banks. BABB combines blockchain technology, artificial intelligence, and biometrics to provide access to peer-to-peer financial services anywhere in the world. Besides that, BABB offers its financial services through crowdsourcing, which completely eliminates the need for conventional banks.
As part of its distributed application platform, Babb offers the CurrencyX feature, which is used to tokenize fiat currencies. The aim of this is to make international money transfers accessible and affordable to all.
It's also worth noting that the BABB crypto project is registered with the UK Financial Conduct Authority (FCA) under the MLR. In addition to that, it is licensed with SMI, which allows the platform to provide users in over 60 countries with e-money accounts.
If you are interested in viewing the current BAX price, take notice of the BABB price chart featured above.
Use Cases of BAX Tokens
The BAX token can be used for the following purposes:
- BAX tokens are used to cover transaction processing and data storing fees;
- BAX can be staked in order to run validator nodes on the network;
- BAX is also used as a governance token, which provides voting power when determining the allocation of network resources.
The BABB token is available as an ERC-20 token on the Ethereum blockchain. Don't forget to take a look at the BABB price chart. It features the current and the previous BAX price.
Who Founded BABB?
The founder of the BABB crypto project is Rushd Averroes. He founded the company in the summer of 2016 in order to provide financial services to those with limited access to banks. In 2009, Rushd immigrated to the United Kingdom from Yemen, where he found traditional banks to be less than accommodating. As part of his mission, he created BABB to make financial services accessible to those without any financial infrastructure as well as people with limited access to banking.
BABB was initially supposed to become a working prototype before becoming a full-fledged product. In 2018, the BABB team helped plan and organized an ICO from which over $19 million worth of ETH was raised.
Tokenomics of BABB
The max supply of BAX coins is set at 63 billion, while the initial total supply is 50 billion. The distribution of the total supply is as follows:
- 60% – token pre-sale and sale;
- 20% – core team, advisors, early contributors, and partners;
- 18% – the BABB platform reserve;
- 2% – Bounty Campaign.
