Currencies

Polybius (PLBT)

Feb 10, 2018 Admin Currencies

Polybius (PLBT)’s initial coin offering (ICO) began on May 31st, 2017 and ended on July 5th the same year. Obviously, this coin integrates many of the technologies that its predecessors did not have and are now trying to incorporate in their existing platform. But the most interesting aspect of this cryptocurrency is that its aim is to serve as a bank for the cryptocurrency world, interfacing with banks offering fiat currency. It is natural to look for differences from online payment processors such as PayPal. PayPal facilitates the conversion of fiat currency into bitcoins. It also holds bitcoins, and it is possible for people to sell bitcoins and get credit in US dollars. However, there are hefty fees involved, which can be avoided with blockchain, Artificial intelligence, and big data technologies. This cryptocurrency would also include several modern banking systems, as well as Internet of Things, which entails networking of all electrical and electronic devices that can be networked for deriving optimal benefit from this cryptocurrency banking system. As of now, conventional banks have cryptocurrencies at their mercy, for transactions such as wire transfers, which may or may not be cleared. This vulnerability makes cryptocurrencies volatile because those who are using cryptocurrencies would lose confidence in them. It is precisely to address this problem that PLBT was brought into the picture.

In order to qualify as a bank, Polybius is complying with the European banking authority’s PSD2 RTS. Other bank like services that PLBT offers include:

  1. Facilitating e-commerce payments;

  2. Granting P2P loans;

  3. Facilitating investment portfolios;

  4. Granting consumer loans;

  5. Facilitating foreign exchange;

  6. Issuing credit cards;

  7. Having savings deposits;

  8. Offering venture funding, crowd funding, insurance, and being brokers;

PLBT is therefore obtaining or complying with

  1. License for EBA clearing

  2. SWIFT (Society For Worldwide Interbank Financial Telecommunication) membership

  3. EPC rule books

  4. Electronic Money Institution license

  5. Bank Identification Number for issuing cards for payment

  6. Bank license

  7. “Card scheme” membership

The list is not exhaustive but indicative of what this cryptocurrency bank is doing and intends to do.

Features of PLBT include

  1. It offers a Digital Pass. This pass can hold all cryptofinancial and industry related passwords such as dynamic PINs, and SSL certificates.

  2. It is an attempt to centralize all cryptocurrencies and interface them with fiat currencies through banking routes.

  3. It includes the advanced security and privacy features that are now the standard for cryptocurrencies, such as Secured Sockets Layer technology and smart contracts. In addition, it integrates biometrics.

  4. Its open API (application programming interface) makes it a flexible platform enabling users with different requirements to customize it according to their needs.

  5. It includes Emercoin blockchain enabling it to record 20 Kbytes data.


 

Pros of PLBT include

  1. Digital pass which is going to be a comprehensive way of holding sensitive data, and its security will be the responsibility of PLBT.

  2. Because of its open application programming interface, users can customize it as needed.

  3. It will be able to do all regular banking transactions, with fiat currencies as well as cryptocurrencies.

Cons of PLBT include

  1. It is, as yet, a work in progress, meaning that many of its features are proposed features. This means any investor buying this currency would be putting faith on the currency surviving long enough to implement those remedies.

  2. It can be stored in an Ethereum wallet. Storing and paying out in Ethereum implies dependence on that currency. If Ethereum fails to survive it would be a doomsday even for PLBT.

Conclusion

While the concept and plans of the PLBT coin are good, it remains to be seen whether it completes its mission. There is in general a contradiction that this bank intends to offer a regulated cryptocurrency environment, which would inspire confidence no doubt, but considering that the blockchain technology itself is to break free of the conventional regulatory environment, how it can be achieved remains to be seen. For now, there are 3969565 PLBTs that are out there, of which 3820954 are circulating, and the recent price at which this currency, which was allotted for $10 dollars each, is selling is $6.83. Effectively, its market capitalization is $26,099,902. In an environment that punishes cryptocurrencies with drastic falls in values, overnight, this currency seems to have survived.


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