If you think about what Apple has done for mobile developers with the App Store the FortySeven token could do the same for FinTech developers and this could disrupt financial services from just a traditional bankers and lower the barrier to entry to small businesses and communities so they can develop wait label banking applications across the financial services in banking industry let's discuss.
Hello everybody Yogi Prayogo you're you and together we are minting coins your trusted source for crypto news interviews and ICO reviews if you are new or not tap that like button as it supports us and helps other people find this content and if you have any questions or comments leave them in the comments box below as you have them so your voice is heard as part of the community in this show we're gonna be talking about the forty-seven ICO.
The Fortyseven token sale and how banking as a service could really create a lot of new opportunities for both developers in users of banking platforms around the world so with that being said why don't we dive right into the ICO white paper and web page and let's discuss okay so starting off we're at the home page for the ICO and token sale and this home page website URL is fortyseven.io.
The first thing that we noticed at the ICO home page that is that the ICO is live and it ends in 60 days 13 hours and some odd number minutes and so far the forty-seven ICO has raised over 4,000 distributing over 1.2 million FSBT tokens and so they've reached their soft cap of 900,000 and they have a hard cap of distributing up to nine point nine million of these FSBT tokens the number of participants.
So far in this ICO is over a thousand so there's a lot of people who have already committed money and who are very interested in what fortyseven is going to be doing for disrupting the banking service by developing this new platform it's also interesting that the Forty Seven ICO is accepting payments not only an ether and BTC but also USD and euros supporting payment methods such as Visa and MasterCard allowing people to purchase into this ICO with other currencies besides just ether that's not something that we see too often right now we have a current token bonus of 20%.
And in the current rates here these rates that they list on their website does include the token bonus and so going through the mission of Forty Seven Bank and what the forty-seven banking token is going to be doing let's get into the mission of Forty Seven Bank so it states here that the mission of Forty Seven Bank is to create innovative flexible an open application platform for financial technology developers.
Who will be able to operate under the roof of the fortyseven Bank having access to bank's infrastructure and customer base what they're going to be doing is giving the opportunity to the developers with small or medium capital to create white-label applications which will be able to compete with traditional banks the 47 Bank Bank as a service solution will disrupt a financial sector of the European Union by reducing the barriers of entry to the FinTech market and so there's a lot there and it is relatively exciting now this isn't completely broken down into decentralized autonomous application.
But what they're doing is that they are breaking down the barriers to entry creating a platform creating infrastructure that's going to allow any medium or small-time developer business community organization to create banking services for profit for nonprofit who knows but they're gonna take this existing platform this existing technology this existing code to use these Forty-Seven Bank tokens.
Likely as a utility although it's I'm not sure if their utilities were not utilities but allow them to use these forty-seven Bank tokens to create these financial technology applications it's going to allow a developer to create banking application and to actually compete with the traditional financial institutions of the world then also as a technologist as a business person as a web developer one of the key phrases that really pops out to me is that this is going to allow these same businesses developers to white label these applications.
So no one's gonna know that the application that the developer creates is going to be a part of FORTY-SEVEN Bank or it's gonna be a part of what system because the applications that get created with the system are gonna be white label which means these businesses will be able to put their own name on it their own brand on it without having to get put the FORTY-SEVEN bank logo on that application it's gonna allow these developers and these businesses to stand on their own code their own development while leveraging the infrastructure and and everything under the roof of the FORTY SEVEN Bank platform there's a ton of additional documentation at 4700 on the website you can dive into the white paper the business model the token holder benefits and you could really dive deep into the background of where FORTY SEVEN Bank is coming.
And where they're projected to go based on their research their development and their strategy to move forward they've already had a ton of media they've already had a ton of press coined Telegraph Huffington Post CNN there's a lot of excitement about what 47 Bank is doing and the exchanges that they plan to get listed on are gonna be by Nance ether Delta hit BTC so forth and so on so it's great to see that there's a plan already being set up in terms of the immediate next steps for them to move forward the FORTY-SEVEN Bank is going to be offering a wide range of products for private ian's business clients you could read more about this in their product section where they go into the different products 'as products and services.
That they're going to be using to connect financial worlds a high level they're going to be integrating mobile and web interfaces for users to manage accounts with multi currency support for people living across Europe where most of this is going to be based at least out of the gate as it reads in that in the content here they're also going to have remote identification and authorization using passport and biometric data analytics to help clients make the right financial decisions by using services of personal management developed on the basis of machine learning cryptocurrency transactions within the bank's application unique and convenient combination of payment tools having a multi account for the FORTY-SEVEN bank and other banks within the Swift system.
That this will be able to connect with the propositions for businesses is going to be a selection of mechanisms to accept merchants payments the ability to create applications that can manage the clients accounts and are distributed through the FORTY SEVEN bank's app store client loyalty management using machine learning factoring services based on machine learning escarole services based on the platform just lots and lots of products and services for consumers and for businesses do you be able to take advantage of and compete to be able to offer to receive and offer these banking services and compete with the traditional companies.
That really don't have a need to innovate because they don't have a lot of competition other than each other this is going to allow again the small businesses the medium-sized businesses to really participate and come up with some new and exciting ideas that can give people reasons to look at banking applications from some of these smaller businesses and pivot from the major banking institutions that have the dominance of the market share and aren't providing as much value as they could if there were competition and more innovation in the banking industry .
In real quick touching upon some of the tools and services for the external developers and financial institutions there's going to be accessible to an open API there's going to be dev days for technological conferences of independent developers and financial institutions they're going to be offering the possibility to provide a complete set of FORTY-SEVEN banks services under a personal brand again that whole white label aspect which is going to give a lot of strength to the community is going to give a lot of empowerment to the developers.
And we think that's going to have a huge positive effects on the network effect of developers adopting this technology last but not least if you think about what Apple did with the App Store 47 Bank is also going to be providing a banks app store as a distribution channel for to the developers and so instead of the developers having to create a business create technology.
And then have this huge marketing plan with a marketing budget the developers are gonna be able to rely heavily on the platform as a marketing channel to reach new users to learn about these applications it's gonna save a lot of money in terms of the go-to-market strategy since it's gonna tap into this existing base of users as a part of the FORTY SEVEN Bank platform so moving back to their homepage some of the features and technologies that we just talked about which they're highlighting on the homepage you're going to be the blockchain based aspect of the technology the biometrics the service-oriented architecture machine learning open API smart contracts adaptive security architecture conversational systems and cloud computing here we can see the roadmap and the roadmap is well underway having started the development.
Of the FORTY SEVEN Bank concept back in the q4 of 2016 and then moving to where we are now with the successful completion of the token generation event moving into q2 for the software infrastructure deployment and then in q1 2019 a year from today they plan on having the submission of documents to obtain the actual banking license for a lot of this to happen then the end of q4 obtaining the banking license to start providing full-scale banking services for the community it's always great to see a strong executive team for these projects.
As well and here we see everyone on the team we could take a peek at the CEO the CEO the CM oh the CFO they have all the C's listed here and these folks are listed on LinkedIn which is adds a lot of credibility to the project that these people are out there that their focus and this is what they're working on providing this banking as a service solution to consumers and developers across the world the omission of tokens and so what is a Forty Seven token so the Forty Seven bank token or FSBT is the cornerstone of the Forty Seven Bank infrastructure the FS BT tokens are going to be demanded by the partner developers to be able to upload their FinTech applications to the Forty Seven Bank platform and the FS BT will also be demanded by businesses in order to improve the effectiveness of financial and operational activities via the smart contracts.
For the private customers FS BT tokens will give several benefits in using the 47 Bank products and services as well as token holders will be given place as top priority customers of the bank according to the loyalty program and will get loyalty rewards on a yearly basis on the performance of the bank overall after the crowd funding campaign is finished the FSBT tokens would be available for trade at the various crypto currency exchanges likely the ones that they detailed previously above as always I like to note that the maximum number of these tokens that are going to be generated is going to be just north of 11 million of these tokens.
And so if you were to hold eleven of these tokens and you would have one millionth of all the FSBT tokens which will ever exist additionally if you dive into the white paper and if you look at the way that some of these applications may be available to the developers it's likely that the developers are going to be required to have at least 1,000 of these FSBT tokens in order for their application to be fully functional inside the platform so if you were thinking about creating an application using FSBT Forty-Seven bing tokens in the future.
Then you want to think about having a thousand of these tokens and if you wanted to be part of the one millionth Club for the FSBT token then you'd only need about eleven or twelve of these so here's the token distribution 90% of all the tokens go to the contributors 5% for the founders in 5% for geez here's the bonus for the contributors the first bonus the current bonus is set at 20% additional and then the next ICO round bonus will be 10% and again here's all the documentation we have main documentation we have additional documentation.
And then you can take a peek to see additional publications and information about the 47 Bank company if you want to stay tuned for the latest updates directly from 47 Bank themselves and feel free to sign up for email updates and put your email in the bottom of our website this way you'll be able to get the information at the same time as we get the information or just as quickly relatively as everybody else taking a peek at their one-page version of their white paper this really goes over at a high level some of the other details that they were speaking to you before so not only is Forty Seven Bank gonna be moving forward as banking as a service platform for FinTech developers.
Just as the Apple did with the App Store for mobile developers they're also going to be having this whole layers and levels of infrastructure that's gonna authorize it as a financial conduct authority CFA as they call it in the United Kingdom so it's really interesting these developers with small or medium capital are going to be able to create their thin tech apps and upload them to the platform get access to their infrastructure get access to their client base all via this open API by doing that they're gonna be reducing the barriers to entry into the banking market which as we mentioned are very very high and is controlled strictly by the traditional banks.
Who are slow in terms of innovation because there's no reason to innovate no reason and so now that is so 47 Bank is going to be disrupting this introducing new competition from FinTech developers able to create their own white label banks using this platform this is the main part but another good thing mainly for individuals inside the European Union is going to be connected to what's known as the payment services directive - this is the PSD - which comes into force this year across the European Union so this directive obligates all of the EU banks to open access to their infrastructure via API for third parties and what 47 Bank is going to be doing is that they're gonna be taking advantage of this and they're gonna be creating this so-called multi asset account which we mentioned earlier this product or this application.
However you think about it will allow people to get all of their accounts from different banks and all of their crypto wallets and all of their investments in the same place and that could be a big big deal for people to be able to see everything in the same place and then maybe taking it a step further not just managing all their finances in the same place but also transferring funds there all from one single application which is going to make life a lot easier and a lot more efficient for people who want to do their banking and so we're the other side of this equation is that this is going to drive the demand for the FS BT tokens because on the other side the businesses are going to be providing real opportunity to improve the effectiveness of their financial and operational activities using smart contracts smart contracts are going to require.
The FSBT tokens the developers are going to want to upload their apps to the platform reach new people through the platform run to their application itself all of this is going to require FS BT tokens and this is going to just generate huge demand real demand on the secondary markets which would affect the price would have the price increase substantially as more and more developers want to create applications it would increase the price as more and more businesses want to run applications and the creates this market effect around.
The FSBT token and you can read all of this yourself as well I recommend you take a look at these documents to your own research verify your own information don't risk any money that you can't afford to lose and don't try to lose any money the into something that you don't even really understand that's why all this documentation is here put together very by the company so people can understand what is the vision what is a strategy how are we going to move forward so you can make a decision of it if this also makes sense to you so you check out the one-page paper check out the white paper check out.
The token holder benefits paper as well to understand how the value is going to be driven tech check out the business model paper and the financial model paper as well just a great job in terms of creating the documentation for the users for the investors for the contributors of this new token of this new system of this new platform which is going to allow any developer to become a banker and so if you're a developer and you want to become a banker this could be an opportunity to put you in that position to create systems products services.
for people to control their lives control their money in a way that's just better different than anybody else without having to need to be a banker yourself you're gonna be able to use the platform and the the infrastructure of the 47 bank and the 47 bank token the 47 bank telegram group currently has over 6700 members I recommend you click over there and take a look at the group introduce yourself public service message as always beware of fraudsters a lot of fraudsters out there trying to pretend to be people that they're not and this is just a huge issue inside the community overall.
And just something to be looking out for in the telegram group if you take a look at the pin the message then you'll be able to get direct access to the actual website the actual documents be able to get the telegram handles of the actual team members and just get the source information for who is exactly in charge with 47 so if you have any specific questions you can make sure you're asking the right person and not someone just pretending to be the right person especially if it's your first time in the group if it's your first time saying hello so as always there was a lot of information.
Also very interesting to see what the 47 bank is doing and you see how black gene technology and this new technology is going to allow new opportunities for developers and business people to disrupt the financial services world the 47 banking token is going to allow any developer to become a banker and to develop your own white label banking app to connect with other banking systems with an open API it's definitely a lot of buzzwords that are in the right place at the right time and really creates for a very exciting opportunity so what do you think do you think it's interesting too of a concept that any developer is gonna be able to become a banker do you think it's an interesting concept to have banking as a service and to allow an app store for banks.
Just like Apple has an app store for mobile development and what do you think the banking perspective is on this from the traditional banks do you think that they're gonna see independent mobile developers are they gonna see independent banking developers as a threat to their traditional financial applications or are they gonna take a serious look at the competition which is going to be on the horizon over the next couple years gunning at what they're doing share your thoughts and comments in the comments box below like this article if this helped provide you with some new information and thanks for sticking around thank you for watching this content and learning about this information with me.
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More Info:
🌐Forty Seven Bank ICO Website https://www.fortyseven.io/ 🌐Forty Seven Bank ICO Whitepaper https://drive.google.com/file/d/0BzvESRkgX-uDeHc1QjRzbHRBelU/view 🌐Forty Seven Bank ICO BitcoinTalk ANN https://bitcointalk.org/index.php?topic=2225492 🌐Forty Seven Bank ICO Twitter https://twitter.com/47foundation 🌐Forty Seven Bank ICO Facebook https://www.facebook.com/FortySevenBank/ 🌐Forty Seven Bank ICO Telegram Group https://t.me/thefortysevenAbout the Author :
Yogi21: https://bitcointalk.org/index.php?action=profile;u=1240228
Ethereum Address: 0x91B50236DbFA5d3D4ded07c09Ddf31B987468781
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