Paying in cash will soon come to an end. High banking charges will come to an end. Government intervention to individual’s finances will come to an end.
The world is changing fast and more choices are given to today’s consumers. People are finding new ways to interact with money and sadly, the traditional banking system is not offering the innovation. Since cryptocurrencies first introduction 10 years ago, it has gained rising acceptance globally. Studies show that there are 60 million unique users in 2016, and this figure is expected to reach 200 million in 2024.
Nexbank.io has come forward with solutions that will help resolve problems faced by the fiat banking system, while meeting the demands of cryptocurrency users. Anyone can easily create a Nexbank account with any smartphone. No ID document is required to open a basic wallet and no capital monitoring or control. NexBank utilizes smart contracts hence it is transparent, low cost, secure and super-fast. It aims to place all crypto banking services under one roof; allowing anyone or any organization to take part in savings, payments, credit, insurance and loans.
The six main products that NexBank aims to offer are:
1. Exchange – Users will be able to exchange a popular cryptocurrency into other cryptocurrencies.
2. Debit card – NexBank allows payment in cryptocurrencies to retailers/merchants that possess an NFC payment service such as Apple Pay, Samsung Pay or Google Pay. Users could convert their cryptocurrencies into fiat money and vice versa.
3. P2P payments – NexBank banking platform can be used to create a more direct payment flow that connects payers and payees, across borders or domestically, without intermediaries, at ultra-low fees and almost instant speed.
4. P2P loan- users can lend to and borrow from one another. Payment terms and rates are clearly defined, agreed on, and fast to conclude. This is done in a transparent manner as secured smart contracts are deployed.
5. P2P insurance – NexBank provides a risk sharing network where peers can pool their premiums together to insure against risks. 6. Borderless movement of USD/EURO – Moving money from country to country will not be impossible with NexBank’s digital currency, that is 1:1 pegged with USD/EURO/RMB.
Why NexBank is different from other banking blockchain systems?
A. Privacy-enhanced – As we know, in a blockchain system, all transaction records are publicly available. NexBank ensures all transactions are anonymous as it deploys a ring signature algorithm, the same currently used by Monero Blockchain.
B. Censorship Proof – NexBank has inbuilt support for OBSF4, obfuscation protocol that hides the nature of the traffic that goes through it. By incorporating OBFS4, it is possible to use NexBank even in countries where governments attempt to restrict or block blockchain access, like China or Iran.
C. Encrypted Chat between users – NexBank takes the privacy of users very seriously. All chats or conversations are encrypted so no one can track or review any code. Symmetric encryption and Asymmetric encryption are utilized to ensure this objective is met.
D. Hack proof – Blockchain stores information across a number of computers. Because information is scattered over a vast number of locations, this renders the network decentralised and hence makes hacking NexBank near impossible. To further enhance this feature, NexBank adopts 4 tiers of security; biometric scan, User track Check (UTC) System, Server-Side Validation, Intrusion Defence System (IDS) and Intrusion Prevention System (IPS).
E. Faster transactions – Neo Protocol can process each transaction in seconds, as compared to Ethereum transactions that take minutes. By 2020, the Neo protocol speed will be increased to less than 1 second per transaction.
F. App platform – anyone with any smartphone (Android, IOS) can download NexBank app and start using it anytime anywhere 24/7.
NexBank is UNLIKE other banking/payment blockchains out there! NexBank has the unique vision to make crypto banking easy, social and practical amongst cryptocurrency users and fiat currency users.
Our goal is to empower each individual and business by creating a decentralised and inclusive financial system. We are firm believers that NexBank will take the banking blockchain by storm. The world is ready for NexBank, and now we need to make sure NexBank is ready for the world.