NOBAR – driving the usage of crypto in everyday lives

  • by Saloni Jain
  • May 18, 2018
  • 0

Do we know how many cryptocurrency exchanges are out there? There may be 500 exchange websites worldwide where the daily trade volume is as high as 3 billion, for example in Binance. So why are the exchanges such a hot cake in the crypto market? The answer is obvious. Users are more driven into short selling of cryptocurrencies and crypto tokens rather than using them in real life applications and the reason is, compared to the exchange websites, the number of sites or platforms where people can spend their crypto other than exchanging is very few. If there were a substantial number of effective platforms through which people can really spend their crypto for day-to-day life transactional reasons, then the driver of valuation may turn from nervous speculations to the volume of spending. This is what exactly NOBAR is planning to do.

What is NOBAR really doing?
NOBAR is building a multifunctional platform where users will be able to engage in B2B, B2C, C2C, C2B, Jobs, Ads and POS (Point of Sale) activities with cryptocurrency and crypto token. Their plan is to make a “GO-TO” platform for all kinds of cryptocurrency and crypto token spending purpose. To elaborate the functionalities of the platform states that anyone ranging from international business magnate to everyday grocery shopper can use the NOBAR platform to fulfill their purpose and make transactions with their native NBR token and other cryptocurrencies.

What problem does NOBAR seek to solve?
As there is less opportunity for people to spend their crypto, most of them are waiting for a suitable bull run of the crypto market and to then sell it when they are at profit. However, gaining profit is not always the case as data from the recent crypto market shows that there have been more dips in price than upwards movement. This will happen in the market if the base of valuation is nervous speculation. Therefore, NOBAR is providing substantial spending opportunities on the platform with cryptocurrency and NBR token so that there is more space for acceptance created into the market.

Their platform will facilitate local and global businesses, selling used products, sharing or selling cars or houses, posting job advertisements, paying automated salaries, operating virtual offices and promoting goods and services on the platform to the network of users. They are also providing an innovative and integrable “Shop-App” function through which NOBAR’s crypto payment gateway can be integrated with other e-commerce and physical stores so that people can use their NBR token also in other stores and platforms. By building this robust platform, NOBAR is planning to solve the “purchasing with crypto” problem with a strong approach.

What makes NOBAR different?
We all know that some innovative projects are working on providing the purchasing with crypto facility into or through their platform. There are projects offering only B2B and B2C activities, some are providing advertising opportunities, some are providing POS gateway, and some are providing dealing with houses with crypto etc. However, they are all providing a partial or fragmented solution to this problem. None of them are providing all these functions into one singular platform like NOBAR.

A project providing only a single or handful functions with their platform have limited functionality. For example, if a token holder wants to spend his token on something other than what his token permits then he must go to a crypto exchange and exchange it with some other token that facilitates some other spending opportunities. This creates much hassle for the user and obviously some transactional losses. NOBAR is facilitating all kinds of commercial and day to day transactional activities on their platform so that NBR token is substantial for these purposes. What this will do is, NOBAR has the potential to create a massive usage commonality and user acceptance for the token holders, which is a key element for any kind of sustainable steady growth.

Key features of NOBAR project:
Creating the purchasing power
One good question to ask the crypto community is: what can you purchase with your token? The answer may be that there are not many opportunities until now, but the scenario is changing, and mass adoption is happening all over the world. NOBAR can create a great boost to the mass adoption as it is creating myriads of spending opportunity for users on their robust platform.

Two decimal token
One interesting aspect of NBR token is that it is two decimals. As people are more familiar with valuing something with two decimal positions like 52.66 USD or 85.99 EUR, it will create convenience for the token holders to use NBR token as a regular mode of payment. Most of the cryptocurrencies out there are constructing with eight or more decimal places, which creates a state of confusion with the users when dealing with micropayments.

Bug-free solidity code
A recent report showed that almost 95% of the codes deployed were full of low and medium severity bugs. If we can look at some of the earlier projects, there were complaints from the users that there are some operating difficulties with those tokens. This happens because the codes are not carefully examined and have not been deployed by expert smart contract developers. Surprisingly, NOBAR has been careful to deploy their smart contract. If we track their code from then we will be able to find that they have done their research and deployed some test contracts before they can deploy their final, bug-free and verified contract.

Catching the smallest value with every token
As they are planning to make NBR token a regular mode of payment, NOBAR has set the value of each token at 0.01 USD at the token sale to represent the smallest value 0.01 USD by every NBR token.

User Protection
The NOBAR platform ensures the protection of the users from fraudulent activities on the platform by verifying every user prior to accessing the platform. This is very necessary because all the other e-commerce and even social platforms are filled with fake reviews and fraudulent activities which are causing losses for users.

The NOBAR team
Notably, the CEO of NOBAR, Joyjit Bhowmick, has certification from MIT and he is experienced in analyzing International trade markets. Maybe, that is why he understands the crypto market’s supply and demand gaps. It is this very reason that led him to come up with such an innovative and challenging idea related to international commerce.

Md Ariful Haque, the CTO, has done many projects related to national and foreign data security, digital product development, and led teams in some cases.

The person handling the Marketing & Promotional activities is Likhon Amin who has experience in working on projects under the World Bank. He is also experienced in digital marketing and has been working for quite some time now. This creates a unique mixture of Finance and Marketing which is very rare to find.

They also have a decorated team of professionals to help the team bring this project to fruition.

From their website: you can also understand that they have some of the most reputed personnel in the cryptocurrency world.

What is NOBAR’s vision?
According to Behavioral Economics, if any resource has more practical functions attached to it than any other similar resources then it is more likely to increase user acceptance over time. NOBAR is following the exact same path. By incorporating a multitude of use cases for a different segment of users and fulfilling different needs of users, NOBAR is planning to build a singular unified platform that is substantial for most of the commercial activities that we are very familiar with. Therefore, the vision is to penetrate to global market gradually to make the NOBAR platform one of the most used ones for online transactional and commercial activities.

When will the token sale start?
The main token sale will start from 15 May 2018 and it will end at 30 July 2018. Currently, NOBAR is running a private presale. The main token sale would start from 30% bonus only.

What about regulation analysis?
NOBAR team has done a pretty good and clear analysis of their regulatory stand which can be found from their whitepaper. It seems very clear that they are concerned with the future development of the platform and that is why they have restricted some of the countries where their model is not compliant. Also, to comply with the AML (Anti Money Laundering) acts, they are going to verify every contributor with proper government-issued photo ID.

To conclude, NOBAR seems like a much-needed project that the crypto world needs right now. We all require moving the tension from the exchanges to other areas where cryptocurrency and crypto tokens can make a difference. Therefore, the world awaits to see the outcome of the NOBAR project.


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