World Bit Bank

This is the world’s first legal cryptocurrency bank and this is a development of new crypto-financial technologies and their integration into the existing financial and banking system. World Bit Bank facilitate quick and cheap monetary transactions in real time which is bases on blockchain technology.

PROBLEMS AND CHALLENGES FACING THE MARKET

Current system of monetary transactions involving banks and systems such as Visa, SWIFT and other are very cumbersome because it charges a fee for using its system. Today it has become impossible to develop a money transfer system without digital technology and cryptocurrency.

SOLUTION TO THEPROBLEMS - IMPLEMENTATION OF THE World Bit Bank PROJECT

To conduct the PRE-ICO for implementation of the project World Bit Bank it has already established a company legally in the EU. Development of technologies and the establishment of an international cryptocurrency bank under the World Bit Bank is the aim of this project.

Customers prefer to keep cryptocurrency in the custody of third-parties because the procedure of storing cryptocurrency is complex. World Bit Bank customers will have access to the whole range of assets, not to be limited to a single cryptocurrency.

The solution for these problems is the WBB Wallet mobile application which is a mechanism that merges tokens and a debit card. The project includes the World Bit Bank debit cards and WBB Wallets. Payments can be made in Cryptocurrencies, including the ERC20 standard.

WHAT IS World Bit Bank?

In order to integrate into the banking and financial world new technologies and Cryptocurrencies the project of establishing a cryptocurrency bank involves the purchase of 10 existing banks in countries such as USA, Canada, Germany, Switzerland, UK, Japan, India, Australia, Turkey and Brazil. The head office will be located in Zug, Switzerland.

DEVELOPMENT AND IMPLEMENTATION OF THE TECHNOLOGY

The new solutions developed from blockchain technology and related to 5G finance by the WBB project are as follows:

● absolute transboundariness;

● cross-platform nature;

● easy usage;

● Instantaneousness of transactions;

● funds always under control of the client. The client’s funds cannot be handled without the client’s approval;

● Low or zero transaction charges;

● High security thanks to cryptography;

● API with open source code;

● Full transparency of source and movement of funds between accounts;

● Authentication;

As the registry for transactions between banks the blockchain transboundariness are employed in the World Bit Bank ecosystem. Each bank is part of the World Bit Bank ecosystem. The transactions are not conducted via a central bank and correspondent banks and no reserve accounts are required for inter-bank transactions. Transaction of contractor funds are done directly between banks.

Know your client (KYC) procedure

KYC is a procedure which is carried out at the beginning of the work with the client and while working. Sometimes this faces several challenges and inconveniences for the client. A single database of client documents are created through blockchain. A World Bit Bank private blockchain is created for this purpose and the client data is secured and only accessible to banks that are part of WBB. Blockchain technology is used to create a “perpetual” file confirming the identity of the client. The client’s bank account, passport, utility account and medical history can be used as another proof - or blocks - for their chain.

Money transfers

Blockchain based WBB ecosystem makes the things easier by creating a register of transactions that cannot be destroyed or altered. So it provides the evidence of where the money came from or from where it was transferred.

Payments by letter of credit

This provides security to both parties. Payment by letter of credit rules may be included in smart contracts created by our bank.

The buyer, seller and bank can interact with letters of credit based on smart contracts as follows:

● request the terms of contract,

● confirm commodity shipment,

● confirm payment,

● confirm transfer of the commodity by the seller to the shipment company, check confirmation, etc.

Identification and storage of digital assets of the client.

The clients if the WBB network able to share information with cryptographic guarantee of its privacy.

Wibcoin (WBB) CRYPTOCURRENCY

*Wibcoin(WBB) token in introduced by the WBB based on the Ethereum blockchain. This is designed as a public cryptocurrency for digital services such as payments, currency exchange, and value maintenance. Wibcoun (WBB) is the unit of accounts of all transactions in this ecosystem.

The Wibcoin (WBB) token will be sold on the Ethereum public blockchain as an ERC20 standard.

*1 000.000.000 Wibcoin (WBB) tokens will be issued.