In the last centuries, people and communities had a growing need for transparency in general and for exercising control over matters impacting them. Simply put, need arose to actually trust the infrastructure that surrounds us. Why? Because it does not simply serve our interest, but in some ways, it makes us vulnerable. This is a process, a revolution that arises from human nature, and the safer we feel the bigger this desire will be. As a result of this natural evolution, societies, states and market participant are continuously changing.
The last decades brought fundamental changes in the relationship between service provider and client, and the financial sector was no exception in that matter. Governments stepped up their game and started regulating the relevant markets towards efficiency and transparency, due to the fact that properly functioning financial markets do have direct effects on the living standards of the general public, considering their savings, general cash flow etc. Besides, it has been recognised that this sector has a great influence on the performance of the economy as well. Ever since, the stability of the financial sector and the prudent operation of market participants became a priority. Regulators created legal instruments through specific legislation to reach their goals, which gave the system a good framework, but there’s still no guarantee in place that everybody complies with the relevant rules and regulations. Unfortunately, our history is full misuses and system-level breakdowns. The guarantee to avoid such cases – the guarantee both regulators and individuals are longing for – can only be provided through technology. However, technologies that were used up to this point were not suitable to fill the void. Today, financial systems are based on outdated technologies that try to avoid misuse cases by regulating system administrators and using time windows...the results are more or less successful. However, in the last decade a new technology appeared on the horizon, which when used correctly, can provide a proper solution for such a complex problem. This is what we call blockchain technology. The blockchain, if used correctly, guarantees an operation method that complies with regulations, provides transparency and the elimination of corruption. Also, in the blockchain system a set of rules can be determined that allows the access to a bank account and controls incoming and outgoing transfers. Thus, the system works and executes transfers of a given amount only upon the fulfilment of certain pre-set rules. Another advantage is that if we store the rules on a blockchain, not even those will be alterable without having the necessary permission. Therefore, blockchain technology is capable of filling the void, and assures a trustworthy relationship between market participant and user with both legal and technological guarantees in place.
Gold has been playing an important role in mankind’s history for thousands of years. We can see, that today, in the area of digital finances it still has an important position, as with a daily 145 billion USD turnover it serves as the world’s most liquid asset (see more here). Besides, gold has proved its worth both during financial crisis in 2008 and the exchange rate movements caused by COVID-19 this year. We can say that this precious metal maintains its value very well in the medium term, which makes it suitable to counteract the effects of inflation.
BlockBen’s mission always has been to give stable assets to its users using modern technologies, and to build the bridge between the traditional banking sector and today’s crypto world.
These fundamental thoughts helped us to create BlockNoteX (BNOX), which is the already existing BlockNote’s version running on the Ethereum blockchain. A 100 BNOX represents 1 gram of the finest, 0.9999 pure investment gold. The physical gold is purchased through our LBMA wholesale partner and it is vaulted in Zurich by BlockBen Financial Services OÜ. Our company of course comes with its own gold trading license. Just as in the case of BNO, the gold deposit behind BNOX is regularly deposited. And how these two differ from each other? BNO runs on BlockBen’s blockchain platform, while BNOX is available on Ethereum with its unique traits. By creating BNOX, we wanted to offer increased security solutions for clients compared to current assets and solutions. These solutions contain a so called whitelisting system, which means that only pre-identified clients have access to BNOX. Only they will be able to transfer a desired amount or receive the asset in their wallet. Thus, we have the possibility in case of misuse to identify participants and save client assets by using blacklisting (excluding a person from the whitelist). With this concept, we create a safe environment for those, who may think of the world of public cryptos as a threat.
We are able to be serve as a window for these people, through which they can get an inside view to a completely new field. On the other side, the crypto world will have an asset that comes with a stable base and a euro gateway.
We are happy to tell that BNOX is already available on such well-respected exchanges like P2PB2B and CoinTiger and many more are yet to come!
