Nils-Julius, a Blockchain developer talks about Bancc and the plans he has in store for the current financial sector.
Bancc sets out on a bold mission to boost the global transition to blockchain technology and cryptocurrency. Companies, financial institutions, and even countries have started developing their digital currencies or assets. Bancc believes that such developments can be accelerated if solutions are significantly simplified, faster, more cost-effective, and beneficial than current solutions or providers. Bancc aims to do just that by setting off to accomplish easy payment means, low to zero fees, and making it easier for users to get onboard their platform. It aims to offer financial and exchange solutions through its integration of centralized and decentralized exchanges within its platform. The flexibility that arises from such integration is part of Nils-Julius Byrkjeland, founder of Bancc’s vision to change how we interact and transfer money.
“Bancc is a decentralized financial platform that connects existing technologies with blockchain possibilities.”
Bancc’s platform will be built upon community-driven value propositions and provide thorough verification processes along with the exclusion of 3rd parties between customers and merchants. Furthermore, the value propositions make transferring ownership easy and allow users to choose when, how, and where to verify the products they own. These are a part of the platform’s belief in a marketplace within its ecosystem that is cost-effective, user and merchant driven and provides services and products on a global scale.
“Bancc is more about creating something that can develop itself.”
Fees tend to be one of the main issues concerning blockchain networks that execute interactions between people. So, the Bancc platform will allow validators in their network to choose their compensation amounts or gas fees. Thus, the competitive environment that would arise prevents prices from rising too high.
The Bancc blockchain also aims to introduce an inflation mechanism that will create a sustainable ecosystem that can either reward or punish the whole network by incentivizing staking. This is done by citing the network when a percentage of the coins in circulation is delegated to validators and by punishing it when the total rate of delegated coins falls lower than the percentage set by users. Thus, creating an outcome that either halt or generate growth for the blockchain itself.
The network will receive a total of 600,000,000 million coins used to develop and sustain the blockchain. The unlocking period will consist of a 10% decrease every year and unlock once every year.
Bancc blockchain plans to revolutionize several industries. To accomplish it establishes the need for solid and organic growth, capable of both horizontal and vertical scaling. Bancc aims to find adaptive and financially lucrative solutions for all entities involved in the blockchain. In addition, Bancc wants to create what it believes to be a fundamentally strong ecosystem that scales from thousands of users to potentially billions, along with the notion of building something inclusive to everyone.