Current Scenario:
There are myriad payment methods nowadays. These payment systems operate like isolated islands. Do you see any integration amongst EasyPay, WebMoney, mPesa, PayPal and cryptocurrencies? You cannot transfer funds amongst these wallets. The exchangers who do that cost you too much charges. Most of the payment methods are not even accepted by other people and companies. You can not send money to your own wallets, since banks are not familiar with cryptocurrencies. In order to sell their services, entrepreneurs face real time problems, when it comes to multiple currencies. Documentation, safety, compliance and fees are the primary issues that hinder the growth while appreciating multitude. Businesses thus do not get access to whole target segment of products. They lose time and revenue streams and buyer can not buy what they need.
What Forty Seven brings to the table?
Forty seven believes banking products can be a lot more accessible and convenient than they are now. Courtesy of PSD2, the company facilitates clients to manage multiple bank accounts from one master account. They can also create new accounts using biometric information. The customers get access to crypto and fiat resources at the same time. They can transfer funds to themselves on various accounts, just like they transfer funds to other people. Additionally they can take loans to create new businesses. Businessmen enjoy access to robust payment app, which opens up to tailor made banking solutions involving fiat and non-fiat projects.
Next level of security:
Forty Seven introduces some advanced security technologies to the customers. One of them is biometric identification. Your biometric data is used to confirm your identity. It authorizes you to a variety of services upon successful verification. Another security mechanism employed by the company is smart contracts. Smart contracts are one of the best inherent features of blockchains. With custom APIs, smart contracts do things a lot more efficiently. Biometrics and smart contracts when combined creates a fail proof security system.
Long list of technologies:
Forty Seven employs top technologies such as blockchain, smart contracts, biometrics and gamification. With Forty Seven and their API, you can even create your white label bank. The company uses open API, inviting every developer to create their custom APIs. Service oriented architecture is what you see in this service. Machine learning is helpful in improving customer service over the period. Conversations systems help establish community amongst users and businesses. Cloud computing technology is applied extensively to improve the overall experience. Adaptive security architecture would mean, the system would evolve to combat upcoming security threats.
ICO details:
The token trades with the official symbol, FSBT. The value per token is a fixed 0.0047 ETH. There will be a total of 11 million tokens generated. The soft cap that triggers starting the project is less than 1 million Euros. The hard cap used is 10 million Euros. ICO will happen in 3 rounds. First round of ICO uses the window, November 16 – December 16, 2017. Round 2 and 3 will use time window December 17 – February 28, 2018 and March 1 – March 31, 2018 respectively.
Important Links:
Please find the important links related to the project below and stay updated:
Website: https://www.fortyseven.io/
Whitepaper: https://drive.google.com/open?id=0BzvESRkgX-uDeHc1QjRzbHRBelU
Twitter: https://twitter.com/47foundation
Facebook: https://www.facebook.com/FortySevenBank/
Telegram: https://t.me/thefortyseven
Medium: https://medium.com/@FortySeven47
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