6 Month Recap: What Comes Next After Bankex Successful Token Saleby Company Announcement July 30, 2018
Undoubtedly, the year 2017 was the “Year of Crypto.” While the word “bitcoin” became one of the most popular Google searches, the exponential growth of Token sales was attracting billions of dollars.
What has happened to the company since its successful token sale?
First Months after the Token Sale
Let’s take a look at how the initial funds were used: the development of a business which is solving complicated technological problems for the financial markets.
From the token sale, BANKEX was able to sell 80M BKX tokens which raised $70,600,000 dollars. The funding gave the team the necessary financing to further work on new products and services; however, the company clearly understands its obligation to use the money wisely. In January 2018, BANKEX launched its Mediatoken, which allows the financing of social media accounts with crypto.
In February 2018, BANKEX Foundation team members Petr Korolev and Alex Vlasov and BANKEX CTO Denis Khoruzhiy successfully won two categories at the ETH Denver Hackathon held in Denver, Colorado from Feb 16–18.
Also, during February, BANKEX DevTeam launched its Web3 browser. This new browser is based on the web3swift open source library which can send transactions to smart contracts without any additional interface. This development is unique and has never been available in this context before.
The month following the MediaToken release, BANKEX implemented its first tokenisation of an Instagram account: Spanish travel agency Turismospain was the first Instagram account holder to issue its own tokens that are available for trading on an exchange.
Since many Mobile Applications don’t have enough capital behind them for further development or marketing, BANKEX launched its AppToken, a next- generation approach to fundraising for App developers and their projects.
Further Development and Hard-work
Two months following the token sale, BANKEX Foundation tech team upgraded and re-developed the technology behind the BANKEX Plasma platform. The BANKEX Plasma platform enables users to exchange different assets directly between each other on blockchain without intermediaries. It solves one of the most pressing problems of the blockchain world — scalability of blockchain network and high levels of gas consumption.
BANKEX also announced BANKEX Scan. BANKEX Scan is an Ethereum transaction accounting service with user-friendly interface and stable operation, which is inseparably linked with the future of the BANKEX tokenization platform where Smart Assets will be available for transactions.
The Fifth Month after the Token Sale: Acceleration of the Company
The month of May proved to be very eventful for BANKEX. First, BANKEX developers launched Smart Justice, a blockchain based arbitration service for dispute resolution and reputation management in the crypto sphere. Decentralized transactions rely on math and immutable ledgers, and Smart Justice arbitrations are fully aligned with this concept and technology. Using the Law of Large Numbers, independent judges from all over the world are randomly selected to review cases of disputed blockchain based transactions, which are presented by aggrieved parties.
Secondly, BANKEX presented a new standard of token: the ERC-888 token. The ERC-888 is a multi-dimensional token standard, which developed out of the ERC-721, which is able to deploy several assets at once during tokenization.
The most important achievement of BANKEX during May was the establishment of a partnership with Moviecoin. Moviecoin is a platform led by Hollywood financier and film producer Christopher Woodrow (Legend, 2015;Birdman, 2014). Moviecoin will give global investors the opportunity to participate in the financing of major motion pictures via the acquisition of cryptographic tokens.
MovieCoin intends to provide up to $1 billion for films and entertainment financing over the next three years. Transactions on the MovieCoin platform will be recorded using blockchain technology, which will help management understand where the dollars were spent and how much has been collected. This technology will provide transparent accounting for film studios, financiers, producers, actors and other stakeholders.
And finally, between May 19–20, 2018, BANKEX Foundation held its first research Proof-of-Skill hackathon on the blockchain in Moscow. There were 18 teams which competed for prizes and a place in hackathon history. The Proof-of-Skill hackathon was the first step in BANKEX’s plan to radically increase blockchain community awareness.
Summer: Half a Year After the Token Sale
In June, BANKEX developed the first NFC-based platform using blockchain technology. NFC devices create a low-speed connection with a simple structure, which allows them to connect to much more complicated wireless networks. The utilization of NFC technology is increasing in many different industries, such as contactless payment systems, public transport, and customer identification.
BANKEX announced a new partnership with DataArt in creating a “Custody-service” solution— the first blockchain-based cryptocurrency depository with no minimum fund limit. Custody offers complete coverage of the three main risks within cryptocurrency storage, namely converge in the event of human error, genetic damage, and virtual threats.
Finally, BANKEX released an upgrade of its BANKEX Plasma test version, which accelerates the speed of Ethereum network up to 22,000 transactions per second. Its release will give BANKEX and even greater advantage over its competitors.
It’s time to ask the question: what’s happened to the company after its successful token sale? In our case, we can answer: strong development and hard-work. During the several months following the token sale, BANKEX team launched a variety of essential and innovative projects for the tokenization process. BANKEX is going to advance further to achieve its primary goal – the merging of blockchain with the traditional economy.
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