The most effective entrepreneurs know that the secret to continued success is to never stop learning and working. Waqas Ilyas gets this. As the founder of GlobelMoney Group, a financial services group that began with GlobelMoney in 2014, Mr. Ilyas began his journey in the financial sector. Today, his organization is called a "Group" because of other 3 other companies that were founded after the success of GlobelMoney. The group owns PayGlobel, GlobelRemit, GlobelBit, and GlobelBank at the moment, with hopes to expand even further.
The Foundation of GlobelBit
Mr. Ilyas believes that the potential impact of technological development in finance is one of the hottest topics today. Many start-ups are trying to revolutionize financial services, but they mostly focus on a niche and cannot take advantage of economies of scale. This is one of the main advantages enjoyed by traditional banks that may not be as technologically advanced. GlobelBank plans to achieve this scale in order to offer traditional and emerging banking products in a technology-driven Blockchain environment, eventually becoming a one-stop shop for all banking requirements.
There has thus far been a distinct difference between traditional money and cryptocurrencies, making it difficult to relate the two. Recently, there has been a revolution in the financial sector that aims to eliminate the differences arising between cross-border payments. This will make transactions and compliance issues easier to handle.
As is the expectation with cryptocurrencies, GlobelBit transactions are untraceable. This anonymity provides users with the much-needed confidentiality. It makes use of the ring signature technology that allows a group member to create a message and sign on behalf of their group.
GlobelBit also ensures that transactions are not linkable. A receiver has a single public key that allows unique, one-time addresses to be derived. The receiver can only receive funds after they are sent to these addresses, making it impossible to cross-link these payments.
The digital currency has double-spending proof, which makes it difficult for a user to spend the same money twice, despite all his signatures being anonymous. It also makes use of key images that make it impossible to restore the corresponding secret key and thus preventing double spending. This is based on a one-way GlobelBit function.
GlobelBit makes use of the Blockchain technology that ensures non-repeating, one-time addresses and mixed keys in ring signatures. This helps to mitigate key re-usage and ensures one-input-one-output tracing.
Lastly, GlobelBit makes use of the egalitarian proof of work, which acts as a voting system wherein all participants have equal voting privileges during the voting process.
GlobelBit GBNK ICO details
The GlobelMoney Group has just rolled out the ICO for a 4G banking Coin. As the company sets out on its journey towards the Blockchain era, the coin will be exchangeable on PayGlobel and available for use globally. This journey will definitely be worth your while.
GlobelBank is already achieving significant progress as a FinTech company, and plans to have significant infrastructure in place prior to the initial coin offering (ICO). GlobelBank already has the necessary regulatory and IT arrangements to offer individual international bank account numbers (IBAN) that can accept and make payments in the Single Euro Payments Area (SEPA,. UK, and USA Bank Accounts.
GlobelBank is in a position to offer competitive foreign currency exchange rates, quick and cost effective international bank wires, as well as having the “GlobelBank Payment Card” (known now by the name of PayGlobel Card) linked to cardholder’s payment account. GlobelBank is building a commercial bank that is meant to last; therefore, the focus will be on the scale, the elimination of counterparties, and offering core banking services, such as savings, loans, investments and business accounts. To achieve these goals, GlobelBank has already obtained the license and is currently operating on initial level in PayGlobel.
GlobelBank’s money has a growth power up to 0.50% every 24hrs. This growth is calculated on behalf of bank earnings, as we believe that every bank in this world can grow their money up to 1% every day, and almost all banks do – they just don’t share this revenue with account holders. We are different - we will provide up to 0.50% profit on the funds that are in holder accounts, and we are term free. This means that there will be no any terms and restrictions to withdraw funds at anytime.
GlobelBank also plans to be a member of key financial networks, and plans to achieve issuer and acquirer status with major payment card schemes, as well as becoming a participant in payment networks such as SEPA in the EU, Faster Payments in the United Kingdom, and ETF in Canada. In addition to traditional banking products, GlobelBank will provide innovative solutions for both individual customers and businesses alike, all in a low-cost banking environment.
• For businesses, GlobelBank will improve cash flow by extending finance for payment processing against future expected payments (based on historical cash flows and expected payments).
• For individuals, GlobelBank will address the age-old problem of client’s savings not keeping up with inflation by creating an investment product that is linked to a basket of goods that automatically adjusts with inflation.
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