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Banks and bank accounts will disappear
Global finance will 'go crypto', and there is no way back:
(1) Bank accounts and banks as we know them will disappear and morph into
blockchain network interfaces – blockchain will record transactions and hold ‘account balances’.
(2) Bank services will become dapps, decentralized applications. (3) Enabled by the distributed
ledger technologies (DLT), first time ever, truly global, instant and virtually free payments
are possible. (4) DLTs have first time ever made possible to create a truly global open
financial architecture and system – without any central authority or control.
No one has so far created a ‘perfect’ solution to make this all happen:
This is the perfect opportunity ahead.
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(1) Backed by strong financial services and technology (Fintech)
experience and expertise in building and launching real life business grade Fintech
platforms and operating businesses, the Argentas team has a realistic project
that creates a powerful next generation blockchain platform to transition
global payments and ‘centralized’ banking into the decentralized world of blockchain.
(2) The project is not only to create the right kind of blockchain platform and
native cryptocurrency, but an ecosystem also covering the interfaces, bridge entities
and dapps to facilitate smooth movement and transition between traditional
and crypto economies, migrating and creating real business activity, boosting
the growth of the crypto economy.
(3) The project is not “proof-of-concept” but focuses on helping to build sustainable
real value-adding economic activities, and growing the new decentralized economy.
(4) Argentas decentralizes banking and payments and gives financial power back
to the people.
(5) The network will become the ‘de-central bank of crypto’,
which will generate immense value to its users in terms of money, time and effort saved
and new crypto economic and financial activity created.
(6) Global finance will be made democratic: universal access will be
given to all, and the bank will truly be in the pocket of every user, enabling true
financial inclusion.----- * * * -----
The space we are in is enormous, potentially covering the business of traditional
banks, payment firms, payment card schemes (Visa, MC, Amex etc.), financial messaging
networks (Swift) and other financial services providers.
The total global market cap of banks (largest ones ca. USD 800 billion) is into tens of trillions of dollars,
leading card schemes more than a trillion, and e.g. SWIFT processes trillions of dollars worth payments
every day. These amounts tell something about the value of this space of tens of trillions of dollars
we are disrupting, and migrating and growing the activity into new crypto ecosystems with
enormous value-added.
Most financial transactions will be digital and decentralized, and Argentas is well positioned
to capture this vast creation of new value.----- * * * -----
Some of the key requirements for such next gen blockchain in order to be successful are the following,
leveraging our substantial Fintech experience in building and operating streamlined and
most modern enterprise grade financial platforms:
(1) Speed (low latency): Fast transaction confirmation times of 2-5 seconds (base case), w/objective
instant (sub-second)
(2) Transaction throughput (scalability): Targeting at least 50-60 thousand transactions
per second (e.g. the global volume of Visa), but research on “lightning network” (no viable commercial
application exists yet) as secondary payment channel and/or powerful primary layer solutions to enable
up to millions of transactions per second
(3) No mining: Consensus-based transaction validation (based on a fault-tolerant variation of ‘Byzantine Generals’ Agreement), no proof-of work (PoW) /proof-of-stake (PoS),
consumes much less computing power, much more environmentally friendly
(4) Low transaction cost: Lack of mining consumes much less computing power,
causing much less network congestion and capacity problems, which enables much lower costs
(5) Decentralized control, transparency and flexible trust: Anyone free to access
and participate the network and choose who to trust – anyone equal, enabling complete financial inclusion
(6) Safety and security: The security should not only rest on “normal” digital
signatures and hash families (base case) but eventually be quantum resistant (for which more research is needed)
(7) Smart sharding: Research on the possibility not to replicate the whole ledger entirely
(as in base case) but portion it across the network through “smart sharding”, lowering network load
& increasing overall capacity
(8 ) Easy, convenient, intuitive user interfaces: User interfaces – e.g. the native wallet,
are simple and easy to use, intuitively facilitating buy, sell, store and transfer of value and
use of any available app.
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Our thinking is that in order to be successful, we do not only need core
blockchain protocol, but an entire new synergistic ecosystem that facilitates the
migration of true economic activity between the traditional economy and the
cryptoeconomy, and the creation of entirely new kind of economic activity
in the crypto sphere.
The Argentas Ecosystem (“AE”) will have three principal dimensions that will create
automatic internal synergies, reinforcing it and increasing its value-added through
every additional piece of economic activity or transaction:
(1) HydraNet – the Argentas-developed protocol and blockchain (including its all is components)
(2) HydraNet interfaces / bridge entities such as native wallets, exchanges, banks and other
actors interfacing with HydraNet
(3) HydraNet dApps – further decentralized applications (dapps) that leverage the power of
HydraNet for economic activity
Given the fast-evolving nature of the cryptocurrency sphere and the underlying technologies,
the structure and components of the AE are likely to evolve accordingly.
The AE has been conceived so that every dimension will support and the strengthen the network
and the ecosystem itself, so the growth of any dimension – the number of network nodes, the volume
of transactions (in its native assets or otherwise), the number and type of network bridges and
interfaces, and the number and type of other dapps (e.g. wallets are also dapps) –
will boost the position and value of the network, all components being mutually
synergistic to benefit the ecosystem as a whole, potentially creating the
leading blockchain ecosystem for global finance.
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The development of the ecosystem is divided in two major phases:
Phase 1: Development and implementation of (i) the HydraNet protocol and blockchain,
and (ii) its key interfaces & bridges i.e. wallet (native), exchange (native) and banks
(non-native connecting through APIs) or similar, because the network use, when interfaced
with the “rest of the world” will significantly increase through the bridge entities compared
to the singular use of its native digital asset / cryptocurrency for transactions,
when not interfaced. In order to facilitate the transition between the ‘old’ and ‘new’ systems
towards the ‘post-banking’ era in the new global financial system, Argentas may or may
not partner with, invest in, hold, acquire, set up or dispose various network bridge entities
such banking units, while the fulfilment of its strategic objectives is independent of such units.
Phase 2: Development of further dapps & wider ecosystem – the further dapps, which
may also interface with the other network key user interfaces such as wallets, exchanges
and banks, will focus on financial activities that boost general economic activity, crypto and
traditional, and provide value-adding services that could be ones like decentralized lending
that will be inherently supported by HydraNet structure. Dapp development and interfacing
will be open to all, and it will be the intention of Argentas to support the development and
integration of interfaces, bridge entities and dapps in the AE through venture funding
or similar initiatives, depending on the resources available.
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Why a bank entity adds value for a network that will render banks useless?
Even if banks and bank accounts will eventually disappear,
as of today, they can interface with and act as important bridges between
the crypto economy and the traditional economy, holding balances
of fiat money and other non-crypto assets that are issued as
network credit.
Recent bad treatment of crypto users by traditional banks,
blocking access to their payment, card and other services, makes it
urgent to have crypto friendly banks available.
A bank entity can act as a laboratory
for the transition from closed-ledger “centralized” banks to the DLT
“decentralized” crypto banking, and dapps replacing banking
services on the network, eventually making the network the bank.
Such model bank(s) would run an entirely digital online
platform leveraging machine learning / artificial intelligence and minimize
human intervention.
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Mission
Argentas as a project was formed to fulfill its mission of
Vision
The objective of Argentas is to evolve into the leading blockchain ecosystem for global finance.----- * * * -----
Argentas offers its community – the early believers, fans and supporters
– an early opportunity to currently participate, in preferred terms, in the private pre-distribution of the ERC-20 compatible ARG (Argentarium) Token through its website – just click “Get ARG Tokens” and follow simple & easy instructions or scan the QR code in the post above.
A public distribution at higher rates will take place later during the fourth quarter of the year, subject to the outcome of the pre-distribution event.
The price per token at the ICO phase may be twice the level in this pre-distribution.
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