Anyone who remembers the 90’s internet boom knows what a massive technology hype cycle looks like. Then, as now, there will be a fair share of poor and brilliant tech ideas. Blockchain technologies are bound to improve our lives in the 21st century, but people must understand the impact blockchain technology may have in creating decentralized banks.
Blockchain Is Not Anti Bank
“Chancellor on brink of second bailout for banks” was the pointed message recorded in the genesis block of Bitcoin — the first blockchain to achieve scale. While partially to provide proof of the date (January 3, 2009), the political message behind this move was taken by many to mean opposition to banks. This is simply not true. Bitcoin and blockchain tech, in general, is meant to provide an alternative to central banks, not entirely replacing global banking infrastructure. While the promise of crypto today is primarily to provide sound money, banks will continue to do much more than payments in the global economy. We will still need loans, credit instruments, and other financial services, perhaps done more efficiently on blockchain infrastructure. Banks will, however, need to significantly evolve and adapt to this new technology and consumer expectations it will bring. Filling out 400 pages of forms and waiting “five to ten business days” for a home loan to approve, will be met with blank stares and/or laughter.
Here Comes MessengerBank
Just look at projects like Messenger Bank where they are building the largest digital banking system using blockchain technology. Kent Kristensen who is the CEO and Co-founder of this great project aims to bank the unbanked across many countries around the world. Unlike other cryptocurrencies projects, Messenger Bank has a growing ecosystem with increasing token value and a thriving global team. The ecosystem currently supports three MessengerBank tokens including MBIT (Messenger Bank Investment Token), MBMT (Messenger Bank Metals Token), and MBCT (Messenger Bank Credits Token). MBIT and MBMT experienced record-breaking gains on their first week on exchanges while making MessengerBank a multi-billion dollar project based on market cap alone. In the next coming months, MessengerBank plans to continue spreading their platform’s reach on social media and acquiring users from around the world.
So is banking even ready to be decentralized? Messenger Bank has created a simple sign-in process so anyone around the globe with internet access can create a bank account, order a MessengerBank MasterCard, and get shopping, exchanging, and sending cryptocurrency. The cards mark a new wave of innovative blockchain products that actually function and scale. Every MessengerBank account can even hold Ethereum for fast liquidity between MessengerBank tokens. No more worrying about centralized exchanges managing altcoin/ethereum trading pairs when one is signed up with this bank!
Be sure to check out messengerbank.io for more great info about MessengerBank’s concept, products, and more!
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