LakeBanker (BAC) Token Sale
Free Banking for the World
LakeBanker token sale information
Total supply: 250,000,000 (250million) BAC
Phase 1: September 15
*Phase 1 is aimed at gathering feedback from the community and to collaborate with early participants.
Phase 2: October 2017
“Bitcoin was invented to allow currency to be sent directly from one party to another without going through a financial institution. It therefore had the potential to make banking less expensive and more accessible. Nevertheless, the project has yet to accomplish this goal. The barriers to using Bitcoin itself along with other financial instruments based on Blockchain Technology are currently too high. We want to change that.” – LakeBanker
Lake Banker Phase 1 sale is live
Interview with LakeBanker
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
LakeBanker: There are two major problems we are trying to address:
1) The traditional banking sector needs to change.
Banks still reply on decades old technology (ATM machines, physical cards, SWIFT) and an outdated business model involving brick-and-mortar branches and 10s or sometimes 100s of thousands of salaried employees. As a result, they are needlessly expensive and, further, fail to even reach much of the worlds population, especially in developing countries. Technology has revolutionised many industries (think of telecommunications in the 80s). The banking sector has changed hardly at all. We’re going to do something about that.
2) Access to cryptocurrencies and other digital assets.
Bitcoin was invented to allow currency to be sent directly from one party to another without going through a financial institution. It therefore had the potential to make banking less expensive and more accessible. Nevertheless, the project has yet to accomplish this goal. The barriers to using Bitcoin itself along with other financial instruments based on Blockchain Technology are currently too high. We want to change that too.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
LB: We take advantage of the latest technology—especially, mobile and artificial intelligence technologies—and employ an innovative “Crowd-Banking” business model in which we coordinate a network of individuals, merchants and other institutions who will provide banking services to users. These are called LakeBankers. Anyone can sign up to be a LakeBanker (for example, a convenience store might sign up to accept cash deposits). They are rewarded by being dynamically matched to users based on real-time demand and supply conditions. Thus, in a way similar to companies like Uber and AirBnB, we leverage the potential of personnel and infrastructure outside our organisation. This massively reduces our operational overheads when compared with traditional banks and allows us to expand easily into currently underbanked populations. We don’t need to build branches or hire thousands of employees to offer our banking services.
Our low costs allow us to offer some core banking services for free. In particular, domestic and international payments will be free, for everyone, forever. This includes user to user payments and user to merchant payments. (There may be a quota for institutional users and to prevent abuse. It is unlikely to affect every day users). This is a radical proposal: at present moving money around electronically is appallingly expensive. For example, sending remittances costs an average of 7.32 percent of the amount sent (source: https://remittanceprices.worldbank.org/sites/default/files/rpw_report_june_2017.pdf) and VISA charges up to 3% on card payments. All thats moving in these transactions is information. It shouldn’t cost more to send a payment than it does to send an email or a text message. In our system it will be free.
BC: What are you planning to do with the proceeds of your token sale, and why?
LB: We have a detailed roadmap till 2019. Right now we have a Beta-Version of our system with a corresponding network of LakeBankers (the trial has been running successfully for 1.5 years). But we need to recruit and train more LakeBankers. Once we hit a critical point, a positive feedback loop kicks in where more LakeBankers means better services which attracts more users which in turn attracts more LakeBankers to meet the demand. At that point our network will grow exponentially. In the longer term, we are looking to acquire different levels of banking and financial licenses for us to provide more services in both cryptocurrencies and Fiat currencies in different countries. For selected countries, we plan to distribute millions of smart phones for free, with LakeBanker App pre-installed.
BC: How do you think competition will develop following your token sale?
LB: We will coexist with traditional banks for some time. After that, either they will change or we will eclipse them.
BC: For all those who have read your white paper (pdf) and are still on the fence about contributing to your token sale, what can you tell them that could lead them to buy into your project?
LB: LakeBanker is a spin-off of the long-standing cryptocurrency exchange, LakeBTC (lakebtc.com). LakeBTC was set up in 2013 and, unlike many other platforms, it has almost unrivalled reputation in terms of security and safeguarding customers’ money. We inherit their core team, expertise, technology, culture and so on. That should give investors some confidence in our project.
Further, we have a Massive Transformation Purpose. It is to make core banking services free, for everyone, forever. This includes the billions of people in the developing world that still have little or no access to mainstream financial services. Our purpose motivates everyone in our organisation; we hope it will capture the hearts and minds of everyone outside it too. We want to change banking for the good of everyone.