CommPRO Editorial Staff
The Bancambios DeFi project is here. The token, (ticker: BX), will be minted on top of the Solana blockchain, the initial invitation to participate would be released to the Solana and the DeFi community at first.
The technology company that registered to the Solana Hackathon in May 2021, is enthusiastically participating at IGNITION “A Global Solana Hackathon”, where Solana enthusiasts gather to build and support the development of DApps using Rust- a highly accessible programming language quickly growing in popularity that has a strong reputation as an efficient, secure, and extremely interoperable language. Enrolling to the Hackathon is helping the project onboarding team members and leading Investors who support impact-driven DeFi initiatives.
For Bancambios, choosing to develop the project over Solana, proved to be a move that propelled the project to greater heights, helping to facilitate their goal of bringing DeFi to millions of people. “We’re excited about how well the project has ultimately come together, and we think we’ve drafted the perfect product to encourage mass adoption- an open-source suite of tools that extracts micro-fees from each transaction, and redirects them into an impact wallet that actively supports environmental initiatives with proven track records. The project’s initial focus is the overwhelming amount of plastic waste polluting our oceans.
“Bancambios is the first project hosted on Solana to implement a reflective balance mechanism. Bancambios DAO (Decentralized Autonomous Organization), is where the community of BX holders collectively proposes and decides on where to direct the impact built by the DeFi community. Other choices will be geared towards programs from the United Nations 17 Sustainable Development Goals. The project plans to document “Proof of Impact” by minting a ‘before and after NFT’. This will serve as an environmental impact statement that exists in perpetuity. Bancambios’ DeFi mission is to provide open-source tools so that other projects can create their own similar initiatives.”
The development of the back-end is under development by three full-stack developers with 10 years of experience building FinTech products.
“Ensuring a grade-A platform- it is to this end that the Bancambios team has committed to cybersecurity audits performed by four different companies. This allows the project to offer a high-security platform, and solidify their reputation as trustworthy partners- an essential component to onboarding new individuals and institutions into the cryptocurrency space.” added the CEO of Bancambios.
Solana is the fastest open-source and censorship-resistant blockchain infrastructure, currently supporting the development of decentralized applications, and it is gaining traction due to its high performance, usability, speed, and audited security. Leveraging superior computational capabilities, Solana allows a higher transaction throughput, proportionally scaling with network bandwidth. The combination of these features, and Solana’s ‘proof of history’ consensus mechanism throughput and expandability, are unprecedented in the blockchain market today. It consequently supports, and can exponentially scale todays speed of 50,000 transactions per second.
The CEO of Bancambios has stated that building their platform on the Solana blockchain will help achieve the normalization of the use of Web3, a key priority on the road to facilitating the globalization of DeFi. “We aim to build a DeFi ecosystem that is conscious of people and the environment- we don’t want crypto behaving like traditional players in legacy financial markets. Blockchain, and specifically highly accessible networks like Solana, offer us a chance to create something new. Today we can code DeFi protocols that have real tangible positive influence on the problems we face, like pollution and threats to biodiversity- all through the use of programmable decentralize finance. Our vision is that every DEX on every chain would implement this type of impact-driven tool… imagine the difference this can make. It empowers monetary sovereignty, creation of jobs, and protection of biodiversity at the same time.”
In a world that strives towards greater responsibility and stewardship, these initiatives are being globally well received. In addition, Bitcoin adoption in Latin America has put the Bancambios project in a privileged position, with people seeking to learn more about cryptocurrency and decentralized finance. We aim to reach the 1 billion people who are either native Italian, French, Spanish or Portuguese who immediately understand the suggested meaning behind the name Bancambios. The project looks to appeal to those in markets that have been historically underserved, and even exploited. With Bancambios being a portmanteau of ‘Bank’ and ‘Cambios’ (which translates from Spanish to ‘change, permutation, or evolution’), the team believes the name makes their intentions clear, “we aim to change finance, and by extension the world around us.”
Source: Blockchain Wire