Polybius (cryptocurrency)

The Estonian company Polybius Foundation OY was established on February 13, 2017. The company does not have a banking license yet.A total of 20 million tokens were put up for sale. During the month, 3.65 million tokens were sold for a total amount of more than $ 31 million. Polybius Foundation will create a classic bank in the understanding of the services offered by this financial institution - loans, transactions, transaction financing, and so on. The difference from banks that have been existing for hundreds of years is that Polybius will be built on the basis of cryptographic technology for distributed storage and transmission of information - blockchain (a tool for storing transaction data, databases distributed across multiple nodes on the Internet - ed.).This technology really underlies the currently existing cryptocurrencies, but it is not limited to currencies only. With its help, you can transfer and store information much faster, cheaper and more reliable than existing technologies. And for this there is no need for large data centers to have a specialized building for hosting server equipment

The co-founders of Polybius came to the conclusion that the banking system in its classic form has outlived itself, and decided to contribute to improving solutions in the field of personal finance. $31M was spent on the development of a leading digital ecosystem that provides comfort and security of financial transactions.First of all, any organization working with the population is faced with the human factor. Often, extra people visit financial institutions, as well as those who came with a check or customers who want to make a deal. In any case, it is much easier for technical staff and managers who have to deal with visitors to work with clients online. Specialists who help transfer clients' assets and carry out other operations must necessarily study the market and be able to conduct trades. And banks are forced to spend the lion's share of income on security firms, cleaners and other personnel who are absolutely not needed in the electronic version of the institution. Therefore, digital money is only a currency, and nothing around it.

Modern technologies allow even the most qualified specialists to be replaced by robots. For example, JP Morgan has developed a product that is able to easily analyze financial statements that previously managers and lawyers spent many months on. Thus, the robot managed to replace about two hundred workers who previously received large amounts of salaries. As a result, the bank is forced to put this money into the cost of its own services.

Despite the fact that everyone understands the need for reforms, it is quite difficult to implement them. Everyone can say that it's time to change the bank, but even if you understand the criticality of the situation, it's easier to make a new product than to change an outdated institution. The Polybius project appeared to implement a unique digital bank, which is implemented on the basis of modern technologies.Everything that is subject to digitization will be translated into electronic form, and efforts will also be made to translate many functions online, which was not possible before. After all, bank payments are just an exchange of information, and therefore they consist of sending electronic messages. Financial transactions are based on the conditional value of data. It was enough for the first banks to keep an accounting book and have an idea of the initial mathematics in order to decompose the coins and describe their purpose. At that time, no additional personnel was needed for these actions.

Banks have their own assets, and also deal with various transactions, except for customer transactions. But even here there are great opportunities for optimization with the help of modern technologies. It is impossible to do without human influence, but now the bank's efficiency will not directly depend on employees. Now specialists must ensure the work of robots, helping machines to make critical decisions that artificial intelligence may not be able to cope with.

Polybius provides for the implementation of digital document management. To do this, the distributed registry technology will be used, which guarantees the timely completion of tasks. Information about transactions cannot change and will never be erased.

Along with collecting the necessary funds, a management team was formed under the leadership of CEO Anton Alter. Finally, bold decisions were made and strategic tasks were outlined that determine the further path of development in a changing economy.

Polybius management and co-founders have excellent opportunities for project development, because the total experience of team members in digital and financial projects reaches several decades.