BankSocial: Pioneering Financial Revolution with DeFi and DLT Technology

Hedera Hashgraph, with its innovative consensus algorithm, Hashgraph, and native cryptocurrency HBAR, has captured the attention of the crypto world for its scalability and security. On the other side, BankSocial, headquartered in Fort Worth, Texas, is leading the charge in the financial sector’s digital revolution.

With a mission to bring Decentralized Finance (DeFi) and Distributed Ledger Technology (DLT) to the forefront, BankSocial is redefining financial services. In this series of articles, we delve deep into the world of Hedera and HBAR, explore the multifaceted ecosystem and products of BankSocial, and discuss why credit unions should consider embracing the BankSocial and Hedera solution for a brighter financial future.

What are Hedera and HBAR?

Hedera Hashgraph: A Revolutionary DLT Technology

Hedera Hashgraph, often referred to simply as Hedera, is a distributed ledger technology (DLT) that has gained significant attention in the world of cryptocurrencies and blockchain. Unlike traditional blockchain systems, Hedera uses a unique consensus algorithm called Hashgraph, which offers remarkable scalability, security, and speed. Hedera’s primary cryptocurrency is called HBAR.

Hashgraph Consensus

The Hashgraph consensus mechanism is distinctive because it achieves consensus on transactions without the need for energy-intensive proof-of-work (PoW) or proof-of-stake (PoS) algorithms. Instead, Hashgraph uses a gossip protocol and virtual voting to ensure the validity and order of transactions.

HBAR: The Native Cryptocurrency

HBAR is the native cryptocurrency of the Hedera network. It serves various purposes, including facilitating transactions, securing the network, and incentivizing node operators. HBAR has gained recognition for its speed, low transaction fees, and eco-friendliness compared to PoW cryptocurrencies.

Hedera positions itself as an enterprise-grade DLT platform, aiming to provide fast, secure, and efficient solutions for a wide range of applications, from financial services to supply chain management.

What is BankSocial?

BankSocial is a pioneering financial technology company headquartered in Fort Worth, Texas, with a mission to revolutionize global financial economies through Decentralized Finance (DeFi) and Distributed Ledger Technology (DLT) innovations. It has emerged as a trusted partner for credit unions, offering a comprehensive suite of financial solutions.

Decentralized Finance (DeFi)

BankSocial is at the forefront of the DeFi movement, which aims to eliminate traditional intermediaries in financial transactions. By leveraging blockchain technology and cryptocurrencies, BankSocial empowers individuals and enterprises to have greater control over their financial assets and transactions.

DLT Integration

BankSocial has integrated DLT, specifically Hedera Hashgraph, into its ecosystem to enhance security, transparency, and efficiency. This integration sets BankSocial apart in its mission to provide innovative financial services.

BankSocial’s offerings include a self-custody crypto exchange, streamlined user verification, asset-backed lending, and various other financial tools designed to cater to the diverse needs of its users.

BankSocial Wallet

Banksocial is a self-custody crypto and digital asset wallet and exchange to securely hold, buy, and stake digital assets and crypto. As the first multi-chain self-custody crypto wallet and exchange with Hedera capabilities, you can seamlessly, alongside your other crypto and digital assets, purchase HBAR, view your HBAR balances, interact with Hedera tools on the browser, and securely stake your HBAR, empowering you to fully engage with the Hedera ecosystem

Features and Advantages of BankSocial Wallet

Banksocial Wallet offers a range of features and advantages in the realm of self-custody crypto and digital asset management:

1. Multi-Chain Support: Banksocial Wallet is the first multi-chain self-custody crypto wallet and exchange. It allows users to manage various cryptocurrencies and digital assets in one place, providing convenience and versatility.
2. Hedera Integration: One of the standout features is its seamless integration with Hedera capabilities. Users can not only hold and view HBAR balances but also interact with Hedera tools directly from the wallet. This integration empowers users to engage with the Hedera ecosystem effortlessly.
3. Secure Custody: Security is a top priority. Banksocial Wallet ensures that users have full control and custody of their digital assets, enhancing security and reducing the risks associated with third-party custodians.
4. Asset Purchase: Users can easily purchase HBAR tokens within the wallet, simplifying the process of acquiring Hedera’s native cryptocurrency.
5. Staking: The wallet provides a secure environment for staking HBAR tokens. Stakers can earn rewards while actively participating in the Hedera network’s security and governance.
6. User-Friendly Interface: Banksocial Wallet offers an intuitive and user-friendly interface, making it accessible for both newcomers and experienced crypto users.
7. Full Engagement: With Banksocial Wallet, users have the tools and capabilities to fully engage with the Hedera ecosystem, from managing assets to participating in network activities.

What does BankSocial Do? What are the Advantages of BankSocial?

BankSocial has many unique features and advantages, especially in the financial sector, as well as benefits for individual and business.

Payments

• Borderless Payments: BankSocial enables users to make payments without geographical limitations, allowing for global transactions.
• Instant Settlement: With BankSocial, users have access to their funds instantly, eliminating waiting periods.
• Easy Setup: BankSocial offers a user-friendly platform for online and in-store payments within a single ecosystem.

Transfers

• Pre-Verified: Every individual and business using BankSocial is verified, enhancing security and trust.
• Instant Transfers: BankSocial provides the capability to send money instantly to anyone, anywhere, at any time.
• Security: The platform ensures the encryption of all transmitted data on multiple servers, guaranteeing data protection.

Global Access

• Peace of Mind: BankSocial offers offline access to financial services, ensuring users’ peace of mind.
• No Borders: Users can access services and connectivity regardless of their location, fostering financial inclusion.
• Regulated: BankSocial operates under regulatory oversight in every jurisdiction, ensuring global availability and compliance.

Lending

• Proprietary Fintech: BankSocial’s proprietary fintech solutions allow users to lend and borrow from peers globally.
• Cross-Border Lending: The platform facilitates seamless international financing for individuals and businesses.
• Credit and Finance: BankSocial offers instant credit and financing options, catering to both personal and business needs.

Business Services

• Payment Gateway: BankSocial enables businesses to accept cards, transfers, and cryptocurrencies, providing flexible payout options.
• International Exchange: Users can instantly exchange currencies and cryptocurrencies globally.
• Universal Acceptance: Businesses can allow customers to pay in local currencies, with BankSocial handling the rest of the transaction.

Unique Aspects of BankSocial

• Open Banking with DLT: BankSocial reimagines open banking through the concept of decentralized finance (DeFi) powered by DLT. It aims to create a transparent infrastructure in the banking industry using blockchain technology.
• Collaborative Ecosystem: BankSocial’s approach is collaborative, bringing together the DeFi and traditional financial (TradFi) communities to enhance the member experience within credit unions.
• Self-Sovereign Identity: BankSocial is at the forefront of implementing self-sovereign identity records tied to users, applications, and wallets, enhancing security and trust in the ecosystem.
• Nano Certificates in Web3: In the Web3 era, BankSocial envisions the creation of nano certificates, allowing users and institutions to issue certificates for transactions, thus revolutionizing trust in financial interactions.

Why Credit Unions Should Consider BankSocial and Its Hedera Solution?

BankSocial and Hedera have partnered to transform credit unions and enhance the member experience in the following ways:

• DLT Integration: By integrating Hedera Hashgraph and DLT technology, BankSocial enables credit unions to offer secure, transparent, and efficient financial services.
• Self-Custody and Control: Members gain self-custody control of their assets, ensuring greater control and security over their financial holdings.
• Streamlined User Verification: BankSocial offers a KYC verification tool to ensure that all members and users are pre-verified, enhancing security.
• Real-Time Payments: BankSocial facilitates real-time payments using standard payment rails and the Rivia stablecoin $rUSD on the Hedera ledger.
• Collaborative Ecosystem: BankSocial builds a collaborative ecosystem that unites credit unions with decentralized finance principles, providing credit unions with the tools to compete in the evolving financial landscape.
• Web3 Transition: BankSocial recognizes the shift towards Web3 and embraces the concept of self-sovereign identity records, providing members with greater control and trust in financial interactions.
• Regulatory Compliance: BankSocial ensures regulatory compliance, allowing credit unions to operate in a regulated and secure environment.
• Transparent Infrastructure: BankSocial enables credit unions to maintain their existing core banking infrastructure while incorporating DLT benefits, ensuring a seamless transition.

Overall, BankSocial and Hedera offer credit unions the opportunity to modernize their operations, provide innovative financial services, and create a better member experience in a rapidly evolving financial landscape.

BankSocial Products for Various Sectors

For Credit Unions

• Crypto Exchange: BankSocial stands out with its unique crypto exchange tailored for credit unions. It emphasizes a member-centric approach, enabling credit unions to offer digital asset transactions to their members seamlessly. Leveraging Hedera hashgraph technology, BankSocial aims to enhance the member experience, providing an edge over traditional digital asset strategies.
• Verified: A key feature for credit unions, providing an AI-driven KYC (Know Your Customer) solution. This tool integrates seamlessly with existing credit union systems, offering both security and convenience.

For Individuals

• Self-Custody Crypto Exchange: Individuals can manage their digital assets independently, ensuring full control and security of their cryptocurrencies.
• Debit Reward Card: The Fivancial $BSL Rewards Debit Card allows individuals to earn up to 8% back on spending, combining the power of crypto and fiat currencies.

For Businesses

• Crypto Exchange: A robust platform that allows businesses to engage in secure and efficient digital asset transactions. With features tailored for corporate use, businesses can easily exchange, manage, and leverage cryptocurrencies for various operational needs.
• Hard Money Loans: Utilizing crypto holdings, BankSocial provides hard money loans for real estate investors, offering flexibility and speed.
• Business Debit Rewards Card: This card caters specifically to businesses, providing a seamless integration of crypto and fiat with attractive reward schemes.

Why BankSocial?

1. Overcoming Antiquated Finance Systems

• Revolutionary Approach: BankSocial represents the evolution of finance, breaking away from a century-old financial system.
• Digital-First Platform: Built on blockchain technology, it places users at the forefront, advocating for a shift from traditional finance to a more inclusive, digital-first approach.

2. Addressing the Inefficiencies of Traditional Finance

• Rapid Transactions: Unlike conventional finance, where wire transfers are slow and costly, BankSocial streamlines transactions.
• Reduced Overhead and Costs: It minimizes the typical massive overheads of traditional finance, enhancing customer purchasing power and business scalability.
• Convenience: BankSocial eliminates the need for in-person transactions, offering a modern, mobile-first solution.

3. Bridging the Access Gap

• Global Financial Inclusion: By focusing on the unbanked and underbanked, BankSocial addresses the significant lack of financial tools and services in various parts of the world.
• Simplifying Processes: It offers a solution to the cumbersome and outdated processes that currently hinder financial access.

4. BankSocial’s Unique Solutions

• Empowering the Underbanked: BankSocial is committed to providing financial access to communities worldwide, particularly those previously excluded from the financial system.
• Facilitating Global Access: Through its platform, BankSocial empowers families and businesses, connecting them to global enterprises and opportunities.

Meet the Team

BankSocial emerges as a dynamic player in the fintech space, driven by its eclectic team. With a combined experience of over 70 years in technology, cryptocurrency, operations, and lending, the team is led by:

• John Wingate: CEO/Founder
• Becky Reed: Chief Operating Officer
• Eric Wingate: CTO/Technology
• Michael Root: Chief IP Architect
• John Ainsworth: Payments Ninja/Advisor
• Phil Gettinger: Director of Software
• John J. Reed: Director of Projects
• Anthony Striano: Exchange Manager
• Nathaniel O’Dell: Partnership Manager

This team, with its global reach and a focus on the people, positions BankSocial at the forefront of financial services and technological infrastructure on the blockchain.

BankSocial Token $BSL

The $BSL token powers the BankSocial ecosystem, functioning as more than just a digital currency. It represents a shift towards a community-driven approach in finance, where each token holder is an integral part of the decision-making process. The $BSL token is at the heart of BankSocial’s vision to democratize finance and create a more inclusive financial system.

• Ticker: $BSL
• Decimals: 8
• Total Supply: 10 billion on the ERC-20 side and 10 billion on the BEP-20 side (identical contract addresses)
• $BSL ERC-20 and BEP-20 Contract Address: 0x0AF55d5fF28A3269d69B98680Fd034f115dd53Ac

Benefits & Utility BSL Token

1. Governance Token

BankSocial believes in empowering its token holders. The decentralized governance DAO (Decentralized Autonomous Organization) oversees the social lending pool, while Fivancial Inc. continually adds features and multifaceted utility components. This approach ensures that token holders can harness the full potential of the tools within the BankSocial ecosystem.

One of the most distinctive aspects of the Token Governance model is the Wyoming Registered BSL DAO LLC. It grants $BSL governance and utility token holders the ability to operate as a decentralized autonomous organization. Notably, it’s the world’s first DAO that enables holders to perfect a lien position with title using on-chain governance.

Benefits of Joining the DAO:

• Reduced closing costs and fees.
• Qualify for and receive SLP (Social Lending Pool) stake rewards.

2. SLP Staking

$BSL utility token holders can stake their tokens in the Social Liquidity Pool, reaping rewards in Stablecoin.

Benefits:

• Receive stablecoin rewards for staking in the pools.
• Choose different staking durations.
• Earn additional rewards while staking in the SLP.
• Your staked amount applies to other BSL products.
• Multiply your rewards by combining products.

3. Loan Advantage

Token holders enjoy unique advantages when it comes to loans, including the ability to stake tokens for the loan term and receive additional benefits.

Benefits:

• Qualify for the lowest interest rate offerings.
• Benefit from reduced closing costs and fees.
• Still qualify for and receive SLP stake rewards.

4. Debit Rewards

Token holders can leverage their tokens to qualify for different levels of BankSocial Rewards Debit Cards.

Benefits:

• Get $BSL rewards for every dollar spent.
• Access exclusive programs and free memberships.
• Still qualify for and receive SLP stake rewards.
• Available for both Personal and Business Cards.

Reasons to Be Bullish on BankSocial

BankSocial stands out for several reasons:

• Innovative Leadership: The diverse and experienced team is poised to make significant strides in blockchain-based finance.
• Community-Driven Governance: The $BSL DAO LLC offers a new model for financial decision-making, empowering token holders.
• Global Financial Inclusion: The $rUSD token aims to democratize access to the American financial system, targeting the unbanked and underbanked.
• Interoperability and Integration: BankSocial’s commitment to integrating with various industries and ledgers positions it as a versatile player in the fintech space.

BankSocial represents a paradigm shift in how we perceive and interact with financial services, making it a project with tremendous potential in the evolving world of digital finance.

Conclusion

In conclusion, Hedera’s Hashgraph consensus algorithm and HBAR cryptocurrency offer impressive scalability and security, attracting attention in the crypto sphere. BankSocial’s innovative features like borderless payments, instant settlements, and streamlined verification make it an attractive choice for individuals and businesses seeking a forward-looking financial solution. The integration of DLT, particularly Hedera Hashgraph, enhances security and transparency, differentiating BankSocial in the financial services landscape.

With the BankSocial Token ($BSL) at its core, empowering token holders through decentralized governance and offering benefits like reduced fees and staking rewards, BankSocial is poised to reshape the financial future with a visionary team and a commitment to global financial inclusion.