Datarius Cryptobank is the first social P2P cryptobank with transparent conditions. It is being developed by the fintech company, iCrypto S.A., with the aim to demonstrate that fintech can be completely different by deciding to not impose any services on the user. In the cryptobanking industry, Datarius will become the first financial institution capable of offering its customers a full range of financial services implemented within a decentralized system.
The DTRC token (Datarius Credit), a utility token based on the ERC-20 smart contract of the Ethereum network will be the only tool for participating in the Datarius decentralized banking system. The nominal value of the DTRC token is pegged at $0.01 during the initial coin offering that is scheduled to run between March 05, 2018 and April 05, 2018.
Datarius’ vision is to provide people all over the world with unobstructed and fair access to a maximum amount of financial products. Datarius Cryptobank will also help in solving major problems such as lack of transparency, high charges and lack of communication which are currently prevalent in the traditional banking industry. The project is aiming to work on the global scale and is said to integrate crypto and fiat currencies into a single platform.
The banking and finance industry is still very centralized and under the control of a few major players. Governments across the globe control the monetary and banking industry within their national boundaries. A major reason why the industry is so closely held by the national governments is that they issue the currency in circulation, otherwise known as ‘fiat currency.’ These currencies are backed by the central bank of the respective countries. Governments hence control all the money in circulation. Any shift of power can cause severe volatility in the economy and by extension, issued currencies. Countries such as Venezuela that went through domestic or other political turmoil saw the value of their currencies eroded and virtually become non-existent.
Disrupting the Banking Industry
This is where the blockchain industry and Datarius come to the picture. Datarius, being built on the Ethereum platform, is completely decentralized and secure. As a result, it is largely beyond the jurisdiction of regional and national authorities. Datarius Cryptobank seeks to revolutionize the age-old banking industry with its own personal banking services which will be available on its platform.
A major component of the banking industry has been the amount of trust people have with them. However, blockchain technology is often touted as a trustless system. Blockchains can be simply defined as real-time public ledgers of all transactions taking place on a network. A record made on the blockchain cannot be edited or modified later, and any new data must be verified by all users in the network. A major benefit of the technology is that any user on the blockchain network can view the record of transactions. Thus, transparency is guaranteed in all service charges that are being levied.
Datarius will provide three listings with different trust levels, varying from the borrowers minimally verified by the system algorithms to the completely transparent borrowers, thoroughly reviewed by the project’s Risk Department. The Datarius project is intended as a unique social fintech project as the cost of all its services will be built by the users independently with no interference by the team. It is the only project providing its users with the opportunity to create the service value chain by themselves. Any user, at almost any step, will be able to order an additional service provided directly by the bank.
Another significant part of Datarius mission is to provide the world with access to major financial instruments in a P2P transaction format. Beyond security and privacy, the biggest revolution cryptocurrency has brought about is the P2P protocol. P2P is an abbreviation for a Peer to Peer transaction system that enables the settlement of any payment transaction between two users and has no involvement of any other authority. In simple terms, the money to be transferred is debited from the sender’s wallet and credited to the receivers wallet directly. There is no intermediary or even interference of a bank or financial authority in such a P2P payment system.
A system that reduces intermediaries quite obviously reduces transfer costs and fees that would be charged by banks for enabling and processing the payment transfer.
DTRC Token Details
The DTRC token is a unique key that will be exclusively used for services available on the Datarius Cryptobank platform. All platform-specific services will eventually be available through DTRC tokens. For instance, to provide or obtain a loan, to access the Trust Limit, to invest in package investments and to participate in the formation of a package loan offer, a user will need to use DTRC.
Even though the DTRC token is a standard ERC20 token at this time, the transition to its own blockchain will be determined at a rate of 1:1. The final number of Datarius ecosystem tokens will be determined through the main ITO round that is scheduled between March and April 2018.
As mentioned earlier, the initial value of the DTRC token is $0.01. Payments during the ITO can be made in ETH, BTC, BCH, LTC and fiat currency. The minimum amount needed to participate will be 0.01 BTC, 0.01 LTC, 0.01 BCC and 0.01 ETH. Datarius Cryptobank has imposed a soft cap of $1 million and a hard cap of $51 million. It has an escrow in place, and if the ITO fails to be fully subscribed, all investors will receive their investments back to them.
The team behind Datarius Cryptobank is an international one and consists of a talented set of developers who are all being led by Aleksey Vuyko, currently serving as the COO of Datarius. He has years of experience in key positions in banks, outsourcing, collection and financial companies. Datarius also has Sergey Skabelkin, Connor Kiyoung Tack, and Dmitry Dzherikhov as its advisors.
Complete details regarding the ITO or Datarius Cryptobank itself can be found in the whitepaper released by the company.
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