Polybius Token is a token that was offered during an Initial Coin Offering for Polybius Bank. The token was meant to raise fund for kick-starting Polybius Bank. The founders of this bank envision that in future people will need to store their digital assets on a secure digital bank. The bank seeks to combine technologies such as intent of things, digital pass and big data and block chain technology to create a secure platform where the individuals can store their digital assets. Other technologies that will be incorporated by the back are Open APIs, smart contracts, biometrics, SSL, and Decentralised ledgers. The envisioned Polybius financial services will include international systems to serve transaction needs of international customers.
The token was issued by Polybius Foundation which is incorporated in Estonia. During the ICO a maximum of 20million tokens were issued. However only 3,969,565 PLBT were taken. 5% of the tokens went to the founders, 2% were for bounties while the rest were issued to the public. The token grants the owners right to receive 20% of the profits made by the company. The dividends will be issued through the ethereum smart contracts.
The project’s founder is Ivan Turygin, the owner of the Hashcoins which is a website that is dedicated to cloud mining.
Hash Coins company allows people to purchase mining equipment through cloud mining arrangement where investor purchases the mining equipment and they mine the crypto from the cloud. The major investor in the bank’s token project is Oleg Tinkov who is a Russian billionaire with a net worth of $1.2 billion according to Fortune magazine. Oleg Tinkov has interests in the banking and technology industries. His investments in the Polybius foundation and Polybius Token shows that future for banking is in digital banking that is secured by block chain technology. Therefore there is lot of enthusiasm and interest in the bank as it is the first digital bank that has been created for the cryptocurrencies.
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