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Project Reviews

Blockchain Bank Stable Coin (BBSC) Project Review: A Deep Dive into Blockchain Bank Coin’s Innovative Platform

Explore our in-depth review of Blockchain Bank & Capital Trust, a revolutionary platform that's changing the landscape of corporate registrations and financial services. Learn about its features, benefits, and how it empowers businesses with speed, security, and flexibility.

,   and  Richard Knight
15 min read
Blockchain Bank Stable Coin (BBSC)

Table of Contents

Feel free to jump to the sections that interest you the most, or read through the entire article for a complete understanding of Blockchain Bank & Trust and its offerings.

Blockchain Bank Stable Coin - BBSC

Introduction:

The Blockchain Bank Stable Coin (BBSC) project aims to facilitate digital commerce through a commodity-backed stablecoin. By joining, individuals can establish a tax-exempt blockchain corporation, receive BBSC stablecoins, and utilize various financial services.

The BBSC stablecoin is backed by a large asset portfolio of verified blockchain entities, aiming to offer stability, transparency, and flexibility in the digital financial landscape. Members can also access multi-currency prepaid cards, blockchain bank accounts, and merchant services, enhancing global trade and e-commerce activities​.

What is the Blockchain Bank Stable Coin (BBSC)?

The Blockchain Bank Stable Coin (BBSC) is a stablecoin project grounded in blockchain technology, which aims to establish a stable digital currency backed by a portfolio of corporate assets.

Here's a summary of the key aspects of the BBSC:

Asset-Backed Stablecoin:

BBSC is a stablecoin backed by a diverse portfolio of assets including Blockchain Corporations, Investment Banks, Blockchain Trusts, LLCs, and real estate. According to their website, these assets are verified and held by a custodian, with details recorded on the blockchain to ensure transparency and proof of ownership.

Security Pledge (2:1):

The project emphasizes a 2:1 security pledge for each issued BBSC token, indicating a substantial backing for each token to mitigate volatility and provide a measure of stability.

Blockchain Technology:

Utilizing the Ethereum and Polygon blockchains, BBSC aims to leverage blockchain technology for transparency, security, and decentralization. The blockchain serves as a medium for verifying and viewing the asset portfolio backing the BBSC.

Minting and Distribution:

The process of creating (minting) new BBSC tokens is controlled by smart contracts triggered upon the submission and verification of the asset portfolio of the custodian. Once minted, these tokens can be distributed to users.

Utilization:

BBSC tokens are intended for various use cases including cross-border transactions, e-commerce, decentralized finance (DeFi), and lending platforms, among others.

Primary Use Case:

The primary use case of the Blockchain Bank Stable Coin (BBSC) as described in the white paper is to serve as a stablecoin that's backed by a corporate asset portfolio, aiming to provide a stable store of value and a medium of exchange.

BBSC is designed to be a stablecoin with its value backed by a portfolio of real-world assets including real estate, blockchain corporations, banks, and trusts. This makes it a potential store of value and a medium of exchange, especially for individuals or entities looking to shield themselves from the volatility common in the cryptocurrency space.

Unique Features of the Blockchain Bank Stable Coin (BBSC):

The unique features of the Blockchain Bank Stable Coin (BBSC) project include:

  • Commodity-backed stablecoin: BBSC is backed by a large asset portfolio of verified blockchain entities.
  • Tax-exempt blockchain corporation setup: Members can establish tax-exempt blockchain corporations or trusts for global trade and e-commerce.
  • Varied financial services: Includes blockchain bank accounts, merchant services, multi-currency prepaid cards, and BBSC stablecoins.
  • Global accessibility: Provides cross-border services allowing members to register and incorporate their blockchain corporations from anywhere in the world​.

Benefits of Being a BBSC Member:

  • Obtain an equivalent value of Blockchain Bank Stable Coins (BBSC).
  • Simplify your transactions with a Blockchain Bank Merchant Account.
  • Access to Blockchain Bank Visa & MasterCard, supporting payments in USD, EURO, and various cryptocurrencies.
  • Complimentary Blockchain Bank Corporate Account.
  • Guaranteed approval with no credit checks.
  • Universal accessibility, regardless of nationality.
  • Private banking options for your personal and professional network.
  • A selection of prepaid cards is available in multiple currencies.
  • Seamless integration with payment gateways.
  • Support for receiving payments in a wide range of major cryptocurrencies and stablecoins.
  • Official documents such as Certificates of Incorporation, Good Standing, and Apostille for validating your Blockchain Corporation or Trust.
  • Benefit from global tax-exempt status to maximize financial efficiency and profits.
  • Quick and easy online registration and incorporation, achievable in under 30 minutes from any location worldwide.

How does the Blockchain Bank Stable Coin (BBSC) Work?

The Blockchain Bank Coin (BBSC) operates on a model grounded in blockchain technology, specifically on the Ethereum and Polygon blockchains.

Here's a simplified explanation of how the BBSC is proposed to work based on the white paper:

Asset Portfolio Creation:

The foundational step involves creating a portfolio of real-world corporate assets. This portfolio includes Blockchain Corporations, Blockchain Trusts, Investment Banks, LLCs, and real estate assets. The assets are valued and the total value serves as the backing for the BBSC stablecoin.

Asset Verification and Custodianship:

The assets in the portfolio are submitted to a custodian, and their details are recorded and timestamped on the blockchain. This includes data like corporate serial numbers, BICRA No., transaction hash numbers, purchase receipts, and digital signatures of the custodian. This data is stored on a distributed ledger to create proof of ownership of the corporate assets.

Smart Contract Deployment and Token Minting:

Upon verification and recording of the asset portfolio, smart contracts are triggered on the blockchain to mint BBSC stablecoins. The number of tokens minted is based on the value of the asset portfolio, maintaining a 2:1 security pledge for each issued BBSC token.

Token Distribution and Trading:

The minted BBSC tokens are added to the organization's holdings and balance sheets and can be distributed or sold to users. They can be traded on various platforms, as mentioned in the whitepaper, such as Uniswap and QuickSwap DEX.

Transparency and Verification:

One of the selling points of BBSC is transparency. The assets backing the stablecoin are intended to be verifiable directly on platforms like OpenSea and Polygon, allowing users and stakeholders to confirm the backing and value of the BBSC token. 

In addition, the corporate asset portfolio of 6,277,979 blockchain corporations, banks & trusts has been audited and verified by a licensed CPA under American GAAP accounting principles.

Usage:

BBSC tokens can be used for a variety of purposes including cross-border transactions, e-commerce, online payments, DeFi (Decentralized Finance) platforms, and lending platforms.

What Gives BBSC Value?

The value of Blockchain Bank Coin (BBSC) is anchored to a portfolio of corporate assets, as detailed in their whitepaper. Here are the main factors contributing to the value of BBSC:

Asset Backing:

BBSC is backed by a corporate asset portfolio comprising real estate, blockchain corporations, banks, and trusts exceeding +$57 billion (see: CPA Audit). Each BBSC Coin is supported by a 2:1 security pledge by an individual Blockchain Corporation with a market value of $2,999.00. This backing provides a tangible value base for each BBSC token.

Transparency and Verifiability:

The asset portfolio backing BBSC is verifiable on blockchain platforms like OpenSea and Polygon. This transparency and the ability for holders and interested parties to verify the assets backing BBSC contribute to its perceived value and trustworthiness.

Technology:

The technology underpinning the Blockchain Bank Stable Coin (BBSC) encompasses various aspects of blockchain technology and smart contract functionality.

Here's a summary of the primary technologies and mechanisms involved:

Blockchain Platforms:

The Blockchain Bank Stable Coin (BBSC) operates on the Ethereum and Polygon blockchain networks, leveraging the security, transparency, and decentralization features inherent to these blockchains.

Smart Contracts:

Smart contracts are utilized to automate various processes within the BBSC ecosystem, including the minting of new BBSC tokens, the verification of asset holdings, and the management of transactions.

Asset Tokenization and Verification:

Real-world assets backing the BBSC token are tokenized real-world assets and their ownership is verified on the blockchain. This is facilitated through a system that includes timestamped records of corporate serial numbers, BICRA Nos., Transaction Hash Nos, and digital signatures of custodians, all stored on a distributed ledger to create proof of ownership of the Blockchain corporate assets.

Decentralized Finance (DeFi) Mechanisms:

BBSC is designed to be part of the broader DeFi ecosystem, enabling decentralized lending and other financial services that leverage over-collateralization and automatic liquidation mechanisms.

Decentralized Corporate and Trust Registration:

Blockchain Bank & Trust through its sister company, Blockchain International Corporate Registry Authority employs blockchain technology to provide a decentralized registry for corporate and trust registrations, ensuring immutability and transparency of records.

Ecosystem Development

The ecosystem development of the Blockchain Bank Stable Coin (BBSC) entails creating a conducive environment for both individual and corporate users to interact with blockchain technology, specifically on the Ethereum and Polygon platforms. 

Here's a breakdown based on the provided whitepaper:

Financial Services:

The BBSC aims to provide a range of financial services including a P2P and B2B marketplace, an online banking platform offering merchant accounts, and the issuance of crypto and fiat Visa and MasterCard in USD and EURO.

Education and Simplification:

The project seeks to educate the audience on blockchain technology and simplify the complexities associated with digital transactions.

Global Outreach:

By establishing an online presence and partnerships globally, BBSC aims to promote blockchain-based trust registration solutions.

Community Engagement:

Engagements with industry stakeholders, legal experts, and regulatory bodies are mentioned as part of the ecosystem development to shape legal and regulatory frameworks.

Digital Identity and Business Registration:

Provides a platform for entrepreneurs worldwide to register their decentralized corporate businesses and Blockchain Trusts.

E-Commerce:

BBSC is further intended to be used for e-commerce transactions, aiming to provide a seamless transaction experience for users.

The development and expansion of these aspects constitute the ecosystem development of the BBSC project, aiming to create a holistic environment where blockchain technology can be leveraged for a variety of real-world applications.

Regulatory Compliance

The Blockchain Bank Stable Coin (BBSC) has outlined several measures and strategies in its whitepaper to ensure compliance with regulations and maintain a transparent and secure environment for its users.

Here's a summary of how BBSC plans to comply with regulations:

Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance:

BBSC emphasizes the implementation of robust AML and KYC measures to verify participant identities, ensure the legitimacy of transactions, and detect and prevent any suspicious activities. This adherence to AML and KYC regulations is crucial for promoting a secure and transparent environment.

The project plans to work closely with legal experts and regulators to understand the nuances of different jurisdictions and ensure that the platform complies with relevant laws and regulations. This engagement is aimed at facilitating cross-border transactions while adhering to jurisdiction-specific requirements.

Transparency and Public Disclosure:

BBSC aims to provide transparency by making all underlying assets visible and verifiable on the blockchain. This transparency extends to the reserve assets backing the stablecoin, which is crucial for preventing a loss of trust and potential runs on the coin.

The project references various international legal instruments and frameworks such as the UNCITRAL Model Laws and the United Nations Convention on the Use of Electronic Communications in International Contracts as guides for navigating global legal frameworks.

Decentralized Corporate Registry:

Through the Blockchain International Corporate Registry Authority, BBSC offers a decentralized corporate registry not tied to any government jurisdiction, which is intended to provide a level of regulatory independence.

The legal jurisdiction of each Blockchain Trust is established as New York, USA, based on international conventions. This adherence to recognized international legal frameworks is part of BBSC's strategy to comply with legal and regulatory requirements on a global scale.

Monitoring and Managing Risks in DeFi:

BBSC acknowledges the risks associated with decentralized finance (DeFi) and emphasizes the importance of diligent monitoring to manage these risks as the DeFi sector expands.

Blockchain Bank Stable Coin (BBSC) Tokenomics

The tokenonomics of the Blockchain Bank Stable Coin (BBSC) is structured in a way to maintain stability and provide a 2:1 security pledge for issued BBSC tokens.

Here's a breakdown of the key elements of the tokenomics for BBSC:

Token Supply:

Blockchain Bank Stable Coin - Tokenomics

Token Distribution (6.9 Billion Tokens):

  • 1% for CEX Airdrop
  • 10% for Team
  • 0.6% for Community Airdrop
  • 20% for Development
  • 4% for Strategic Partners
  • 25% for Liquidity
  • 4% for Private Sale
  • 20% for Reserve
  • 5% for Public Sale
  • 10.4% for Marketing
Blockchain Bank Stable Coin - Asset Portfolio

Asset Backing:

  • The BBSC token is backed by a corporate portfolio of real estate, blockchain corporations, banks, and trusts worth +$57 billion.
  • CPA Audit confirming 6,277,979 blockchain entities, valued at $57,251,144,295 (fifty-seven billion two hundred fifty-one million, one hundred forty-four thousand, two hundred ninety-six) will be used for the 2:1 security pledge.

Stablecoin Mechanism:

  • The BBSC token will also be pegged to the USDC to maintain its price stability.
  • The stablecoin reserve will consist of estate pre-sale memberships as well as liquid cash assets.
Blockchain Bank Stable Coin - Mechanism

Usage and Utility:

BBSC tokens are expected to be used for cross-border transactions and remittances, e-commerce and online payments, decentralized finance (DeFi) and lending platforms, and emerging market adoption and financial inclusion.

Token Minting:

Corporate-backed BBSC tokens can only be minted once the portfolios of corporations get submitted to the custodian. The smart contracts get triggered to mint the BBSC tokens once the timestamped records of custody events are recorded on the Blockchain.

Blockchain Bank Stable Coin - Smart Contract Audit

Blockchain Bank Coin (BBSC) Smart Contract Audit Results

The Blockchain Bank Stable Coin (BBSC) underwent a comprehensive smart contract audit performed by Interfi, which scrutinized the smart contracts associated with the coin on the Polygon Main Network.

The analysis conducted for the Blockchain Bank Stable Coin (BBSC) Audit Report by InterFi Network included both automated and manual methods to assess the security of the smart contract. This analysis includes:

  • Automated Analysis: This involves using software tools to automatically scan the smart contract's code. These tools can identify known vulnerabilities, code patterns that may lead to potential risks, and deviations from best practices in coding.
  • Manual Review: In addition to automated tools, the audit also involved a manual review of the code. This is a more detailed and nuanced examination where auditors manually inspect the contract's code. The focus of the manual review was on understanding the logic and architecture of the contract, identifying business logic errors, and assessing the quality and security of the code.

The combination of these two methods provided a comprehensive assessment of the smart contract's security and functionality. 

BBSC Smart Contract Review Results

The audit indicates that the Blockchain Bank Stable Coin's smart contract is generally secure, especially given the absence of critical and major vulnerabilities. However, the presence of medium, minor, and unknown severity issues suggests there are areas for improvement.

BBSC Smart Contract Review Results - Blockchain Bank Stable Coin

The recommendations provided in the report aim to address these vulnerabilities and enhance the overall security and reliability of the contract (public contract link).

Here is a summary of the audit report:

  • Critical Vulnerabilities: None were found.
  • Major Vulnerabilities: None were found. 
  • Medium Vulnerabilities: One medium vulnerability was identified which may allow potential front-running also known as a “sandwich attack”.
  • Minor Vulnerabilities: One minor vulnerability was identified where all of the initially minted assets are sent to the project owner when deploying the contract. This could be an issue as the project owner may have the ability to distribute tokens without consulting the community.
  • Unknown Severity Vulnerabilities: One vulnerability of unknown severity was identified and acknowledged, which is where smart contracts interact with third party protocols.

The report also highlighted concerns about the centralization of control in the smart contract. Such centralization could pose risks if privileged roles are not adequately secured, leading to potential asset loss or manipulation.

BBSC Smart Contract Review Summary

Overall, the audit results are positive in terms of the absence of critical and major vulnerabilities, suggesting a relatively high level of security in the BBSC's smart contract. Nonetheless, there were identified vulnerabilities, which the development team will address to mitigate any potential risks.

The Roadmap:

The road ahead for the Blockchain Bank Stable Coin (BBSC) is outlined in a timeline format in the original whitepaper, extending from Q4 2023 to Q3 2024. 

Here's a summary of the plans and milestones the project intends to achieve:

Q4 2023:

  • Press releases, token contract audit.
  • Launch of Blockchain Bank Stable Coin (BBSC) promo videos.
  • Launch of BBSC crypto and fiat Visa and MasterCards.
  • Private sale launch and BBSC wallets.

Q1 2024:

  • Online store partnership, prediction program launching.
  • Listing on Uniswap and QuickSwap DEX trading.

Q2 2024:

  • Peer-to-Peer (P2P) and Business-to-Business (B2B) marketplace network.
  • Listing on more exchanges, launch of a BBSC crypto exchange and BBSC Forex exchange.

Q3 2024:

  • Global marketing campaign.
  • Launch of BBSC IBAN Account Numbers & SWIFT Integration.
  • Blockchain DigitalCity expansion and more updates.

The roadmap suggests a phased approach to developing and launching key features of the BBSC ecosystem.

Initially, there's a focus on setting up the necessary infrastructure, followed by partnerships and listings on exchanges to increase the accessibility and liquidity of BBSC.

In later stages, the focus shifts to broader marketing efforts, expanding payment options through  IBAN account numbers, SWIFT Integration, and expanding the Blockchain DigitalCity project, which is already under construction, showcasing a long-term vision for integrating BBSC into a broader digital and financial ecosystem.

How to Buy:

Each registration of a Blockchain Corporate or Trust comes with an inclusion of the equivalent amount of Blockchain Bank Stable Coins (BBSC). 

Additionally, opportunities to acquire BBSC will be available via airdrop – for further information, refer to the official website. As part of the project's progression, plans are in place to list BBSC on decentralized exchanges such as Uniswap and Quickswap, where it will be open for trading.

Blockchain Bank Coin Wallet - BBSC

How to Store Blockchain Bank Coin (BBSC)?

The project roadmap for Blockchain Bank Coin (BBSC) includes the development of BBSC Wallets. This indicates that users will have access to a proprietary wallet designed for holding and transacting BBSC tokens.

Furthermore, as BBSC operates on both Ethereum and Polygon blockchains, wallets compatible with ERC-20 (for Ethereum) or Polygon tokens will be capable of managing BBSC.

Some popular wallets that facilitate the storage of ERC-20 and Polygon tokens are MetaMask, Trust Wallet, and MyEtherWallet.

To ensure the safety of your BBSC tokens, it's essential to verify that your chosen wallet accommodates the blockchain on which BBSC is hosted, and to adhere to the highest security protocols to safeguard your assets.

Conclusion

The Blockchain Bank Stable Coin (BBSC) project presents an ambitious endeavor to bridge the traditional corporate and financial sectors with emerging blockchain technology. By tokenizing real-world assets and corporate entities, BBSC seeks to provide a stable, asset-backed digital currency with a 2:1 security pledge, aimed at reducing volatility and providing a hedge against market uncertainties.

While the Blockchain Bank Stable Coin (BBSC) project showcases a unique approach towards creating a stable, asset-backed digital currency with a broad vision for an interconnected ecosystem, it's essential to weigh the potential risks involved.

As an entrepreneur, you have the power to create something that is uniquely your own, from a product or service to a business culture that aligns with your values. By bringing your vision to life, you have the opportunity to make a real impact on the world

Now You Can Receive Your Decentralized Blockchain Corporation or Trust including a Private or Business Merchant Account, Your Visa/MasterCard in USD/Euro/Crypto For Global Trade & e-Commerce, and the equivalent amount of Blockchain Bank Stable Coin's (BBSC) in less than 30 Minutes!

You Can Join Millions of Entrepreneurs Worldwide By Establishing Your Tax-Exempt Blockchain LLC or Corporation & Trust In Less Than 30 Minutes.  Blockchain Bank & Trust wants to put the power back into the hands of entrepreneurs across the world, many of whom are struggling in the current economic climate, crushing under the weight of high costs, poor access to quality online banking facilities, exorbitant taxes and, frankly, unfair and old fashioned government-controlled business models.

Whether you're a start-up looking to quickly launch your business, a seasoned entrepreneur or a financial institution seeking to streamline your operations, Blockchain Bank & Trust offers corporate and online banking solutions that can be tailored to meet your specific needs. Each service is designed with the aim of empowering entrepreneurs and businesses, providing them with the tools they need to succeed in today's competitive market.

Unlike the government — whose only skin in the game is someone else’s and whose failures typically reap the rewards of added funding — entrepreneurs invest their time, money, reputations and lives to build something that will serve society. If society doesn’t see a need for the products or services offered, entrepreneurs must go back to the drawing board and try again. Only when they succeed do they reap the rewards.

But no less important is the difference that millions of entrepreneurs make every day, as they create jobs, innovate solutions to problems, take risks, and work to better their communities. That’s the power of entrepreneurship — both around the world and out every front door.

Blockchain Bank & Trust and its sister company, Blockchain International Corporate Registry Authority are highly trusted and secure service providers worldwide. They manage a vast asset portfolio of over 6.2 million verified and audited Blockchain Corporations, Banks & Trusts. 

You can enjoy the same professional cross-border services anywhere in the world as millions of other entrepreneurs before you! These 2 outstanding entities offer you unique value propositions for your business you will be unable to find anywhere else.

The project's ability to navigate the regulatory landscape, based on its decentralized nature, execute its roadmap effectively, and gain significant market adoption will be critical determinants of its success and, by extension, its value to the investor and potential return on investment. As with any investment in the crypto space, thorough due diligence, understanding the technical underpinnings, and a close eye on the evolving regulatory and market conditions are imperative.

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