Bounty :- 50K BCR (A BN) to create new Op based on updated information.
You can use existing info, parse the thread for more and also this snippet:-
BCR is meant to provide a wide range of finance tools and services, some of which already exist in the real world. The advantage of BCR over brick and mortar is that it is wide ranging and can be adapted to any model, from banking to stock trade. It does so over a blockchain and as such transactions are instantaneous and secure, BCR also provides an ecosystem/platform for online business to provide services and/or receive/make payments.
With the addition of asset classes to the system, businesses can begin to offer their shares, and/or make contracts with users. Additionally, users who do not have a business but wish to issue an asset or create contracts can do so through any Banknode of their choice.
Users of the ecosystem by default enjoy pseudo anonymity in that for most services, no registration is required, Just your wallet is enough. BCR has an internal engine that calculates each users trust and credit scores based on time and activity of the wallet. Additional factors are taken into account when calculating the rating creating a sound , balanced environment.
The system currently has a two tier system, the tiers are service and user, these are used to identify the purpose or job of the node. Using the core wallet , you can switch easily between the two modes. End user-SPV wallets are excatly that, user wallets. Services provided by nodes depend on the business model, some perform basic chain chores such as transaction relay while the more invested entities can run a Bank/Investment fund. The services one can provide on the chain will also continue to expand as we regulalry update and add new features.
Once the first full iteration goes live, the first services available will be Escrow, Insurance and Chain Maintenance, with Banking and Debt collection following soon after.
One of the main barriers to entry and exit form the crypto-world is the unnecessarily long procedure to acquire coins.
Take for example a user in South Africa who wishes to buy some BCR, be it for speculative purposes, access/issue assets or trade them. He/She has to approach a bank, convert their ZAR to USD , transfer the USD @ a charge of anywhere between 2-5 %. They then wait anywhere between 5 and 14 days for their balance to reflect on an exchange (longer for some users even), by then the price may have changed drastically, either in their favour or against. Once they have their funds, they purchase bitcoin @ a fee and then transfer it @ a fee to another exchange, (the wait for the transfer could be anywhere between 20 minutes to two days, depending on fee included, transaction backlog and block times) where they now buy their alt @ a fee and withdraw it @ a fee to their local wallet.
See what's common there? Waiting and fees, endless waiting and fees.
BCR aims to close this gap by introducing a new distribution method. In it's simplest form, coins will be auctioned off every 24 hours with bids starting at 00:00 GMT going through the day. Users will be able to bid for BCR right off the blockchain using either crypto currencies , BTC, LTC, DASH or fiat (in a variety of up to 8 currencies). This means that if it is a crypto, only one transfer is required , or multiple transactions should you so desire. And with fiat much the same, once your transfer is reflected within the system it will be automatically credited and appear in your wallet. You can now freely use your fiat to function on the blockchain, be it to trade shares, bid for BCR or purchase things/ pay for services.
I'll think of more later, this is really not my forte.