Jubilee Cryptocurrency Exchange to partner with DigiBank in Dominica
Recently, Jubilee Exchange, an online cryptocurrency exchange platform has announced its partnership with DigiBank, an offshore bank with a Class A license sited in the Commonwealth of Dominica, for the development of a new cryptocurrency – DGCoin.
DGCoin is a transactional cryptocurrency developed to create a decentralized and globally deployed online infrastructure that would be the foundation of providing global banking and financial services to the masses, and rides on a unique blockchain named DIGI (Representing – Decentralized Intelligent Global Instruction).
The birth of the blockchain technology years back signalled the start of a global financial revolution which has alerted traditional banks all over the world. Deloitte (one of the accounting big 4) published a report analysing how central banks all over the world can realize and circulate their own cryptocurrencies. Jubilee intends fully on harnessing this piece of technology to present a revolutionary alternative to the global finance and banking industry.
Sources from DigiBank state that in the long term, they believe the application of blockchain technology in such a way where cryptocurrency and FIAT currency transactions are linked, would lead to the creation of a new banking standard, in which the consumers depart from conventional centralized banking and the immense costs of transactions, and enter a world of decentralized banking services.
It is also stated that this project will commence in 2018, and will be implemented in 4 consecutive stages:
Stage 1: Foundational Service Layer
The foundational layer comprises of a private network blockchain written in accordance to ERC20 standards, maintained by a decentralized network of miners and masternodes under the Proof of Service model, which maintains the overall ledger of DGCoins, Jubilee Exchange and DigiBank FIAT related transactions, and 2 extended applications – Jubilee Exchange (an online peer to peer cryptocurrency trading platform), and iDigi (the official and only mobile banking application for DigiBank clients).
Stage 2: Peer to Peer Services Layer
This layer comprises of individual and peer to peer financial and banking services such as personal deposit and withdrawals, international remittances, FIAT and cryptocurrency trading, etc. These services operate on the foundational infrastructure provided by the 1st Layer to offer transparency, security and reliability in a decentralized fashion to individual participants.
Stage 3: Decentralized Productive Wealth Management
This layer comprises of community driven wealth management services such as micro-financing, business loans, project crowdfunding, etc. These services operate on the foundational infrastructure provided by the 1st Layer, riding on the blockchain's intelligent and secure instructions to a global pool of FIAT and cryptocurrency accounts and wallets, to offer cheaper, faster and better means of wealth allocation to all members of the ecosystem.
Stage 4: Global O2O Implementation
This layer relates to the deployment of a global network of Automated Teller Machines (ATMs) and Service Kiosks that would help bring certain mass market services such as cash deposits and withdrawals, basic banking instructions and electronic payments (such as payment for utility bills) to specific geographic locations across the world.
According to Jubilee, this will be, in its full scale, the first global banking network that is controlled by no one party, whose vault of wealth is vastly distributed, where flow of wealth is determined by the entire community.
Editor's Note: DBS Bank and digibank by DBS, launched in India in April 2016 and Indonesia in August 2017, is not licensed in the Commonwealth of Dominica and is not the Digibank referred to in this article.