About Forty Seven Bank
Forty Seven Bank will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.
The bank is going to be specialising in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include sale and purchase features, investment and exchange options and crypto-saving and current accounts. Multi-Asset Account will be one of the featured innovative products oered by Forty Seven Bank – it will allow customers to have access to all their accounts in dierent banks and crypto wallets as well as to their investments and savings in cryptocurrency and fiat equivalents via single application. It will be possible to operate with each asset type accordingly by having only one Multi-Asset Account at Forty Seven Bank.
We will oer unique crypto products like bonds, futures and options. Our goal is to invent such market- place and take the leading position in both short and long-term perspectives. Companies will be able to attract finances via product invented by Forty Seven Bank – Cryptobonds. Cryptobonds will be traded on various exchange platforms (mainly at the one developed by Forty Seven Bank).
Technology
Blockchain
Blockchain technologies are going to transform whole financial and banking industry. Forty Seven Bank is proud to be part of these transformations and wants to play key role by developing and delivering cutting edge financial products and solutions to our clients. Blockchain should serve not only to the cryptocurrency enthusiasts, all people and businesses should benefit from this innovative technology.
The bank will provide multi-currency wallet to our clients. The customers of Forty Seven Bank can hold cryptocurrencies in this wallet, monitor current balance, easily send and receive digital currencies, request history of payment transactions. The customers will be able to operate with cryptocurrencies like they currently do with fiat currencies. It will be easy and secure.
Cryptocurrency Gateway
Forty Seven Bank will operate as cryptocurrency gateway it will convert fiat into crypto currency and back to fiat. The bank will be integrated with major cryptocurrency exchanges and use it’s own reserves in fiat and cryptocurrency in order to execute exchange requests from our clients. For our clients the operation of exchange between fiat and cryptocurrency accounts will be as simple as transfer money from one fiat account to another.
Whitelist and Blacklist
Forty Seven Bank will constantly monitor customer activity to detect and prevent activities of criminal elements for money laundering. As result of these procedures we always know the persons and companies we can trust and who we can’t trust. Our bank will publish whitelist and blacklist of accounts. Both lists will be publicly available to the broad community on the public blockchains. Other banks, businesses and persons can take these lists into account in order to evaluate whether it is safe or not to perform financial transactions in cryptocurrency with these accounts.
Emission of Price-stable Cryptocurrencies
Forty Seven Bank will emit price-stable cryptocurrencies that are backed by equal reserves in fiat currencies, such as USD or EUR. The exchange rate of stable currencies never changes and nominated in corresponding fiat currency. Customers at any time can easily buy and sell stable cryptocurrencies against fiat currency. Price-stable cryptocurrencies will allow our clients to buy and sell goods in fiat currencies, but with ease and with speed of cryptocurrencies. Also our customers can use price-stable cryptocurrencies oered by Forty Seven Bank to protect from volatility on cryptocurrency market.
Cryptocurrency payment system
For merchants who sell their goods over internet, we will provide secure cryptocurrency payment system. The buyers will be able to pay for products in crypto and fiat currencies via our payment system. The system will be easy to use for buyers and easy to integrate for merchants. Payment API and payment button for integration into merchant shop will be developed and provided for our customers. When buyer purchase the product, he or she can choose how they want to pay either using fiat or crypto currency.
When purchase is accepted, the funds from fiat or cryptocurrency account of buyer are securely transferred to fiat or cryptocurrency account of seller. If seller wishes, the funds can be automatically converted to desired fiat or crypto currency. Forty Seven Bank can perform chargebacks for cryptocurrency transactions in case of duplicated billing, fraud or technical issue on merchant side. Our payment system will be safe and secure for both buyers and merchants.
In cryptocurrency world it could be very problematic to assure the identity of counterparty for financial transaction. The owners of cryptocurrency account addresses are usually anonymous. In real business your need to have the guarantee that you operate with correct person or company. Forty Seven Bank oers the solution to this problem, because we know identity of our client. We will strictly follow all KYC procedures to operate as bank, therefore we can assure the identity of counterparty to our customers. Also our bank can provide person authentication service via OAuth 2.0 protocol5. Many online services and our customers who uses them can benefit from authentication via this public standard. This standard describes all technical details how user authentication should work. The adoption of OAuth 2.0 is straightforward and easy for any developer who wants to integrate their product or service with our bank. Many online services and customers who uses these services will benefit from authentication via this public standard.
Smart Contracts
Forty Seven Bank will offer digital currency instruments such as Cryptobonds and Cryptofutures to our trader clients. Strict execution of contract terms will be guaranteed by smart contracts that will be carefully developed and tested by our bank. Our smart contracts will be written in Solidity contract-oriented programming language and will be executed on Ethereum blockchain network. The source code of these contracts will be transparent and published on GitHub for public inspection.
- Fulfilled their part of work.
- Signed the required agreement.
- Confirmed the reservation.
- Agreed to pay for some service.
Forty Seven Bank will provide the escrow service as a smart contract. In case of sale deal between customers, this contract will protect both the seller and the buyer. Both customers can work with this contract either via bank user interface or integrate their IT systems directly to escrow smart contract via blockchain. The smart contract defines the following interaction between counterparties:
- Buyer initiates purchase via smart contract.
- Forty Seven Bank locks the needed funds in buyer's account.
- Seller delivers the product.
- Buyer within limited time period inspects the product and accepts or rejects the deal.
- If deal is accepted then funds are transferred to seller’s account, otherwise they are unlocked in buyer’s account.
API
The architecture of Forty Seven Bank infrastructure will be built using modern best practices and technologies. All our data will be replicated to several geographically distributed data centers across the globe. The data will be backed up on regular basis. All our execution servers will be duplicated for reliability. Distributed computing will be used to provide high level of availability of our banking services. We will use load balancer to distribute network traic to our front ends – APIs and web user interfaces. All our systems will be designed to be able to grow up to scale of billions of users.
Initial Coin Oering (ICO)
ICO gives opportunity for people from dierent countries to contribute their digital assets into projects and teams situated in other countries. In traditional economies there are many restrictions and limitations for individuals to participate in such activities and there are no possibilities for people to contribute relatively low amount of funds into projects with promising non-financial benefits.
Forty Seven Bank provides only non-financial benefits to our contributors and future holders of FSBT tokens. However, over time we believe that thanks to these benefits the value of tokens might increase and early contributors will have possibility to sell them.
FSBT Token
FSBT is an Ethereum-based token that follows the ERC-208 standard. ERC-20 standard (EIP: 20 from September 11, 2017), the code of which is open sourced at Github9 guarantees that Ethereum based tokens will operate in crypto token ecosystem in the future in a predictable way. Holders of such tokens completely control their digital assets in Ethere- um blockchain without the need to use any other special software.
General smart contracts that are used during the ICO procedure are as follows:
Main smart contract
- Describes the bonus system and controls its issue.
- Describes the ICO dates and controls the possibilities of token acquisition during these periods.
- Sets the limits for token issued during these periods.
- Describes and lets contract owner to run the mechanism of sale finalization.
Token contract
- Describes ERC-20 standard token that is issued by the system.
- Allows to finish the issuance of tokens after the end of sale in perpetuity.
Contract of buffer escrow wallet with multisignature
- Allows escrow agents to control and validate transfer of ETH from buer escrow wallet to the wallet of the company.
Financial
Token Info
Token: FSBT
Platform: Ethereum
Type: ERC20
Price in ICO: 1 FSBT = 0.0047 ETH
Bonus
ICO round 1: 15 Nov, 2017 - 15 Dec 2017 = 30%
ICO round 2: 16 Dec, 2017 - 28 Feb, 2018 = 20%
ICO round 3: 1 Mar, 2018 - 31 Mar, 2018 = Only bonus for quantity
Tokens for sale = 11,063,830
Investment Info
Accepting: ETH, BTC, Fiat
Soft cap: 3,600 ETH
Hard cap: 36,000 ETH
Roadmap and Team
Roadmap
Forty Seven Bank is aiming to provide broad traditional and digital financial products and services spectrum for individual clients. This will help you better in a profitable project and really make a profit. More information is available at https://www.fortyseven.io/.
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