With the world getting more connected, an increasing number of companies strive to offer their services and solutions online.Finance, education, healthcare, commerce and leisure providers are actively moving towards digitization in an attempt to serve the existing and find new customers worldwide. Across the globe are now actively outlining new rules and principles for e-services. The legal framework removes regulatory uncertainty serving as a catalyst for the business migration online. By doing a thorough analysis of the latest trends including rules around eID, QES, and Trustee services as well as the Aggregation of Payment Services within the scope of the PSD2, the OX Fina project has been proposed.
Here are the 15 insights about the OX Fina project and its ICO:
- Overview of OX Fina:
The OX Fina platform is an online scalable blockchain financial infrastructure for businesses and individuals, provide and store encrypted individual and corporate data in a decentralized digital ledger and to access them with utmost security. The key elements of OX Fina ecosystem are the OX Foundation and the Third EYe. The Third EYe is an independent environment as a service, which will serve as a storage for encrypted individual information. Among other planned features are scoring and sensitivity systems for credit and insurance businesses, asset and currency trading systems, seed & VC investment tools, eID and Trust services.
- OX Fina Financial Institution:
During the initial step for a viable OX operation, a set of conditions needs to be met. Among the minimal requirements are licenses (small Electronic Money Institution (sEMI) or Financial Institution (F.I.) licenses) and mechanisms to comply with the law and financial regulations (such as Know Your Customer (KYC), Anti-Money Laundering (AML), Combating Financing of Terrorism (CFT), etc). Instead of the sEMI license, OX Foundation, aim to apply for a license for the OX Fina Financial Institution (F.I.) for the sake of lowering the initial investment requirement. F.I. license is required to store clients’ money and organize payment processes. After this, OX Fina Financial Institution, or OX F.I., will be legally considered a non-banking financial institution (NBFI-ND/Mercantile) and will not take deposits until the acquisition of the banking license.
- Help with TPPs:
With the PSD2 in place, banks will have to adapt and offer just the specific services required for e-Commerce, as well as provide tools for TPPs which will come with help of new directives. The mission of OX Fina is to not only provide the Account Servicing Payment Service Provider (ASPSP) services on an open platform for merchants, but to also make sure that the implementation and integration of such services comes seamlessly through the role of OX as a TPP, i.e. Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) platforms in the frame of the PSD2.
- Third EYe:
Third EYe, the product of their development, is a standalone technology and service aimed to standardize system-to-system communication, and enable trust through the integrity of records. This is designed to help users and businesses store their encrypted important data in a decentralized digital ledger and get access to them privately. The data will later be used in a secure, open and non-discriminatory manner to increase the scope of OX Fina or F.I. procedures, as well as to build an ecosystem for businesses. The Third EYe employs the experience of the trusted and field-tested Estonian e-Residency identification system and its uses.
- Protection of personal data:
The first and most important aspect of Third EYe features is related to the processing and storage of data referable to the personal identification (sensitive), as well as anonymous and pseudonymous information.
- Decentralized Ledger Technologies:
Due to the critical importance of information security, the data requires an undeniable, highly secure and redundant storage environment that will also allow private access to and exchange of information between OX Fina or F.I., its customers, trusted entities and law organizations. Being compliant with the regulations, blockchain technology will be adopted as a basis for further development. Among its key features, will be multi-level permission-based access to data via SSL certificates.
- Internet of Things:
For the IoT to function seamlessly, specific standards of micropayment processing and message delivery have to be adopted for convenient M2M communications and billing. While not being a focus area at the earliest stages of development, the potential and the requirements of the field is the reason to keep it in mind. As the technology starts to gain mass recognition and adoption, OX Fina or F.I. will look forward to developing and providing instrumental payment services based, or employing currently existing solutions.
- Big Data:
The Third EYe is designed to collect and store a handful of data, which will be used to enable individuals and entities to receive both high-quality services and information about the Market in general. The information may be anonymously collected by trusted, licensed and regulated entities and then processed, providing regional data regarding the requirements of the local industry. The data may also be used for the development of new procedures or services required in different areas of human life.
- Applied AI:
Although in its infancy, artificial intelligence is already used as a tool of the data analysis. Weak AI or Narrow AI is a complex combination of algorithms able to analyze big clusters of data and give “answers” accordingly to preset logic. In the financial environment, such tool is used in scoring and sensitivity systems. To remove any chance of private selfishness in the processing of sensitive information, and to increase
trust between customers, trusted entities and Third EYe, it is crucial to ensure the correct usage of data. Along with the development of OX Fina or F.I. and related services, the overall capacity, operational speed, and costs will be improved with the implementation of applied AI solutions within the Third EYe and other functional features.
- For backers and OX Fian:
The Third EYe is the solution to satisfy compliance with the eIDAS Regulation and may generate revenue on its related services, e.g. data processing and analysis. Their initial goal is to create a global credit scoring system together with the company’s strategic partners who are among the leaders in the credit industries around the globe. Those entities interested in using the features and tools provided by Third EYe will be subject to royalty and maintenance fees as to ensure the validity and continuity of the service as well as profitability.
- OX FINA token:
The OX Foundation is raising funds to support the establishment of the OX Fina Institution and to deliver the respective technologies. For that reason, OX Foundation is issuing OX Fina Tokens (OX) through the smart contract system operated by Ethereum. The funds raised by the sale of tokens will be retained by the OX Fina Foundation until they will be used. The Tokens will be assigned pro-rata to the funds provided to the OX Fina Foundation during the ICO.
- Payout Structure:
According to the Bylaws, at the end of a financial year, 20% of the distributable profit of OX Fina financial Institution is transferred to the specific Ethereum (ETH) wallet. Then the ETH in the wallet will be distributed to the investors according to the share of the OX tokens they have bought.
- Token supply:
The token sold during the token launch is known as the OX Token (OX). The total supply of OX is fixed to 1,000,000,000. The supply of OX will be limited to the pool of tokens created during crowd funding period.
- Bonuses provided:
Really good bonuses are provided for the early investors of ICO. The bonus structure is given below:
Day 1 – 25% token bonus
Day 2-7 – 20% token bonus
Week 2 – 15% token bonus
Week 3 – 10% token bonus
Week 4 – 5% token bonus
Week 5 – 0% token bonus.
- OX Fina Token ICO:
The OX Fina ICO is scheduled from July 1st to July 31st. The total supply for the ICO is limited to 700,000,000 tokens. The token is based on Ethereum platform.
16. Getting On Board with OX Fina
With a crowd sale just on the horizon, there is no better time to get on board with OX Fina. Multiple modes of payment are supported, the procedure to purchase OX tokens is outlined in detail at the website.
This is a platform that is built for long-term success, and investors would definitely be willing to come on board due to the exciting features and future possibilities.
Join OX ICO to be part of OX foundation
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