Interview: Datarius Cryptobank Adapts Mainstream Financial Products to Decentralized Environment
Cryptovest interviewed Datarius to get insights about its cryptobank, a P2P ecosystem that adapts traits from traditional banking products.
Datarius Cryptobank provides a platform for the parties involved in fund transfers by bringing together lenders, borrowers and the respective managers, analysts, insurance companies, funds, or trading terminals.
Cryptovest discussed with Datarius the idea behind its cryptobank, how it came to be and how the team got together to work on the project:
Q: What are the advantages of using Datarius Cryptobank compared to traditional financial services?
A: The Datarius project is a new, social-type cryptobank with transparent conditions. The uniqueness of Datarius Cryptobank is that the project allows customers to get services, adapted to their needs. Datarius will operate on the basis of a P2P (peer-to-peer) ecosystem where transaction participants are private users, and not banking institutions.
This is not a novelty in the financial market, but the system offered by Datarius inherited the best traits from traditional banking products, adapting them to the principles of decentralized system operation.
Q: Which customers are the main target for Datarius Cryptobank?
A: We do not emphasize a specific group of customers as a target for ourselves. Customers from different countries receive Datarius cryptobank services on equal terms. Transactions and fund transfers are done instantly after closing a deal. Fees for processing the operation will be reduced to as low as possible, regardless of both parties’ location.
Datarius provides an opportunity for its clients to receive credit lines from lenders from other countries. For example, a customer can choose a loan with a lower interest rate in countries in Western Europe or North America, where such services are much cheaper.
Q: What are the most powerful technologies you are harnessing to create a Cryptobank?
A: Thanks to blockchain technology, the whole operation history and credit check results (scoring) are recorded in a data chain and cannot be changed from outside. This approach reliably protects customers’ personal data and records all information about their activity in the system, which significantly reduces the risk of document falsification or financial fraud when closing a deal. Each account is linked to the user's identity, scammers will not be able to intercept or forge data.
Q: What is the biggest competitive advantage of Datarius?
A: In a relatively short time, our clients will receive services that ultimately meet their needs, because transactions will be conducted in automatic mode, while services will be customizable.
Any transaction will be much more profitable since the P2P-platform does not split loan and deposit products. Unlike most developers who continue promoting the monopolization of the global financial market by large players, Datarius team aims to create a perfect financial institution that would adopt all advantages of traditional financial organizations, leaving behind their major disadvantages - non-transparency, unpredictability, lobbyism, and administrative burden.
Q: How do you solve the issues of trust related to banking and financial services?
A: Users will be able to entrust part of their own funds to the management of other system participants.
We offer a sufficiently broad scope for using this tool - from small service payments to full-fledged capital management for making profit. Instead of making a traditional deposit, a client can choose a particular manager according to their personal preferences and acceptable risks. A distinctive feature of Datarius Trust Management is a possibility to determine clear boundaries related to a user’s capital management. For example, funds can be used solely to pay for certain services.
Partner companies provide transaction insurance in Datarius. When purchasing a transaction insurance service, the user acknowledges acceptance of the offer and contributes to an insurance fund – a special account of a partner company registered in the Datarius system. In case of violation of any terms of the transaction, the user will be compensated from insurance fund.
Q: What is the DTRC token and what is its role in the Cryptobank and the Datarius ecosystem?
A: DTRC token (Datarius Credit) is a utility token based on the ERC-20 smart contract standard of the Ethereum network. The token is a unique access key and the only tool for participating in the Datarius decentralized system. The whole range of the ecosystem’s financial products and services is based on users’ direct interaction with each other through DTRC tokens.
Q: What are the advantages for early investors in Cryptobank?
A: Our blockchain-based banking platform offers a tested and verified P2P model which creates the unique market niche for this project. The project can be attractive for all types of investors, and it focuses on creation of a long-term investment community.
Q: What's in store for Datarius in 2018? And in 2019?
A: Till the end of 2019, we plan to open for our customers the following possibilities:
- Innovative Authentication Partner Interface, which combines high security level and ease of use
- Dashboard Control Panel with useful widgets
- Receiving and sending DTRC tokens to wallets of Datarius users
- Purchasing DTRС tokens at an intra-system exchange rate via traditional payment systems.
- Selling DTRС tokens with the possibility to withdraw funds in fiat
- User Profile
- Rating System
- Possibility of opening a dispute to resolve a disputable situation
- Mandatory two-factor authentication (2FA)
- Secure messaging
- Knowledge Base