As many as 1.7 billion adults can’t access electronic financial services nor do they have bank accounts. Such individuals inevitably miss out on the many benefits of modern world economies. Rubius Inc. proposes to use trustless banking through blockchain to offer various banking products to the unbanked. So how exactly does Rubius plan to pull this one off? Well, we’re just about to find out; read on.
What Is Rubius?
Rubius Inc., the company behind the Rubius project, is a fintech software startup that champions mass-adoption and use of crypto-based assets. This project was developed to create a decentralized platform that provides trustless financial services that can be used anywhere in the world.
In the words of its founders, “Rubius Protocol will put blockchain into everyone’s pocket across the entire planet.”
The Rubius ecosystem can be summed up as a crypto- exchange (Rubiex Exchange), a crypto wallet (Aryl app) and a whole bunch of revolutionary financial solutions. RUBY tokens power the whole system. Should this project be successful, its creators hope to expand it even further such that it provides blockchain products outside the financial sector.
We can’t argue with the fact that this is indeed a fascinating concept. The motivating factors that brought Rubius into existence are no less interesting.
What Prompted the Creation of Rubius?
Necessity is no doubt the mother of invention. Rubius was born out of a need to help people with no access to conventional banking facilities benefit from decentralized financial services.
“This is also an indirect tool against corruption, crime as well as other economic problems associated with cash and barter-based systems.”- Rubius
There quite a number of reasons why traditional financial services are unavailable to different people. War and political instability are a common reason. Today, we have also seen financial systems crumble under the weight of emergent financial crisis in countries such as Turkey, Argentina, and Venezuela. In the Middle Eeast, sharia law is the main reason why up to 86% of the inhabitants are unbanked. Rubius believes that cryptocurrency is the ‘magic bullet’ that solve these problems.
“Cryptocurrency should be used by the entire world. It is doesn’t required trust, loans or even interest. The only hindrance to mass adoption is that its software is underdeveloped and terrible.”- Rubius
Is the World Ready for Rubius?
Rubius is not just a software company. It also is a cryptocurrency on the Ethereum blockchain. Both the company and the crypto-coin have been designed to spur economic progress in various ways.
Rubius Hopes to Become A Full-Fledged Bank
Rubius is focused on eliminating the need for trust in the banking sector. The need for trust is a limitation to conventional banks that need to vet and verify each one of their clients. It, therefore, becomes almost impossible to trust the billions of people that lack a verifiable credit history. By using blockchain, Rubius can offer trustless financial services to everyone in the world.
Rubius Will Make Banking Simple, Easy and User-Friendly
Modern day banks have made tremendous steps towards simplifying their operations. Crypto technology, on the other hand, is still complicated, and the largest percentage of the world’s population still finds it bewildering. Rubius has therefore created an easy-to-use software (in the form of a crypto exchange and crypto wallet) that is optimized to encourage the mass adoption of crypto technology.
“The world needs ubiquitous financial services that are accessible to everyone no matter where they are.”- Rubius
At this point, I must say that the Rubius seems to be quite impressive and futuristic. Given the economic crisis witnessed in different countries, I feel that the world does, in fact, need Rubius now more than ever.
However, if you, unlike me, haven’t been won over yet by the Rubius protocol, let’s take a look at what the project is really all about.
The Rubius Ecosystem
Rubius has built an ecosystem that cuts across all devices from smartphones and tablets to laptops and desktops. The three components of the ecosystem are an app called Aryl; a web-based crypto exchange called Rubiex, and Rubius coins called RUBYs.
Aryl is very much like PayPal’s Venmo app. The only notable difference is that Aryl is for crypto trading and storage. Through the app, a user can request, receive and send crypto payment. Currently, users use iMessage to communicate. A secure messenger will, however, be introduced later on to allow users to interact better even with their friends on social media.
Aryl additionally offers crypto wallet functionality that allows users to create and manage new Ethereum wallets. The app then allows the user to trade directly in the Rubiex exchange.
Aryl’s Volatility Shield is a smart move that protects users from the volatility associated with cryptocurrency. This feature allows you to store your assets inform of a safer currency, e.g. USD. You can then convert the stored money into cryptocurrency as per your needs.
Rubiex is a web-based crypto exchange. It facilitates trading in a vast number of coins including BTC, ETH, XRP, etc. In future, Rubiex will be upgraded to allow trading in other non-crypto assets such as stocks, fiat, mutual funds, ETFs, etc.
The Rubius Coin
The Rubius protocol is a software ecosystem that mainly deals with the transfer of Rubius Coins (RUBYs). RUBYs are an ERC20 token that will be used in the Rubiex exchange as a trading pair and in the Aryl payment app as the default cryptocurrency for making payments.
Once Rubius Inc. has accrued enough profits, it will initiate a coin buyback and burn protocol where 20% of the company’s profit will be used to buy back RUBYs. These RUBYs will then be burnt/deleted until only 100M RUBYs are left in circulation.
Other Significant Features of The Ecosystem
- Rubius Merchant Software– It’ll provide trustless merchant service in e-commerce as well as in physical stores.
- Rubius Smart Escrow (RSE)– It’ll use Ethereum smart contracts to hold cryptocurrency payments until a particular service or product has been fulfilled after which the crypto payment is released.
- Rubius Smart Loans (RSL)- Ethereum smart contract will be used to facilitate small loan contracts between friends and Aryl users.
- Rubius Social Media– This is a proposed expansion to the social media features of the Aryl app.
Rubius is trying to do what many have and are still trying to do: make crypto-based financial systems global and commonplace in our everyday lives. This is a truly inspired idea given that several countries are currently suffering from a devastating economic crisis. We, therefore, hope that what we are seeing from Rubius are the initial stages of the development of a functional global trustless banking system.
Token Sale Date: Started: 21st August 2018. Ended: 25th September 2018.
Buy With: ETH
Price: 1 ETH=7,000 RUBY
Bonus: 10% ICO final week bonus
Minimum invest: 0.05 ETH
Value of tokens sold in ICO: ~$1,848,705