BCB Global: Cryptocurrency Lending Payments & Reputation?
BCB Global, found online at BCBGlobal.io, is a decentralized P2P payment platform. Find out if it’s a scam or a legitimate project today in our review.
What is BCB Global?
BCB Global describes itself as “a decentralized P2P payment platform” that “eliminates all third party payment providers in the retailer-customer relationship.”
The payment platform is designed with users first: it will increase transparency and allow secure payments between retailers and shoppers on a global scale.
That all sounds good. However, the BCB website at BCBGlobal.io is a mess of weird information. The website features a vague 14 page whitepaper. The website also claims that the company has already raised $50 million during an ICO – but we can’t find any evidence that the ICO really took place. We certainly can’t find evidence that the ICO raised $50 million.
What’s the deal with BCB? Let’s take a closer look at how the platform claims to work.
How Does BCB Global Work?
There are already a number of cryptocurrencies that provide efficient transfers between retailers and shoppers. How does BCB plan to compete? What kinds of features will BCB bring to the market?
The BCB website outlines “four innovations” created by the team, including:
BCB has a built-in reputation system that computes and maintains reputation scores of verified entities, globally on the Ethereum blockchain for anyone to see.
BCB has a dispute resolution mechanism that allows members of the BCB community to participate in making a judgement and creating a verdict for disputes between buyers and retailers.
With most online platforms, order cancelations only benefit retailers while buyers have limited protection. BCB will eliminate the bias of traditional payment platforms “through an algorithm.”
Payments on the BCB platform will be performed using BCB tokens. Payments are sent via smart contracts.
Ultimately, as far as we can tell, BCB is just an ordinary ERC20 token on the Ethereum blockchain. That token, like any ERC20 token, can be transferred transparently over the Ethereum network. It’s unclear, however, what types of unique features the BCB token has over other tokens, or why retailers would prefer to use BCB tokens.
BCB will initially focus on the ASEAN market, including spa, entertainment, and restaurant chains across the Philippines. The long-term goal is to create the world’s largest online and offline payment system worldwide. BCB’s website vaguely mentions active partnerships with a number of major entertainment and retail outlets – but none of these outlets are specifically mentioned.
Benefits of BCB
The official BCBGlobal.io website identifies all of the following advantages with BCB:
It’s a single payment token that retailers can accept and then spend without worrying about exchanging it into fiats or cryptocurrencies
- Low commission fees
- Money is stored in your personal account on the blockchain
- The blockchain and your account are immutable, which means they cannot be changed without your specific action
These are the benefits listed on the BCB token website. Again, the benefits don’t seem much different from any ERC20 token – so it’s not clear how BCB plans to compete against other competitors with a larger market cap and more recognition.
Who’s Behind BCB?
BCB lists three team members on the official website. None of the team members’ profiles include pictures or a link to any type of social media profile – like a LinkedIn page confirming their involvement with the company.
Nevertheless, the three listed team members include Wu Boxun (COO), Jayden Ying (CEO), and Jason S. Abad (CTO). The three have diverse business across southeast Asia, including the Philippines, Hong Kong, China, Taiwan, Thailand, Myanmar, and Singapore.
The BCB Global ICO
BCB insists that its token is a great investment. The company claims that as the usage of the token grows, its value is expected to rise. A total of 500 million BCB tokens are being sold, with 50 million tokens available during the seeding stage, 150 million during the pre-ICO, and 250 million during the main ICO.
Tokens are being sold at a rate of 1 ETH = 5555 BCB during the pre-ICO, rising to 1 ETH = 3333 BCB tokens during the main ICO.
The ICO was scheduled for February 2018. As of February 12, 2018, the company’s website lists that their ICO is “sold out” and that they’ve raised 6250 BTC, or $50 million USD through their token sale, hitting their hard cap.
This is unusual: there’s limited information about BCB available online. We can find no evidence that the token sale even took place – and we certainly can’t find proof that BCB raised $50 million.
As with other aspects of the BCB project, we need more transparency here.
BCB Global Conclusion
Ultimately, BCB Global is a cryptocurrency project that has extremely ambitious goals for the future. The project aims to become the largest payment provider in the world. To start, however, BCB will focus on entertainment and gaming businesses in the Philippines.
It’s unclear what types of advantages BCB has over other cryptocurrencies. As far as we can tell, BCB is a straightforward ERC20 token built on the Ethereum blockchain. That token advertises benefits like “cheap transfers” and “blockchain security” – but these are the same benefits as any cryptocurrency.
In any case, BCB’s team needs to do a better job of explaining the unique advantages of the cryptocurrency. To learn more about the project and its upcoming token sale, visit online today at BCBGlobal.io.