A Look At OFBANK’s Profile
The blockchain community has facilitated a more robust structure for users to reconnect and interact on a much secure level. The collaboration is establishing a decentralized platform for the community chain. As a result, most of the blockchain ventures are featuring a much similar character of a decentralized structure.
A good example is the OFBANK platform. The project intends to form a community organization with consensus, which allows the exchange of services and goods through an identity verification mechanism. The system will work under an OFID structure with the use of OFCOIN as the platform's main token.
In addition, most of the platform's transactions are expected to through quick contract deployments with ownership interconnected through a distributed account system.
The OFID Platform
OFBANK's own IDV platform is known as OFID. The software is a based on blockchain and is decentralized in nature. With such augmented features, OFID is set to enhance the security and privacy of users. How does OFID plan to do all this? Well, the app's design includes a simple user interface which provides a straightforward navigation process. Once a user registers through the OFID smartphone app, he or she is required to provide their personal identity information for verification purposes.
Later on, if a user applies for a product or service, the seller will have to request the user to share their PII through the OFID app. Upon reviewing the request, the user unlocks the app, scans the QR codes and sends the details. Nonetheless, the user can reject a claim if he feels the identity does not match or the request is not genuine.
The OFID platform will include web, mobile interface, a validator interface and a service provider interface. Each interface will facilitate the payment of OFCOIN, certificate service, index storage for identities and a query channel. Any participant can freely take part in the ecosystem since its an open-source IDV platform. The team at OFID takes cares of all the repair and maintenance needed for the platform.
Benefits of OFBANK
Whether a user, validator or service provider, the OFID platform is set to provide benefits to its community. Users get a low-cost and efficient identification process. That is helpful regarding safety and security especially considering the nature of global transactions nowadays. Additionally, the use of smart contracts for trading assets constructs a secure model for investors to have secure transactions.
Service providers also get to cast off any inefficiency experienced with the verification process. As a result, this will lower the operating cost of the provider. The IT infrastructure cost will also go down since there is no need for the service provider to store the sensitive data physically. They also get to work with current identity validators who help boost the authenticity of the platform.
The project by OFBANK is somewhat ambitious, but this is unsurprisingly for blockchain technology. The main hurdle, however, lies with the platform's origins. It is common knowledge that authorities in mainland China are not so friendly with cryptocurrency and blockchain. Still, this situation presents little distraction for the OFBANK project.
In addition, the project is not of much value and based on the OFCOIN performance there is low potential in sight for the OFBANK platform. Not a viable plan to invest in if you are on such a course.