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TASS interview with Polybius co-founder Ivan Turygin
first fully digital bank based on the decentralized ledger
technology — blockchain — is now being created in Estonia. This new and
unique financial institution is going to offer not only traditional bank
services but also to interconnect the world of traditional finance and
As Ivan Turygin, the co-founder of Polybius
told TASS journalist in the interview, he and his colleagues got the
idea of a new bank after being involved in cryptocurrency business for
four years. “At some point while visiting various blockchain (a
distributed ledger technology which is a base for
cryptocurrencies. — TASS) conferences we noticed that the audience is
quite diverse and includes bankers, investors. Lots of them were curious
how and where to use blockchain.”
such organizations as National Bank of Lithuania and First Credit
Bureau of Kazakhstan started to approach them with questions regarding
blockchain. “And we started to think: what if we could build a modern
bank using blockchain as one of the technologies? All document
management and intrabank transactions might be done using blockchain
because this technology allows to store the data securely and to confirm
its integrity with fewer expenses. Banks like that don’t exist
yet.” — Ivan says.
also used blockchain to raise funds. “During our ICO crowdfunding
people were purchasing special Polybius Tokens. Tokens allow us to pay
dividends via so called smart-contract system” — he explains.
the process of fundraising, Polybius project developers were consulted
by experienced international bankers from countries like Switzerland. In
a month the project raised 31 million USD which is enough to create a
What can a blockchain-bank do?
fundraising creates plenty of opportunities for further development,
project creators say. One of the possibilities is to apply for an EMI
license that allows the institution to start its banking activities on a
tight schedule. In 2018 Polybius plans to start offering traditional
banking services, such as accounts, loans, credit cards, once the
license in one of the EU countries is secured. Furthermore, Ivan is
confident that usage of blockchain might reduce expenses by half gaining
an advantage over other financial institutions.
second strength comes from the project developers’ experience in
cryptocurrency business. “Our goal is to become, as we call it, a
crypto-friendly bank. There is a lot of startups which are related to
blockchain and cryptocurrencies. Although when these young entrepreneurs
try to open an account in a traditional bank, they usually get
rejected. Banks’ risk management departments do not really want to deal
with cryptocurrencies. On the contrary, we are in the loop; therefore we
are ready to open them accounts and help with their projects, for
example by financing them” — says Ivan.
believes that the potential of this market segment is huge. “Economy of
cryptocurrencies grows in an unpredictable and uncontrolled way. In the
latest year and a half, total capitalization of all cryptocurrencies
has enormously risen: from 5,5 bln USD in January 2015 to more than 83
bln USD today. The annual rate of growth is three-digit” — Ivan
now, there are no plans for the bank to work with cryptocurrencies
directly as it is illegal due to EU laws. But people in Polybius believe
it won’t hurt the workflow. “Our primary mining business has already
brought us more than 700,000 users from all over the world (including
Russian Federation and CIS member states). We are going to offer our
bank services to those people. Just as they trust us and our mining
service, so they are going to trust Polybius” — Ivan supposes.
Blockchain for the future
and cryptocurrencies are changing our reality, and the establishment of
digital banks is only one example of those changes, Polybius’ founders
think. “Traditional paper registries are digitized. The blockchain is
enormously popular because of its ability to store data cheap and
safe.” — Ivan states.
founders are going to contribute to the development of digital
bureaucracy by introducing the Digital Pass solution to the EU.
“Estonian national identity card allows citizens to access their
personal data, bank accounts or national registries quickly and easily.
One can also vote online using such a card. Our idea is to introduce an
upgraded eID solution to the EU, employing some cryptocurrency-featured
technologies.” — Ivan says.
Polybius user will get a Digital Pass and therefore an option to
provide access to encrypted data, such as credit and insurance history
and potentially — medical and education records, land ownership and much
more. “Imagine you’re skiing in the Alps and God forbid you to hurt
your arm or leg. You get to a Swiss hospital and neither the doctor
speaks English nor you speak German. But with the Digital Pass in place,
hospital staff should be able to get all the required medical
information anyway.” — he explains.
Blockchain perspectives in Russia
believes Russia will not be left behind of this dynamic blockchain
development. “There is a lot of talented people in Russia, and they
might play a significant role in the development of digital
technologies. Would you take a look at the biggest blockchain and
cryptocurrency market insiders, you’ll definitely notice some Russian or
Ukrainian names there.” — he says.
the St. Petersburg International Economic Forum a lot of our Russian
partners and buyers started addressing us. Many of them were eager to
utilize fresh blockchain development programs that appeared in some
regions with the government’s help. They intend to open some innovative
technoparks — it seems blockchain was given the green light in
Russia.” — Ivan considers
the 25th of July 2017, we have had to close our Crowdsale early. The
Parity Multisig hack caused a vulnerability in the crowdsale contract
due to the hacked multisig being the owner of that contract. The open
crowdsale contract was still vulnerable to malicious actors so we were
forced to finalize the contract ahead of schedule.
the past week we’ve been working with the WHG to come up with a
solution to preserve the crowdsale contract and save the ether while
making sure TIX would be able to go live. We were unable to arrive at a
solution without closing the crowdsale contract.
night WHG returned the funds they have been holding so we could
finalize the crowdsale contract, save the ether and protect the TIX from
an attack by a malicious actor.
morning we performed this action and we have successfully finalized the
crowdsale contract. All ether is now back in our control, except the
3916 ether still held by a second white hat party. We’ve been in contact
with him and these funds will also return to our control in the
What does this all mean?
The Blocktix Crowdsale has now officially ended, with a total of 37,032,710 TIX sold, raising a total of 6,981,328$
in funds. Whilst not filling out our full goal of 7.7 million dollars,
we are more than confident we’ll be able to realize the plan that is
Blocktix in full form.
the contract finalization means that our token TIX is now officially
live. Everyone that bought in the crowdsale can now move around their
TIX wherever they might please.
I bought in the presale and don’t see any TIX yet in my address?
due to the vulnerability in our contract we haven’t yet been able to
distribute these funds. The prebuyers that have provided us with their
ether address and signed their SAFT will receive their TIX in the
upcoming 24 hours. This afternoon we will update the list and e-mails
we’ve received over the past weekend and send out those SAFTs for
What happens with the remaining TIX in the contract?
our finalization action (2905 ETH was sent) we received a total of
2,967,290 TIX in our own address. Of those TIX received, 100,000 TIX
will be awarded to the WHG group as a donation and thank you for the
help they provided during this time.
feel burning the remaining TIX wouldn’t be the right way to handle
these tokens, so we have decided to award them to you, the people that
bought our token in the crowd/presale and trusted their funds in our
vision for the ticketing platform of the future.
means that the remaining 2,867,290 TIX will be distributed to those
that joined the crowdsale and the presale. We will set up a claim
contract in the upcoming week for these to be distributed. In short this
means that for every 1 TIX you bought in our sale you’ll receive an
the 100,000 TIX that will be sent to the WHG’s address, we as a team
have also decided to set aside a total of 250 ETH to help make up for
the funds lost by other Ethereum projects that were hacked by blackhat
hackers. Once we have information available to send these funds, we’ll
do so to help support these projects. Blocktix was fortunate that the
WHG removed our funds prior to any black hat hacker and believe Blocktix
should offer this contribution as a token of good will and in
The Road Forward
that the crowdsale is closed and all our funds are safe, we can fully
move forward with Blocktix. We are in contact with exchanges to get the
TIX market added and hope to be listed by mid August. Until that time
we’ll make sure everyone can claim their extra TIX and that the presale
buyers get their TIX distributed to them.
forward, we expect to provide bi-weekly updates on the development
progress of Blocktix and updates to the event schedule when available.
like to thank everyone that has bought TIX, helped us within the
community (idol, bennybig and dizzle for being the awesome moderators in
Slack as they are) and of course a very big thank you goes out to the
White Hat Group for helping us during this past week.
some may see it as heavy handed bureacracy, there is a clear and real
reason to regulate this activity to safeguard consumers and it is
potentially a turning point to sort out the ‘wheat from the chaff’.
with a clear and transparent business plan and structure will now
benefit because of this potential regulation. What is needed, however,
are clear guidelines that are not so onerous that they will dampen the
ability for start-ups to take advantage of technology that is so clearly
an improvement on legacy systems.
this regard we may need to wait and see what kind of regulation is
forthcoming. In the current climate there is a need to encourage, rather
than suppress, this new dawn in immutability and transparency.
Cloakcoin (cloak) Security Audit and Open-Source release
Hello Community & Friends!
Even the hardest workers need to re-energize, so please be informed that most of Team members are about to go on their annual summer holiday (some are already there). Cloak Team is entering vacation mode from August 01 until August 25. During this period there will be no major updates or big news, of course there will always be someone monitoring and managing the project, but mostly from the back-office. The community and available Team members continue the awesome work of supporting the new people arriving to the project.
We'll be returning to work after vacation and look forward to kick-off the much awaited developments in the project:
Security Audit and Open-Source release
Specialized security companies have been contacted for the code audit before the Open-Source release. More details on that will be announced soon.
The Rouge Project Bounty ProgramsBug report bounty program The project will award RGXB tokens as follow depending of the severity of the bug or problem reported :Typo/spelling mistake on twitter/the website/bitcointalk: 2 RGXB Accepted improvements/suggestions github/the website: 20 RGXB (we reserve the right to disagree with your improvements/suggestions)Bug on the website/github: 100 RGXB (a function/feature is not working as expected) Moderate security bug : 1000 RGXB (the bug could provoke major disruption in the ecosystem or leak non-public information) Severe security bug:
10000 RGBX (the bug could result in financial loss for the project or
its users - should be reported privately before a fix is available)
Twitter bounty program
You should have at least 90% real followers, with minimum 40 followers, and a minimum of 6 month old twitter account. Please register first here :
There will be no RGXB distribution without prior acceptation of your twitter account. The conditions (follow, retweet, mention) should stay valid until the end of the bounty campaign (1 week before the RGE crowd sale).
Payout: (12 RGXB per follow + 2 RGXB * followers / 50 per retweet, 3 RGXB * followers / 50 per mention). No more than 1 retweet/mention per day.
The newsletter affiliate program
You can now register any Ethereum address on our bounty page https://rouge.network/bounty/. Doing so will generate affiliate links that you can use anywhere (social media, emails, blog posts, etc).
You will receive 10 RGXB tokens for each person who will subscribe our Newsletter after following your affiliate link (max 100 persons).
The translation owner of a language must maintain the target language announcement up-to-date with the original until the RGE crowd sale start. He must also report to the Rouge Token team or the English thread questions or problems the local language community won't have been able to answer themselves. Translation owner will have access to the Rouge Slack Team to coordinate their work with us.
If, your language is still available, please FIRST register with the following form :