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2. (AU2014101277) New method for banks, financial institutions and monetary funds to provide ethical loans finance including Islamic finance with no interest or usury. Banks, financial institutions and monetary funds can replace interest or usury using this new method which is an internal crypto currency block chain dependent process the minting of new coin and mining of transaction fees.
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2014101277
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New method for banks, financial institutions and monetary funds to provide ethical loans finance including Islamic finance with no interest or usury. Banks, financial institutions and monetary funds can earn the interest or usury using a different process which is an internal crypto currency block chain dependent process the minting of new coin and mining of transaction fees.
This new method is made possible because of the latest technology inside the crypto currency wallet as well as external factors. Customer applies for a loan bank approves the loan and at the same time the bank acquires bankcoin to the value of the loan. The bank then leverages the bankcoin 2x as a number lx goes to the pay for the bankcoin and the other goes to the borrower. The borrower makes repayments however it is only the principle that he owes as there is no interest or usury.
The bank makes its money by this new method using crypto currency bankcoin. How it does it is like this:
The bank would now have a bankcoin wallet installed on their computers. The wallet mints new bankcoins which is why there is no need for the bank to charge interest usury. It is an internal wallet process once you have coins in it and they have matured. This wallet also has the ability to mine the transaction fees throughout the entire bankcoin network a bonus to the bank.
The new method is made possible because of the latest wallet technology it has. Send, receive, transactions, statistics, blockexplorer, export, and other key components external to the wallet are fixed price for the coin this provides stability and confidence in the market, amount of coins that can be minted which is a % of the wallet balance, coin control, over all coin cap eg: 500M mined coin cap 100M, time frame to mine the 100M cap 10days, reserve insurance, all these things add up to the formation of the new method which can be replicated and exploited by making changes to the numbers within this method.