You don’t need to understand game theory, know any underlying algorithms or know about the latest bitcoin fork in order to grok what Baanda is, what it will do for you and society and why you should be excited about it.
Let’s start from the beginning. Baanda works on blockchain technology. Yes, blockchain is the latest buzz word, but there are solid reasons why Baanda uses it and we’ll get to that a little later. Actually, Baanda is platform agnostic so it doesn’t matter whether blockchain is superseded by the next big thing. Regardless of what the future holds, blockchain was originally devised for cryptocurrency like bitcoin. Obviously, to buy and sell a currency, you need a system that has immutability and mitigates the double-payment problem. That means that information submitted to the blockchain cannot be altered, amended or changed. Basically, nobody can mess with it.
Blockchain is not an app. It’s a way of storing information in a decentralized network. On the blockchain, information is stored in blocks of data that are public and hosted by thousands of computers simultaneously. Even though blocks are considered ‘public’, they are heavily encrypted so no one can read your personal data unless they have the private key. Whatever transactions that took place in the last ten minutes are considered a block. Blocks are mined and then stored in the blockchain.
The main reason that blockchain was invented back in 2008 was to prevent centralized banks and big corporations from controlling and manipulating our assets and data. One of the ways blockchain does that is by enabling a system that is decentralized and distributed. When you propagate something to the blockchain, it is vetted or verified by people called ‘miners’ who have special systems set up to vet and verify every transaction. Miners get a little bit of bitcoin for everything they mine. There is much more complexity and incentive to mining, but basically, miners verify transactions and store them for all to see. For every transaction, there are multiple miners. There is no central authority who is controlling any of this so the idea of a peer to peer network is truly manifested.
Blockchain mining as it is now is kinda costly and requires a lot of energy which is why blockchain will likely change or morph relatively soon. As I mentioned earlier, Baanda is platform agnostic so from our point of view, we anticipate ongoing changes and enhancements to the platforms and we welcome them with open arms.
In 2014, there was a new development called Ethereum. Ethereum is an open source software platform that uses blockchain technology. It was devised to help developers create applications on the blockchain. Specifically, using Ethereum, you can create Smart Contracts. A smart contract is a contract between any number of individuals or groups that is managed and executes, like any computer code, when certain conditions have been met. Plus, the outcome of a smart contract on the Ethereum has all the strengths of blockchain - a smart contract is immutable, reference-able, decentralized, distributed and tamper proof.
All over the world, people are going gaga over the possibilities of this nascent technology. You can store all kinds of information on it and build all kinds of applications. Think of what you can do with a system that enhances security and removes the middleman from most transactions. Right now, programmers are creating a broad range of applications in areas such as finance, insurance, crowdfunding, supply chain, real estate, etc. This is a global effort and there is a strong feeling of activism in the blockchain community. We want to disrupt the way business has been done for far too long that favors big corporations over the little guy, that favors big banks over the needs and the well-being of regular people. In many parts of the world, corruption is part of everyday life and in order to get anything done, you have to pay a bunch of bribes to government authorities. This system allows people to bypass all that.
Now, we get to the big question - what is Baanda? Baanda is another layer on top of Ethereum, or any other emerging platform like Ethereum, and takes it a step further. First of all, in order to use Ethereum, or any similar product, right now, you need to know how to program or you need money to pay someone to program it for you. There aren’t a ton of people who know how to do that. Baanda has created a simple solution so that anyone can create smart contracts and propagate them in the Ethereum. You don’t need to know how to program at all. People just like you and me can use this to create everything from basic roommate contracts to more and more complex contracts like buying a house, e-commerce, supply chain or investing in a friend’s small business. This first stepping stone opens the door so that everyone can use this technology - not just an elite few who can either program or have money to program. Baanda not only develops smart contracts in natural language (e.g. English), it also develops distributed applications (DApps) needed to author and use the contracts. But that is just the beginning of what Baanda can do.
One of the biggest challenges we face today is the idea of trust. Who can we trust these days? Not banks or elected officials, that’s for sure. Not corporations - they just want our money and our data which they will sell to the highest bidder. People don’t even trust their family members or neighbors. If that’s the case, how can anyone create a contract with anyone and be sure that it’s not going to land up in a legal mess? Well, you can never be sure, but Baanda aims to help. We are going to redefine what it means to trust by creating a system that works for you, only you and always in your best interest. It will be your invaluable and invisible friend who is connected to everyone else’s invaluable and invisible friend. Baanda will help you figure out who you can trust, who you can live with, who you can work with, who you can do business with and everything in between.
In today’s world, agreements are mediated by central authorities like banks or corporations. In the Baanda world, agreements will be mediated by underlying mathematics and technology. Baanda will enable the creation of immutable contracts with associated contextual events, triggers or alarms. Banda won’t replace the existing legal system, but in case there is a conflict, it will aid the legal process by providing the chain of contracts, initial intents and all related event logs.
Over time, our system will learn more and more about you, what your desires are and who you are as a person. Using metrics and a ranking system, it will be able to score you in many categories. For example, let’s say you are an aspiring small business owner looking for a few investors and over time, you score high in trustworthiness, but low on budgeting and personal finance. There are some people who are interested in working with you, but they are fearful of your low score in budgeting. Baanda can recommend some online courses to help you boost your score. The people can see that you’re trying to improve and that maybe you simply suck at math or that you had some bad luck in the past. The fact that you are trying to improve might make you more appealing to prospective business partners. Here’s another example, let’s say that you are looking to share a house and you are a neat freak. It drives you crazy when people leave dishes in the sink or won’t take out the garbage. Baanda can help you find someone who is not only willing to meet your standards, but capable of meeting your standards. Let’s be honest, some people just can’t be tidy no matter how hard they try. Baanda can help you assess relevant metrics and come to agreements that work for everyone involved.
Using blockchain technology for authoring immutable smart contracts is a small part of Baanda. Baanda will search the world and find like-minded people and introduce them to each other. Baanda will help people cooperate and assist them with knowledge and mediation. Baanda will partner with subject matter experts to develop domain centric expertise. Using IoT, Baanda will sense the environment and the health of participants automatically. While continuing to learn about the people it serves, Baanda can assist them more and more. Moreover, learning from many people simultaneously, the system will become richer and will grow and learn and we will be able to continue to enhance it. Apart from blockchain technology, Baanda will rely heavily on AI (artificial intelligence), IA (intelligence augmentation), IoT (Internet of things) and the power of cloud computing.
We live in a society that is fragmented, but also dynamic. We make all kinds of assumptions about each other based on where we are from, what color our skin is, what language we speak, etc. By eliminating the need for trust as we know it, smart contracts will change the very fabric of human society, commerce, governance, social-interactions and social psychology especially when this technology becomes be a tool for everyday people. Banda will be there leading the way. Baanda will help us find one another among billions of people on this giant blue planet.
We have so many ideas about what Baanda can be in the near future, but our highest goals are to help people connect with each other and to create a global economy that has potential for anyone, anywhere in the world, and does not enable the rich or the people in control to heap it all upon themselves. Baanda gives people the power to create the world they want to see.