The Hellenium Project one of the first meta-banks

The ways current financial institutions are serving societies cause more problems than they solve.
Point me to any business or person who believes the opposite about his bank.
Neo Banks are gaining strength by the day. They are challenging existing anachronistic practices and are simplifying the way people access financial services.
The fact they did not succeed, despite the benefits they offer vs existing institutions, is evident of the fact that they are just a step in the right direction but not enough to cause significant institutional shift. A pain killer, if you want, to a patient that needs surgery.
The waves of change in financial systems and institutions are evident for all to see. Financial technology is a key enabler of this change. Changes are happening for years now. The speed of change is accelerating.

We built the Hellenium Project over the last 5 years to speed up the change process.
We built it guided by our socioeconomic believes. The unwritten rules of societies dictating what economics should look like rather than capital-influenced regulators.
Institutional changes resemble waves creating ups and downs in societal structures. In every case there are winners and losers. Enterprises that ride these waves and those that remain in the trough and are swept away.
Shall we remind you of digital photography, the mobile phones, e-commerce?

You can imagine Hellenium as the surfer riding the social change waves that are about to sweep away old practices in the sea of globalisation. It is opening the gate to novel ways to serve basic social needs.

To understand the difference, between the two approaches, legacy banking and the meta-banking one needs to be reminded of the social needs the banking system was built to serve. The basic of these briefly were:
• Recording one’s fiscal assets by offering them current accounts
• Enable cross-border trade by offering currency exchange facilities
• Enabling money transfers between legal entities
• Enabling cross-border remittance
• Acting as the warrantor/mediator of the correct execution of contracts between two mistrusting parties through escrowing services
• The provision of credit in the form of loans, credit cards and credit transfers (i.e. Direct Debit, payment in instalments etc.) using available assets as well as fiat ones
• Enabling face to face trade through the use of POSs, providing currency liquidity through cash distribution on behalf of Central Banks or loans and enabling e-commerce through the use of third-party networks (i.e. VISA, MC etc.)
• Enabling entities access to financial instruments/investments from saving accounts to the issuance of bonds
All of the above are indeed accomplished. The problem however is that these service provisions, neo-banks included, are costing the societies $ 23 tn per year, and severely restricts the freedom to any legal entity in managing their money reserves or its cash-flow to its benefit without having to pay commissions.
It all have to do with how the system is organised and the number of mediators involved for any of the above provisions to be accomplished.
Why despite this cost businesses and citizens tolerate it?

There are several reasons.
• States depend on it and support it vigorously.
• Powerful businesses and wealthy individual that can affect governmental decision-making benefit from it or actually own it and can bypass it when is needed
• Societies in general are oblivious of the actual cost of their banking system and those that do either do not have the means of changing the institution themselves or suggest viable alternatives.
You see, Banking is one of the powerful institutions that ever existed and this is true for every society. States will protect their Banking systems as they depend on them to function. It is a very costly dictatorship that every legal entity unfortunately needs to endure.

There is hope though. Institutions, powerful or not, are created by societies and they exist for as long as they serve them. To replace them though, new better propositions need to appear, propositions powerful enough to overcome the inherited in societies fear of change.
The hope derives from technology.
Technology is a proven enabler of change acting as a social enzyme that alters the DNA of existing institutions. It has the potential to accelerate the transition and overcome societal reluctance to accept it.

You can smile now. Change has started and even lay persons can recognised the signs of rapid changes in fiscal behaviour of individuals, businesses and the Central Banks themselves.
The widespread use of the internet, Online Banking, Blockchain, Crypto assets, Crypto Exchanges, Blockchain enabled cross-border transfers, State sponsored digital currencies…are all change waves that are eroding the institution of Banking rapidly.
New ideas are being tested constantly and new practices are being introduced until they are finetuned to a degree to become the new norm (i.e., online shopping).
But the change remains painfully slow. The $23 tn per year keep on increasing.

The Hellenium Project is an attempt, a carefully designed metalaxis, to introduce alternatives powerful enough to accelerate change. It is packed to the rafters with technological innovations all intertwined to each other with the end result being powerful enough to challenge legacy practices.
It is creating the first of, hopefully many to follow, meta-banks.

The basic principles underlying its approach are based on the same societal needs but is altering the to avoid which are in direct contrast with existing practices can be summed briefly by the following:

• There is no us and them mentality within its operation from inception. Our customers are our stake holders. Their benefit is our benefit.
• We are remunerated AFTER you make a profit NOT BEFORE
• We do not have offices as almost all of our “officers” are Learning Systems, AI routines or our “Customers” themselves. Our operational cost is nearing zero. We have on the other hand lots of highly skilled developers and analysts.
• Our Accounts are available to any legal entity wherever located provided its country does not oppose our presence, despite our compliance with all local operational frameworks
• The Hellenium Project is a universal decentralised “bank” with no headquarters at any specific state. We appear when is needed for licensing and taxation reasons only
• We operate on the cloud obeying all regulatory frameworks wherever our processes make a “landfall” but having our own socio-friendly code of contact at the same time
• Hellenium serves by design technologically interconnected country-agnostic ecosystems rather than individual entities (see 2DVVI in The AI Book). Any global supply chain can fit in with ease
• This allows the creation of Closed Loop economies (see Article in this series) the members of which are enabled through Smart Contracts to create their own rules instead of State imposed ones
• Consumers are an integral part of these ecosystems, the end points of B2B2B..2B2C supply chains. They own Hellenium as much as any participating business or us
• Systemic decision making is happening through AIs. No human can meddle with it.
• Interconnections and interrelations between entities are all based on AI or ML enabled Smart Contracts embedded in time-bounded trust lines. Human “error” is not possible
• Thanks to the above KYC is expanded as a notion to include trust by a third party. Their status within any given State is irrelevant.
• Trust lines that define interrelationships are 3-dimensional containing Fuzzy logic inspired degrees of existence, where risk and time are part of the equation.

As such,
• Accounts are open to any entity with at least two trust-lines towards it. This way no human should be financially excluded from this meta-banking environment
• Accounts are multifunctional blockchain based e-wallets that can contain any type of information on top of their transactions’ history and both tangible and intangible assets
• Access to any information is account-holder defined
• There is no possibility of a fraudulent behaviour by any member of the system or the outside “world”.
• For all those entities that do want to integrate to these ecosystems, costly cross border transfers, currency exchange or remittance will be a thing of the past
• Money transfers can happen at no cost. YES, TRANSACTION ARE FEE_FREE
• Smart Contracts have replaced any escrow service and bury no additional cost
• Trust lines determine the credit ability of an entity rather than any Agency or Regulator.
• AIs determine an entity’s credit needs and the ways it will repay the ecosystem that will provide it.
• Any entity can become a Market Maker signalling the end of the costly ATM networks
• Payments can happen through the interaction between IoT, AI and Mobile in all possible combinations bringing to an end the era of “authorised” merchant acquirers, cards in all their forms, POS, e-POS etc.
• Credit transfers are trust-lines-based and they are automated
• One and the same system will be used for everyday online and offline transactions (see u-paid-m)
• Personalised loyalty programmes covering a multiplicity of needs in tangible and intangible assets will take the place of existing ones
• AIs will be able to take over managing and investing entities’ surplus based on one’s risk-taking appetite

It is a brave new world meta-banks will introduce to the benefits of us all. And this is only the beginning. Follow this link if you want to own a part of it.