Croatian Startup using a Platform for Banks without Bankers

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Bspend joins the revolution in fintech and IoT.

The cloud platform Ethereum, which is taking the financial industry to the next level, now has its first Croatian app. It is a computer game Etherization, based on the model of the once popular Civilization game, reports on June 29, 2016.

Vedran Kajić, the founder of Bspend, a local startup which was the first one to install bitcoin ATMs in Croatia, says that he created the game motivated by the desire to try to do projects on the Ethereum platform. “Both bitcoin and Ethereum are based on the so-called blockchain technology. The difference is that the bitcoin technology is being used in a way the internet was used before the dynamic websites appeared, while Ethereum at the same time opens up the possibility for users to do what is possible on the internet of today”, says Kajić.

Ethereum platform was presented a little less than a year ago. The market capitalization of its cryptocurrency Ether exceeded one billion dollars. Deloitte and ConsenSys have announced that they will work on developing their digital bank on Ethereum. The platform is also a place where IBM works on its IoT projects, similar to what Microsoft does. Meanwhile, the consortium of the world’s largest banks R3 connected Ethereum with Microsoft’s Azure cloud platform to enable financial institutions to build private blockchain networks using this new product.

“Ethereum applies blockchain in a way that makes the banks, investment funds and other financial institutions substantially increase the level of transparency of operations, thus affecting the manner in which financial institutions will operate in the future”, says Kajić. An example of this is the Decentralized Autonomous Organization (DAO), an investment organization without investment managers which a month ago through a crowdfunding campaign raised 168 million dollars of capital from more than 10,000 people from around the world.

It was the largest crowdfunding campaign so far. Kajić adds that Ethereum allows for the creation of different kind of organisations where managers will largely be superfluous in the same way workers are today. However, the functionalities are numerous. “The applications have already been developed for the Ethereum which have the capacity to compete with Airbnb and Uber”, adds Kajić.

Croatian game Etherization has no graphical interface. It is being played in the text mode, as it was done before in DOS. Kajić explains that the game has its own financial system within which you can finance and build production facilities, earn income and continue to invest. The currency used in the game is ether. While Kajić is mostly interested in the financial industry, Steam, the largest global online store for games, has already started using Etherum.


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