Bank3 is the first application that utilizes the League of Identity (LoID). It represents the practical implementation of an “Anonymous Identity-based Crypto Payments Service” as outlined in the League of Identity technical paper.
Bank3's allows users to send crypto assets directly to a Gmail address or a social media account, regardless of whether the recipient has a wallet. This allows senders to transfer assets without any prior communication with the recipient, making the process straightforward and efficient.
In practice, Bank3 can be implemented as a smart contract on any smart contract-enabled blockchain. This functionality allows non-crypto users to participate in the Web3 space, making crypto transactions more convenient.