Project ABLE - As an alternative to the banking system

in #able3 years ago

  

  Usury is actually many more years than the notorious novel and there were always those who took out loans at interest and, accordingly, those who issued these loans. The banking system, in its essence, also rests on similar manipulations and changed only the form, but not the essence of the procedure. As for blockchain technologies, they have appeared quite recently and have already gained popularity among their fans. Blockchain technologies have found application in many areas, including banking services.   

Imagine a platform where people could lend and borrow money at interest on mutual trust and with a guarantee of security, bypassing banking systems, with their expensive offices and numerous employees, whose salary, in fact, forms sometimes considerable interest rates on loans. Until recently, such a platform seemed to be something unreal, but today a new project called ABLE has been presented, which will make such operations a reality.   

The developers of ABLE strive to create a Bank of the future on the basis of blockchain. This platform was created specifically to form a single space for obtaining decentralized loans. The current banking system is a thing of the past, and existing banks still don't allow you to get a loan directly from the lender. This is because the model copies a centralized system of conventional banks, which deprives users of many advantages of a decentralized system.  


The essence of the ABLE project  

  As a rule, the bank acts as an intermediate link between creditors and borrowers. Thanks to low deposit rates and high loan rates, banks make a profit. The idea of ABLE is to remove the bank as an intermediate from the chain. This would allow lenders and borrowers to agree among themselves on the most favorable terms for both sides of the loan.   

Traditional banks are centralized institutions that are more vulnerable to hackers than online banks. If the bank goes bankrupt, both depositors and borrowers will suffer. The use of a decentralized model avoids the risks associated with traditional financial institutions.   

The developers of ABLE want to replace all the traditional financial instruments that customers may need. All processes are based on the use of smart contracts, which will avoid cheating on the part of other people.   

By removing the intermediary, the profit goes directly to the creditor's pocket. The borrower receives a lower rate on the loan, and the lender receives more favorable conditions than in the bank. ABLE will use smart contracts to assess the creditworthiness of borrowers.  

  Who would be interested?  

  Of course, the creation of such а project ABLE will be interesting to almost everyone, because the need to obtain credit funds arises, sooner or later, literally touches every one of us. In addition, there are and will always be people who are ready to issue loans on favorable terms and get their small or significant profit from it. Therefore the project ABLE will be interesting for:  

  • Investors; 
  • Borrowers; 
  • Creditors; 
  • Representatives of financial institutions, etc.  

  Unlike the traditional banking system, the ABLE platform will be much more secure, reliable and all operations will be based on full mutual trust. It will be possible to pay the credit body or interest for using the platform with the system tokens.  

  Details of the ABLE Crowdsale and the economy of tokens  

  The platform plans to use two types of tokens: ABLE Coin and ABLE Dollar. With the help of ABLE Coin it will be possible to pay the service fee, ABLE Dollar will be used to pay interest on loans. Coins can be exchanged between each other if necessary. In total, it is planned to sell 60% of ABLE Coin in the ICO, which is 15 billion coins. Of the remaining coins, 15% will go to the reserve, 10% will be given to team members and sponsors, and 5% will be provided to marketers and strategic partners. For 1 ETH you can buy 40 000 ABLE Coin.   

Today, two pre-sales for the residents of Korea have already passed, but according to the road map, it is planned to conduct two more stages of crowdfunding, which will be available to everyone. The first stage will be held from June 27 to July 10, the cost of one token ABLE will be 0.00205 us dollars. The second phase will be held from 16 July to 10 August, the cost of token will be 0,00215 us dollars. The minimum investment is set at 0.5 ETH, the maximum threshold is not set by the developers.   

Judging by the results of pre-sale in Korea, where was raised over 10.000 ETH in booth stages, the project is quite popular among investors, and therefore it makes sense to look more closely at the new platform ABLE.  

  The task of the project is to solve urgent problems that have accumulated in the field of Finance. Please note that a large part of the development team are citizens of Korea and the presale was conducted exclusively for the people of this country. Perhaps this suggests that ABLE is rather focused on the Asian market, at least the desire to keep most of the platform's capital in one country is obvious.   

This is somewhat strange, since the idea of creating a decentralized platform initially does not imply such behavior of developers. However, the subsequent stages of token sale suggests that citizens of other countries, not only Koreans, will be able to take part in the project crowdsale. Which proves once again that the team behind the project are surely aware of what are they doing, and how to brings this project in other countries as well. Smooth and well planned development is the key to success for ABLE project.  


References  

Web Page: https://www.able-project.io/  
WhitePaper:  https://www.able-project.io/data/AB_whitePaper_Eng_180502.pdf  
Twitter:  https://twitter.com/Ablecoinproject  
Telegram:  https://t.me/ABLE_Project_EN
BTT Bounty:  https://bitcointalk.org/index.php?topic=4450204.0    
BTT ANN:  https://bitcointalk.org/index.php?topic=3159298.0  
Author: https://bitcointalk.org/index.php?action=profile;u=1143460

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awesome blog

Thanks for stopping by @binoy2018 🙏

Great review @mak2017! I’ve just found myself another great project to follow and most likely even invest in it.

We're doing our thing for you and your post.

Road map from this project looks really well planned and i hope the developers can keep up with the timetable on their road map to deliver an awesome product at the end.

Finally a project with real idea to take out middleman from loan industry and make loans more cheaper for people who need it.

Hmm, ABLE caught my eye with this review for the fact they have raised already an impressive sum of ETH and also having a very professional team & advisors. This will be my next investment for sure.

ABLE has raised a really huge amount of ETH even on such a bearish market like we see today, definitely a project to keep an eye on.

Looks like ABLE has a really great potential to reach success or at least take their niche in this financial industry.