Able Project– The bank is an intermediate link between creditors and borrowers. Due to low deposit rates and high credit rates, banks make a profit. The idea of ABLE is to remove the intermediate link-the bank-from the chain. This will allow lenders and borrowers to agree among themselves on the terms of lending. Thanks to the removal of the mediator, the profit goes directly into the creditor’s pocket. The borrower gets a lower rate on the loan, and the lender gets more favorable terms than the bank. ABLE will use smart contracts to assess the creditworthiness of borrowers.
Traditional banks are centralized institutions that are more vulnerable to hackers than internet banks. If the bank bankrupt, both depositors and borrowers would suffer. The use of a decentralized model eliminates the risks associated with traditional financial institutions.
In addition, the platform can be used to issue salaries, developers are able to want to replace all the traditional financial instruments that may be needed by customers. All processes are based on the use of smart contracts, which will avoid cheating on the part of other people.
The economics of the token and ICO details
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 service fees, ABLE Dollar will be used for interest payment. Coins can be exchanged between them. Developers will release 25 billion tokens and a $1 billion token, and no further release of tokens is planned. The network consensus algorithm is based on proof of stake (PoS), which has a number of advantages for investors.
In total, the ICO plans to sell 60% of tokens ABLE Coin, which is 15 billion tokens. Of the remaining tokens, 15% will go to the reserve, 10% will be taken by the team members and sponsors, 5% would give to marketers and strategic partners. For 1 ETH You can buy 40 000 tokens.
At the moment two stages and two pre-sale stages of sales for the citizens of Korea have already passed. There are two stages of sales in the queue, where tickets will be sold at all:
The first stage is already from June 27 to July 10, the price of one token is $0.00205. Hardcap-4 000 ETH, the maximum volume of sales-12.7 million tokens.
The second stage will be held from July 16 to August 10, the token price is $0.00215. A hard cap is 11000 ETH, will sell 33.5 million tokens.
You will be able to buy tokens for Bitcoin. The minimum amount of investments is 0.5 ETH, the maximum threshold is absent. The coins will be distributed at the end of August. Among the investors in Korea The project is popular, Hardcap round ICO is usually achieved in a few minutes.
The project has just begun, at the moment there is no finished product or at least part of it. By the end of 2018, P2P services will be developed. The whole of 2019 will be devoted to the development of the main network, financial platform and ecosystem. The test run is scheduled for the end of 2019, and the platform will be fully operational in 2020.
The task of the project is to solve actual problems in the field of finances. Please note that most of the development team are Korean citizens, and the sale was exclusively for residents of this country. Perhaps this suggests that ABLE is more focused on the Asian market, at least the desire to keep most of the capital of the platform in one country is obvious. Thanks to the use of PoS, we can already say that the consensus in the network will be mostly Korean. The idea of centralization of the shareholders of a decentralized project is rather strange and unusual.
In the global market of decentralized loans, developers face intense and serious competition. The reality is that those who want to revolutionize the world of finance and be at the forefront of the inevitable process of change are more than enough.
As the finished product has not yet been presented to the public, it is too early to judge its prospects. What the team does not hold, so it is scrupulous-in the text of the white Paper can be found a lot of details about the state and no information about the planned allocation of funds. This documentation is likely to be finalized and will be more detailed in the near future.
DETAIL INFROMATION :
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Twitter : https://twitter.com/Ablecoinproject
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