Humanity feeds percenter thousands of years. We know about enterprising usurers who profit from loans at interest since the VIII century BC. The banking system in the modern sense originated in the XVI century in Italy and is alive to the present time. As for the blockchain, it appeared recently, but has already found numerous applications and adherents around the world. The use of blockchain promises many advantages, but the main is that it allows you to do without intermediaries. Since people can not resist the thirst for profit, it is logical to call for help mathematics and computers. This will reduce the cost of banking services and, for the first time in thousands of years, allow people to trust each other.

Developers are ABLE strive to create the Bank of the future on the basis of the blockchain. The platform will provide financial tools for obtaining decentralized loans. The current financial system is a thing of the past, and existing crypto banks still do not 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. 

 ABLE Project (ABLE) – a financial platform that provides exchanges and services for the management of assets of intellectual contracts, allowing to conduct banking activities on the basis of the crypto currency. The project is a decentralized bank on Blockchain. 

 

Problems of the existing banking sector

Traditional banking systems have problems. All of them can be divided into several categories:

• lack of transparency of banking systems. At first glance, the problem is not obvious. But if you look inside, it becomes clear why the services of conventional banks are relatively expensive;
• crediting. For many, loans are a problem. In addition to the lending rate, they have various super-charges and fines, which are groundless. But loans are taken for lack of other choice;
• commission for transactions and service charges;
• procedure for opening an account. It is complex. It is necessary to personally attend the bank and fill out the documents under the supervision of a special person;
• security cost. Old technology to ensure this process, which use modern banks, are expensive. These are personnel, document circulation, paper red tape, audits, provision of technological process of information processing, etc. The technology of blocking and smart contracts makes it much cheaper.

 

Solution of the project

 The ABLE project is aimed at solving problems associated with the traditional banking system. Problems associated with lending, problems with a complicated procedure for opening an account and opening a deposit account, as well as lack of support for decentralized crypto-exchange services. Basically, this project is designed to solve problems with transparency and increase security and reliability with the help of block-system.

The ABLE platform will be aimed at crypto currency, all financial activity will focus on the state of the account. Based on the fact that banking activities are carried out through bank accounts, users will be offered interest rates on loans through a matching system, eliminating the spread (difference) in loans and deposits, using P2P (one ranked network). The project will also support decentralized exchanges and provide services for managing a crypto portfolio through a smart contract.

 At the initial stages the project will provide:

• investment and credit mechanism;
• payments on investment dividends;
• convenient and simple procedure for payment and transfer of funds;
• investing in ICO projects, using a smart contract.

Platform architecture:

• ABLE application. Users can use complex financial tools in a convenient and simple application. The application will be available on both PCs and mobile devices.
• ABLE structure. With the help of smart contracts it will be possible to work with deposits, loans, funds, as well as distribute profits.
• ABLE API. These APIs are specialized ABLE APIs and basically include the same functions as the Ethereum APIs, but they include additional APIs that can handle personal data and customer details that are difficult to register with a public unit chain Ethereum.
• ABLE Ethereum Infrastructure. Initially, the ABLE project will run on Ethereum, using a crypto-currency gateway and a block system. In order to strengthen the banking / stock / payment systems, an effective core network will be created.

 Project Capabilities:

• Allows both depositors and borrowers to enter into a transaction at the proposed interest rate without an intermediary.
• Prevents the administrator's moral hazard and server hacking, while keeping the user's investment in the decentralized system

 

The economy of the token and the details of the ICO

The platform is planned 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 to pay interest. Coins can be exchanged between them. The developers will release 25 billion ABLE Coin and 1 billion ABLE Dollar, the subsequent issue of coins is not planned. The network consensus algorithm is based on proof of stake (PoS), which has a number of advantages for investors.

In total, it is planned to sell 60% of ABLE Coin within the ICO, which is 15 billion coins. Of the remaining coins, 15% will go to the reserve, 10% will be taken away by team members and funders, 5% will be given to marketers and strategic partners. For 1 ETH you can buy 40 000 ABLE Coin.

 At the moment has already passed two stages and two pre-sale stage of the sales for the citizens of Korea.
There are two stages of sales on the queue, where tokens will be sold to everyone:

• The first stage will be held from June 27 to July 10, the price of one token is $0.00205. Hardcap – 4 000 ETH, maximum sales-12.7 million tokens.
• The second stage will be held from July 16 to August 10, the price of the token is $ 0.00215. Hardcap is 11,000 ETH, will sell 33.5 million coins.

To purchase coins it will be possible for the broadcast and bitcoin. The minimum investment is 0.5 ETH, there is no maximum threshold. The coins will be distributed at the end of August. Among investors in Korea, the project is popular, hardcap round ICO is usually achieved in a few minutes. 

Team

 The project team has extensive experience in various financial sectors, including the national tax service and the national pension service. The team also includes specialists in finance, IT, and marketing. Consultants from the government, finance, investments are involved in providing a high level of financial services in a secured form. 

Roadmap

 The project has just started, 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 2019 year will be devoted to the development of the main network, financial platform and ecosystem. The test launch is scheduled for the end of 2019, and in 2020 the platform will work in full force. 

Conclusion

 The task of the project is to solve urgent problems in the field of Finance. Please note that most of the development team - are citizens of Korea, and presale was held exclusively for the inhabitants 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 evident. Thanks to the use of PoS, we can already say that the consensus in the network will be mainly Korean. The idea of centralizing the shareholders of a decentralized project is quite strange and unusual. 

 In the world market of decentralized loans, developers will face intense and serious competition. The reality is that those who want to implement a revolution in the world of Finance and to be at the head of the inevitable process of change – more than enough.Since 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 thoroughness-in the text of White paper you can find a lot of details about ABLE and there is no information about the planned distribution of funds. The documentation is likely to be finalized and become more detailed in the near future. 

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