BFEX: Implementing the Blockchain towards Ending Poverty

A lot of people never break out of the poverty level into being financially okay. It's not as a result of being lazy or not having the right ideas to propel them forward in life monetarily. Actually, it's the opposite. A lot of poor/lower end of middle class people work a lot. If we're up for that debate then I'm sure most of us know those with blue collar jobs actually work the longest hours and have the most energy sapping jobs. However does this mean these guys don't think or what? The fact is they have ideas that might never get materialized simply because of unavailability of funds.

Take for instance, the social media giant, Facebook, the third most visited website in the world. Its founder, Mark Zuckerberg in 2003, had the idea for a socially interactive website that would perform better than the then current social media giants, MySpace and Friendster. He needed funds to run a major part of Facebook's hosting and sourced them from his best friend, which was about 1,000$ initially until the figure later got to 19,000$. But that's not the point.
The major thing is just to imagine; what if Mark never got those funds to run his website? Would he be the billionaire we know today? I guess not.

Looking back at that fact, one can only wonder how many people with similar ideas that never saw the light of day. Financial institutions of today are supposed to help in this aspect but use a flawed system to determine who they lend funds to; Credit bureau scoring. Anyone who wants to get a loan and has issues with the credit bureau won't be able to get a loan at all.

BFEX realizes this and aims to switch the type of credit scoring used by financial institutions to give loans from credit bureau scoring to Social Trust scoring. The difference between the two is that the credit bureau pulls data from payment history to score one's credit and the latter scores based on personal information, credibility of the person, on time public utility payments and so many other factors to build the perfect scoring system. BFEX also intends for its tokens to be a medium of exchange of goods and services offered by its business partners.

Benefits of BFEX

• To the borrower who has that innovative idea, he/she can borrow the same amount of capital needed to develop the next big thing and break out of the poverty line. It comes with no subsequent costs or with a catch as it normally does when one gets frustrated and borrows from loan sharks.

• To the lender, it’s a form of investment to get profit. The profit comes in the form of the interest paid to the lender by the borrower as is required. In the case of lending, there needs to be no fear by the lender as every BFEX holder's identity will be verified.

• To the BFEX holders, the amount of BFEX held will steadily increase over time as BFEX aims to give half of its cashbacks to users.

BFEX Token Sale

It’s an ERC223 token and its total supply will be 210,000,000. The price for one token at ICO will be between 0.3$ to 0.5$. The hard cap to be reached is 36,000,000 USD.

To get more information about BFEX, visit the links below

Website: https://bfex.io/
Whitepaper: https://bfex.io/pdf/en/bfex_white_paper.pdf
Telegram: https://t.me/BfexOfficial
ANN Thread: https://bitcointalk.org/index.php?topic=3375492.msg35948905#msg35948905
Bounty Thread: https://bitcointalk.org/index.php?topic=3384033.0
Facebook: https://www.facebook.com/bfexofficial/
LinkedIn: https://www.linkedin.com/company/bfex/
Twitter: https://twitter.com/officialbfex

Medium: https://medium.com/@bfexofficial

Author Username: DJHaywire

Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=2037035