ABLE: A Cryptocurrency Exchange Platform That Links Borrowers to Creditors Directly Powered By The Blockchain

Introduction

The current structure that the commercial banks operate is one in which banks borrow on a low interest rate and lend at a high rate to customers, thereby, leveraging on the lending-deposit spread.

The banks acting as middleman receives the money from the creditors and borrows out to those in need of cash at a high rate and make their gains from the difference. This is clearly exploitative of the banks as they make profit at the expense of both the creditors who own the money and the borrowers to whim they lend.
Although, there are cryptocurrency-operated banks that offer their services majorly through a centralized system. The twin evils of running on high interest rates and using a centralized platform by these banks makes them extremely susceptible to financial crimes and external attacks on centralized servers.
The absence of a decentralized system in cryptocurrency market debars participants from encountering multiple banking options.

ABLE Platform

ABLE Project seeks to resolve these challenges by introducing decentralized blockchain mechanism. By building a matching system that links creditors together with those who want to borrow on a peer-to-peer basis, the ABLE project presents a solid link between the two without the need for middlemen.
As middlemen and borrowing spreads is removed, the interest rates to be paid on the cryptocurrency is reached by a mutual consent between the participants in a fair market. The rates agreed by the two parties becomes the market interest rate.

With the ABLE platform, investors have the opportunity to have a higher yield on their credits than in general bank rates and of course, the borrowers will have the interest rates brought down, such that the two parties in the contract benefits.
Both lending and borrowing are controlled by Smart Contracts such that the chances of managers’ moral hazards are substantially reduced and besides, it is almost impossible that the decentralized platform is hacked by an external spy.
Instead of connecting the creditors and borrowers, the present cryptocurrency banking system grants deposits and loans differently. There are lots of inadequacies with the present banking services. For instance, the banks cannot offer high deposit rates sustainably. That kind of service cannot reduce or remove middleman risks as it is premised on a centralized system.

Contrarily, ABLE project basically seeks to use the decentralized blockchain system to money and financial management components, to connect the supply and demand via just a single account and a peer-to-peer system and as well to set up a dependable system.
It intends to thereafter develop an in-house decentralized exchange and thereafter metamorphose into a network where Smart Contracts can be deployed for finance and wealth management services.

Current Cryptocurrency Banking Services

Majority of the cryptocurrency banking services are yet in their developmental stages and do not have defined business structure. Majority of the efforts to resolve their challenges have kept deposit from borrowings.
That kind of system could not stand the pressure of high deposit rates and couldn’t resolve the middlemen challenge occasioned by centralization. The ABLE system seeks to offer a solution to the current challenges and a more efficient system via the system that matches investment to lending and several financial services that offers account-oriented connections between the depositors and borrowers.

ABLE Tokens

ABLE currency is made of ABLE Coin and ABLE Dollar. The coin is used in form of levy for using the platform while the ABLE Dollar is for paying for interest. The total volume of ABLE coin issued is 25 billion of which just 15 billion will be made available to the public.

For the ABLE Dollar, the initial coin offering is 1 billion and in order to secure optimum volatility, no extra ABLE Dollar will be released. The ABLE coins are used for all activities in the ecosystem and used by vendors as well. The ABLE coins are used in paying for services provided by ABLE vendors to keep the system running.

Conclusion

Most commercial banks are in the habit of receiving deposit with low interest rate and lending out on a high interest rate, and this is disadvantageous to both the creditors and borrowers. ABLE Project presents a platform that connects the borrowers with the lenders directly, providing higher returns for the two parties.

Here are some useful links if you need further information

Website
https://www.able-project.io/

Telegram
https://t.me/ABLE_Project_EN

BTT ANN
https://bitcointalk.org/index.php?topic=3159298.msg32659058#msg32659058

Whitepaper
https://www.able-project.io/data/AB_whitePaper_Eng_180502.pdf