THE ABLE PROJECT- EMPLOYING BLOCKCHAIN TECHNOLOGY IN SOLVING THE PROBLEMS OF FINANCE

karldark (40)in #cryptocurrency • 7 years ago (edited)

Introduction

The conventional banking system has always served as the intermediary between the investors and borrowers. They use that means to exploit both parties and gain a substantial amount for the investment at the expense of the borrowers. More also, the cryptocurrency-based banking system has also joined in the exploitation of users by charging high-interest rates in lending. This problem has always been more intricate and has been an eyesore to a majority of the populace but what can they do about it? Nothing, they just have to take the only available option.

The ABLE Project

The ABLE project was designed to help in solving these problems by creating a transparent, decentralized, reliable, and cryptocurrency-based financial solution based on blockchain structure. The Able project seeks to create a decentralized pattern of banking where the intermediaries are basically eliminated from the transaction process or business dealings to prevent exploitation and third-party associated problems.

The cryptocurrency-based system applies blockchain technology to its financial and wealth management platform in a decentralized manner to ensure transparency and also linking demand and supply through a peer to peer system. It also seeks to integrate great decentralized in-house features to aid wealth and asset management.

The ABLE project would help to provide investing/lending matching engine to facilitate the linking of demand and supply, payroll and credit score ratings for crypto-based salary payment and loan supports, simplified payment and reserve remittance services, smart contracts and account based ICO for investment and value spread between borrowers and investors while removing intermediaries.

ABLE Ecosystem

The ABLE project ecosystem comprises mainly of the ABLE account and many other support and enhancing features for parties that gives out financial, wealth and asset management, and micropayment services. With the addition of the decentralized exchange (DEX) feature to the store’s smart contracts working with many cryptocurrencies, operations on the DEX will be distributed on the framework to allow the creation of wealth management and also finance smart contracts, thereby creating an environment that a large range of developers can work on to create meaningful financial solutions to varying problems. With that, users can access different financial products and through API development, the ABLE project can be transformed into a cryptocurrency finance platform and an ecosystem that creates opportunities and eases transactions.

On the network system, various investment products, Dapps, and smart contracts would be provided to enable the development of the system and encourage users.

Platform

The services in the ecosystem would on work on the smart contract based ABLE user and ABLE account. Users can have one or more ABLE accounts depending on the purpose. Information obtainable from the account includes user’s account, creditworthiness, loan subscription, payment history, account number, linked email, password, deposit coin, balance etc. Upon account creation, users can use the free accounts and features. The ABLE coin is used for the service charge while the ABLE dollar is used for interest payment.

The ABLE system has different level layers such as the infrastructural layer, ABLE framework layer, and application layer. Members have limited access to level layers and it is dependent on the access level of the members. The infrastructural layer is made of the blockchain arrangement for managing a shared log and executing smart contracts. The Ethereum blockchain would be used in the initial stages of the project but subsequently, it would be changed from that to the ABLE blockchain.

The infrastructural gateways form the basis for the foundation of the ABLE system and access is limited to only the ABLE system. Core features and services such as ABLE accounts, investment-lending matching system, DEX and the likes are found here. The ABLE framework provides a cryptocurrency gateway and DEX to allows for the exchange and trading of currencies between different blockchain systems and also offer financial solutions for investing-lending matching engine and ABLE products. The ABLE application takes users request to the framework and also enlighten users on how to manage and use the system.

The Able Tokens and Token sale
The Able token sale is underway with the ABLE coin being designed to be used as payment for service charges while the ABLE Dollar is used for interest payment. Token and token sale details are shown below:

Partners

The ABLE project has already secured a partnership with various platforms which allow for the easy implementation and adoption of the services of the ABLE project.

The Able Team

the ABLE Project has been conceptualized by a visionary team, consisting of individuals with experience in various aspects of finance, entrepreneurship, engineering, business administration, and mathematics. The ABLE project was founded by M.S Kim and more details of the team can be found below:

Conclusion

The ABLE project is aimed at creating an exceptional user experience and giving great value when providing financial solutions. With such a system, they hope to provide solutions to all the problems associated with decentralized and centralized financial system and ensuring easy access to the ecosystem so as to create a blockchain powered integrated all-in-one solution with in-house features to become user’s number-one financial provider.