Crytocurrency based financial platform 'ABLE'
The ABLE project will create a solution to problems with traditionalmbank lending-deposit spreads, and nontransparent and centralized cryptocurrency banking services, basing the solution on the transparency and reliability of a blockchain system. The ABLE project is the first cryptocurrency-specific banking solution that provides cryptocurrency financial products through person-to-person loan matching systems and decentralized exchanges. The ABLE project will create a platform that enables cryptocurrency based banking activities to center around the ABLE account, emanating from the fact that banking activities are carried out primarily through bank accounts. Users propose deposit and loan interest rates through a matching system, eliminating the lending-deposit spread by directly connecting users on a peer-to-peer basis. The ABLE project supports decentralized exchanges and provides decentralized cryptocurrency wealth management services through smart contracts. Ultimately the project aims to evolve into the ABLE Ecosystem through ßits integration with external systems, including simple payments.
The fundamental principle of decentralization is to share value among actual participants while eliminating unnecessary intermediaries in a given business model. The matching engine that directly links depositors and borrowers on a peer-to-peer basis allows depositors and borrowers to share actual value. Whereas in the traditional banking system, banks determine deposit and lending rates as intermediaries, the ABLE deposit-lending matching engine allows a variety of depositors and borrowers to participate in the process of determining appropriate rates. Since the existing cryptocurrency banking market tended to focus on either deposits or loans, it was difficult to secure sufficient liquidity and trading volume. However, the market that enables direct linking on a peer-to-peer basis can increase liquidity and trading volume. Generating great amounts of various currency data made available to users, such as cryptocurrency short term rates, long-term rates, and trading volume, reduces volatility and helps create a stable cryptocurrency market environment.
Decentralized exchange which cryptocurrency assets can be traded is needed in order to develop wealth management and banking smart contracts. Currently, most cryptocurrency investments are made through arbitrage trading at centralized exchanges or ICO participation with personal wallets. However, through ABLE DEX, we can eliminate the risks of centralized exchanges and allow for wealth management. Through the ABLE account, we can create a platform that makes a variety of investment products accessible. On the ABLE network, we will create an environment where various smart contracts and Decentralized Applications (DApps) can enable the development of the ABLE Ecosystem.
ABLE platform account and basic banking services would be implemented in Q2 `18. P2P matching engine and dex will be strucutred on ABLE accounts. Most of data will be handled on Ethereum part, which will be optimized later in Q3.
Alpha version of ABLE platform will be launched in Q3 '18. Database integration with ethereum network would be taken into consideration. Initial high gas consumption and low performance will be optimized with DB integrations. Ethereum code will focus on verification process.
Beta version of ABLE platform will be launched in Q4 '18. Mutual funds will be added on ABLE DEX. Paycheck service will be available and will be utilized as source of a credit score.
ABLE platform will be available to beta-tester. Quality engineering will be reinforced.
Development of ABLE main network will begin in Q2 `19.