ABLE project #2
All the financial activities we experience on the current financial system are centered on banks. Financial institutions are divided into banks, stocks, life insurance, and property insurance, which are all based on banks. We purchase stocks and funds through bank accounts, and make financial activities that lower future uncertainties by paying premiums such as life, auto, and fire insurance. In other words, the present financial system with various investment and insurance products are organically organized around banks.
How about the crypto market? Currently, cryptocurrency financial activities are centered around centralized exchanges. The purchase, sale, and custody of crypto assets are based on centralized exchanges, and is not an exaggeration to say that the history of exchanges is a history of hacking. Starting with the case of the hacked Mt.Gox, which was the biggest exchange hacking event in 2011, there is a momentary exchange hacking case every minute, including the most recent Binance’s withdrawal banning case. The methods are diversifying, such as exchange hacking, phishing site hacking, and account hacking, and are becoming increasingly sophisticated.
Decentralized exchanges are currently in the limelight as a reaction to the uneasiness of centralized exchanges. The most well-known Etherium-based decentralized exchanges include IDEX, ForkDelta, and EtherDelta. However, the fact that the liquidity is so low, causing rough transactions, lagging speed and volume, and Ether gas consumed in every action, makes decentralized exchanges hard to be commercialized. Bitfinex is preparing to introduce a decentralized exchange market by announcing the release of the EOS-based EOS-Finex and the Etherium-based Ether-Finex to join the decentralization exchange revolution, but still needs technological advancements.
As such, the User Experience of cryptocurrency financial activities has not yet escaped the paradigm of exchanges. The ABLE project has been found to change this structure. All financial activities will be based on cryptocurrency accounts, ultimately aiming a decentralized blockchain financial platform. By directly connecting investors and borrowers peer-to-peer, market participants will interact without intermediaries, leading to the development of a crypto market and financial experience through free trading, sharing its value. The blockchain technology-based Able Account System eliminates the worries of exchange hacks, and the Convenient Account System will take the lead in the popularization of crypto assets, eliminating the inconvenience of using existing 30 to 60 character addresses. The preparation of the ABLE Decentralized Exchange will provide an enhanced financial experience that can occur in a variety of financial services in one place.