Etherecash technology gives access to the three most crucial financial services lending, sending and spending money, at the same time offering an inventive peer-to-peer lending structure that allows those with spare funds make an exclusive benefit out of them by allowing people who lack credit history or penniless credit history to acquire funds privately and securely, through smart-contract system. By giving an opportunity to those who have poor credit history, Etherecash technology therefore competes against bankers with long processes of acquiring loan and lots of paper work. Those amongst the 2.5 billion people who lack credible history or a basic financial background will be much attracted to the new era of blockchain banking technology.
Etherecash main mission is to get rid of the lengthy, tedious, and nuisance processes applied by banks, when applying a loan. Unlike normal banks, Etherecash gives crypto backed peer-to-peer funds that are easily acquired based on the users’ crypto-security. The crypto-security acts as a collateral, lessening risk completely. Etherecash holds an Initial Coin Offering to back the continuing development of their platform and transform the crypto-banking world. While the normal banks applies strict regulations and slow loan acquiring conditions, the Etherecash system is very reliable, fast and secure in their lending, spending and sending platforms. Banking giants like Morgan Stanley and the dominant financial institution Bank of New York Mellon are now using the blockchain based technology banking systems to sustain backup records and transaction processes. Bankers are unable to avoid processing fees, conversion charges, and some users might feel like there are other hidden costs in this scenario. The good news is that Etherecash has arrived in the trading market-it is designed to basically save lenders from high interest rates charged by established banks. It replaces the bank’s intrusion by linking lenders and borrower’s. This enables the two parties to agree on their own terms, hence no need to wait for your loan to get approved or undergo some hectic processing ways applied by bankers. Once you place a loan request on the platform, it is automatically matched and accepted by one or more lenders. Other Etherecash trading accessories like Etherecash Debit Card don’t require a credit background or bank account to utilize, additionally; it presents very low transaction costs compared to traditional banking. Unlike other lending institutions, Etherecash has totally transformed the lending and borrowing activities in an unlimited environment, hence setting peer-to-peer money lending without an intermediary. The Etherecash platform has also proved a smart financial lending structure operating in a transparent system like the lawyer backed smart agreements. Etherecash is therefore very likely to change the game with their multi-crypto debit card and gives hope for future success.