The major aim of establishing the Etherecash platform is to bridge the gap between those with access to finance and those without, thus eliminating boundaries intermediaries and prejudices. It aims to reach anyone with access to a phone and internet to reach new mediums of finance, get faster access to loans, affordable money transfers along with multi-use crypto debit card system.
With a SMART goal the shareholders have ensured to set specific, measurable, achievable and realistic goals within a specific time (time bound). The etherecash token therefore shows future signs of growth due to various reasons because it solves day to day problems and provides easier solutions;
Elimination of intermediaries
Unlike the traditional banking system where the bank acts as the intermediary and earns interest on the money deposited, borrowers and lenders are connected directly on an online platform. This means that it is easier to use the online platform.
Improved Transparencies
The banking system customers have always experienced limited transparency and poor knowledge of how their money is spent. With Etherecash, lenders can see the funds being lent out and the repayments being made as well.
No liquidity of assets
For the banking system liquidity of assets is required as a guarantee between deposit maturity and loan repayment. This is appealing to new investors because they can still invest and not risk their other assets.
Financial Freedom
Etherecash helps to solve many financial challenges associated with hard currency for example printing, storage and logistics. This makes it much easier for the customers as they do this directly. They enjoy very attractive lending rates.
Etherecash solves very vital industrial problems
- The technological applications provide secure efficient and transparent services hence making the system user friendly.
- There is securing of data through a distributed ledger which is stored on millions of devices reducing the risk of hack and other cybercrimes.
- Digitizing contracts which can be customized with mutual terms which are irreversible, immutable and auto-controlled.
- It has connected borrowers and lenders in a peer to peer network where trust decisions are made without interference by third parties.
- It has created a more competitive market of finance so investors and borrowers can have more opportunities, due to greater credit availability.
In general, this online platform looks to solve challenges of costs, complex procedures, strict lending criteria, storage of personal data, trustworthiness lack of transparency and lengthy approval processes.