Hero Token: blockchain in the financial system of Southeast Asia
The developers of Hero Token ( https://herotoken.io/ ) claim that their project will become a key figure in the future of banking systems in Southeast Asia. And all the money received from the placement of tokens will be sent to the Swiss non-profit foundation for the development and promotion of the Hero project. The project should be a tool for the introduction of transparent payment systems.
Despite the fact that the population of Southeast Asian countries is growing rapidly, only 27% of the population has its own personal bank account. As for countries such as Cambodia, in them only 5% of residents have a bank account. Very often, at the time of need, people in these countries are sent not to get a loan from a bank, but to a pawnshop, where they give up their property without a chance of redemption, since the percentage of local pawnshops is incredibly high.
The Hero Capital Market project is a collection of decentralized programs developed on the basis of the ethereum blockchain, as well as an interface for portable devices and web programs that use financial organizations. Thanks to such tools, developers will be able to create a reliable platform for user interaction and the stable operation of the blockchain.
The Hero system works on blockchain and smart contacts technologies, which will ensure the legal creation of fiat and cryptocurrency. Thanks to Hero Token, legal entities and individuals, who today remain without the ability to use banking systems, will be able to get a legal financial loan.
Hero users and employees
The borrowers of tokens in the Hero system will become issuers of tokens. When issuing tokens, they undertake the same requirements as with a conventional loan at a bank: repayment of debt with an interest rate. Anyone can become a project participant after their application has been approved by the originator.
Lenders will be called “Heroes” and will be able to issue a loan in fiat or cryptocurrency. For this, the “heroes” will receive income in the form of an interest rate or any reward that is negotiated with the client’s issuer.
Responsibility for the accreditation of customers falls on the shoulders of the originators . They undertake to monitor all data provided by borrowers that are necessary for the further release of tokens. The originator must analyze the information, confirm the value and adequacy of the property left by the borrower on bail. In addition, originators also help counteract money laundering.
When creating tokens, the borrower and the originator must select one accredited assistant from the Hero fund. Such an assistant will conduct a regular collection of interest debt and periodically check the financial capacity of the borrower, collecting it into a client token.
Providers working in the payment field of the project provide for converting cryptocurrencies and fiat currencies into each other, depending on the conditions of the smart contract. Participants must adhere to the instructions on the use of currency in smart contracts: the payment of tax fees, loan interest, etc.
The Hero consultants provide the client with all the necessary documents and confirmation that the trade in tokens is completely legal and complies with applicable laws of the state, and that the borrower takes full responsibility for all his actions with the token and debt payments. All explanations of consultants are indicated in the client’s smart contract.
Hero project collectors will be called vultures. They will provide information to the "heroes" that their borrower is located or is approaching the default state. Vultures have the right to redeem the debtor's tokens, which will make it possible to demand a refund by official means.
As a reward for participation in the project, each supplier using the Hero platform will receive a certain percentage of token sales by borrowers.
Learn more information about the project and take part in the crowdsale: https://herotoken.io/
The official thread on the Bitcointalk forum: https://bitcointalk.org/index.php?topic=2088817
Authors: Loksyun
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