AssetStream is a globalized P2P microfinance Platform aiming to replace intermediaries with blockchain technology and ‘bring the bank to your doorstep’!
The Problem and Solution:
With a large portion of the developing world not having access to banks and reverting to the use of loan sharks, there becomes an unsustainable and stagnant growth cycle. AssetStream is aiming to solve this issue through bringing investors and businesses from around the wold together and providing a seamless platform for peer to peer lending.
Through offering the over 264 million unbanked population in South East Asia a regulated alternative, AssetStream can not only provide borrowers with more suitable loan conditions and protection but also the opportunity for lenders to build a steady monthly return.
Thanin Phiromward – Founder, Head of IT & Development
Ken Phiromward – Co-Founder, Head of Strategy & Marketing
Dider Bosmans – Co – Founder, Head of Communications
Tun Santianuchit – Co – Founder, Managing Partner
Nuttapon Siripaiboon – Senior Manager, Application Development
Chuthiya Pitthayapituk – Senior Manager, Project Management
Atiwat Yuwitaya – Manager, Business Development
Dr. Chatchai Thnarudee – CEO, JP Insurance
Sean Kor – Managing Director, Trinide
Karnika E. Yashwant – Founder & CEO, KEY Difference Media
Jun Chi – Co-Founder, Trinide
How it works:
- Sign up – Users can Sign up to the AssetStream platform through the website here. You can sign up using the referral link from Altcoin Buzz to receive up to $20 USD worth of the AST token if KYC is completed with 72 hours of signing up.
- KYC verification – several KYC documents will be requested some of them include ID card with photos, Photo with company name, provision of company documents such as proxy letter, company registration etc. Last drawn salary, address with attachment of bank statement or utility bill. The more credentials added by the user the higher the credit score will be therefore the amount of borrowing. The borrower can also create a KYC profile to use in the future for loans and make the process faster. Lenders will also be required to complete the KYC process to have a fully verified network.
- Borrower – Through the platform the borrower puts a proposal to the platform of a loan amount with the conditions of the loan including interest rate and duration along with a minimum borrowing requirement (Soft cap).
- Lender – The lender after being verified can then look at the multiple SME’s on the platform and decide which to fund based on the loan conditions and project nature through a ‘Manual search’ or the ‘automatic matchmaking system’ (Currently being developed) where the lender set’s their requirements can execute. The lender will receive interest for the loan.
- Local Agency – The local agency is the company who will act as the exchange of money from the AST or cryptocurrency from the lender to the Fiat the SME requires. They also have the responsibility to receive and verify the SME’s documents as well as making the fiat lending contract, creating another security layer in the ecosystem.
- NPL – In the case of a nonperforming loan there is a process which is followed including a ‘Grace Period’, Late Fees, Negotiation phase, legal action and then the collateral AST will be unlocked to recuperate losses.
AssetStream will continue to facilitate, maintain and develop the platform through generating revenue from exchange and platform fees taken from the matching of borrowers and lenders in the ecosystem.
Token Ecosystem and Utility:
The Asset Stream Token (AST) is based on the Stellar Blockchain with characteristics including fast and low-cost transactions. It is the fuel of the Asset Stream ecosystem acting as the medium for lending on the platform.
The AST token can also increase your reputation for risk assessment as both a borrower or lender through Staking the AST on the network along with be used to entice friends and families to be lenders on the platform through a referral system.
The ASD token is a stable token of USD representation. ASD can converted back to the main cryptocurrency of the user. There will be an associated conversion fee and spread to cover the transaction cost
ASTH is a stable token of Thai Bath (local currency) representation of the return earned from the project located in Thailand and can be converted to ASD without a conversion fee.
ASD and ASTH are the platform currencies that are used for the calculation of the returns. Given that the return of the projects in Thailand are in Thai baht, the equivalent of ASTH will be given, the user ca then convert to ASD (USD equivalent) just like converting Thai Bath to USD in the FX market. Then, they can sell ASD into their respective cryptocurrency.
ASTH is backed by the actual returns from the lending and can be converted with the same rate to ASD as from THB to USD.
- Microfinancing for unbanked
- Investment for hyper inflationary currency zones
- Steady return investment for lenders
- SME funding opportunities
The platform uses the Stellar Consensus algorithm. SCP uses nodes, quorum slices – sets of nodes that can be used to reach agreements and quorums – agreements that can never be changed. Using this reaching consensus among a large of number of lenders which AssetStream predicts to have in their platform is possible. Each lender on the platform will select a limited group of other lenders which will form a circle of trust which they can easily reach consensus and eventually in the ecosystem there will be a number of trusted circles, that somehow can overlap, which makes it possible to achieve an overall consensus in the whole network.
Benefits of the AssetStream Platform:
- Rewarding – the AssetStream platform offers 0.75%-4% monthly yields on money loaned through the reduction of intermediaries and therefore costs passing on the benefits to the lender.
- Diversified – With the platform assembling SME’s (Small to Medium Sized Enterprises) from different industries it allows for lenders to diversify their investment and therefore risk.
- Reliable – Blockchain technology allows for a self-regulated community with verified profiles, reducing the risks associated with not profitable loans.
- Regular There is also a shorter term project which payout is much faster on a daily or several times a day basis.
- Flexibility – Directly offer your suggested interest rate, create contracts and the conditions to the market without any intermediary requirements.
- Quick and Effortless – Small loan request will automatically be matched with lenders resulting in a near instant loan approval along with the application process being simple yet secure.
- Accessible – with the accessibility of the loans through the AssetStream platform it allows SME borrowers to avoid Loan sharks and informal lenders which can cause issues.
- Empowerment – Using the AssetStream platform you will be rewarded with a cut of the interest as a lender along with the option to asses multiple borrowers and improve your returns.
- Collateralization and Support – All borrowers have completed KYC creating a verified community. In the case of a NPL , AssetStream will compensate the lender the collateral of that loan along with provide on-going support for the local agency if there is any legal process.
CreditOk is a Thai fintech start-up who is aiming to unlock working capital for micro entrepreneurs and enterprises around South East Asia. The cooperation between AssetStream and CreditOK benefits both parties with the goal being to help CreditOK provide the working capital and improve cash flow through deep credit scoring with an alternative data & lending platform.
PICO is a licensed money lending company founded with the support of the Thai Government to try and solve the issue of loan sharks and informal loans. There is around 500 PICO finance companies throughout Thailand. The AssetStream platform will be able to provide competitive and profitable loans with a low NPL rate to PICO’s lenders.
For people in the community who wish to familiarize themselves with the AssetStream platform before actually using it for real, there is a ‘Demo Account; which can be provided. This will allow the users to perform demo loans and receive demo money in return. If the user feels they wish to begin using the real platform they can switch to a real account and complete the KYC requirements. You can find out more about the Demo platform and give it a go here!
All users are available to join the ‘Earn with AssetStream’ campaign to become an entry tier Gold member.
There are 3 tiers of the program Gold, Platinum and Black. To advance to the higher tiers each user that registers from the referral link will become a referrer and whenever the referee completes KYC the referrer will receive a member point. Collect 10 member points to upgrade to platinum and 100 to reach black tier.
AST Bonus for Referrer:
- The bonus depends on the countries of the referee along with the Referral tier. For example if you are a Platinum member and invite a referee from Switzerland, After KYC verification you will receive 3000 + 250 = 3250 AST compared to being a gold member and inviting a referee from India which would receive 500 + 0 = 500 AST.
ASD Bonus for Referrer:
- When Referee purchases AST token, referrer will receive ASD Bonus worth of 1-3% of the transaction – Excluding the ICO round bonus tokens.
- Referee coverts ASTH to ASD, referrer receives ASD Bonus wroth 3-7% of transaction
- ASD bonus accumulation reaches a multiple of 300 ASD you will receive 1-2 of tradable conversion discount coupon worth of $20.
Benefits for the Referee:
- Referee receives free temporary 2000 AST ($20 worth) to secure the reward the referee has to be KYC verified with 72 hours or the reward will be revoked.
- They will also receive a free ‘non-tradable Conversion Discount Coupon’ worth $20.
Asset stream was conceptualized in 2017 with the development process beginning in early 2018 creating the platform prototype. Over the years they have completed their goals in both technical and partnership aspects. With the AST token sale currently on-going the rest of 2019 is focused on the release of the Asset Stream Fully operational platform along with the expansion to emerging markets and partners. You can learn more about the roadmap here.
The AST token sale is currently on-going. There is a total of 8 ICO rounds with each round offering 240m AST tokens along with a specific Round bonus. The AST par price is $0.01 and there is 64% of the total 3.3 billion tokens being sold in the ICO. Fiat, BTC, BCH and ETH are the accepted currencies. The token info can be seen below.
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