The world is changing, and new ideas are taking root. EBO is a part of a positive change toward open finance. Outside of the cryptocurrency community, the ideas the underpin open finance might be a little bit difficult to understand.
EBO is taking existing technology, and creating platforms that anyone can use to grow with the open finance movement. So far, EBO has created four platforms, and anyone can use them without any sort of gatekeeper.
Unlike many exchanges, open finance has no borders and can be used by anyone with a computer or smartphone that has a connection to the internet. Low to no-cost financial services can empower billions of people, and make money work for the people.
The power that open finance has to improve the world is substantial. EBO has already made impressive progress in creating real-world open finance solutions, and it is working on helping people reach a new sector that can change finance for the better.
What is EBO Building?
The company that started the EBO open finance ecosystem is Blockchain Exploration GmbH, which is still headquartered in Zug, Switzerland. EBO’s parent company has been around since 2017 when it was founded by Terrance Sullivan.
Over the last year, it has launched three products that focus on allowing regular people to use open finance in their daily lives. While some aspects of using cryptos are difficult for a normal person who is used to the established financial system, the products that EBO crafts are made to be very user-friendly.
Here are the three products that EBO currently offers. All of them are free to use!
EtherBlockchain.io hit the markets in the middle of 2019. It offers people an Ethereum Blockchain Explorer, as well as a decentralized token exchange that runs off of 0x protocol. With these tools, people are able to participate in the open finance ecosystem.
Instead of using crypto exchanges that force the users to give up custody of their tokens, a decentralized exchange will allow token trading with no loss of ownership. One of the biggest things that open finance has to offer is direct ownership over digital assets, which makes sense for anyone.
EBO Mobile Application
The EBO mobile application was built off a fork from Trust Wallet and is available for iOS. It is a secure way to store Ethereum-based tokens, and will likely support other forms of digital assets in the near future. EBO mobile application is also quick to use, which is great for traders on the go.
EBO Chrome Browser Application
The EBO Chrome Browser application is built from a Metamask fork. It has been available from the Google Chrome store since late last year. Much like the EBO mobile application, this browser is designed as a part of EBO’s full circle open finance experience. It was designed to be fast and safe to use and is worth a look if you want a desktop crypto application.
Open Finance is a GameChanger
Open finance looks like a path to a much brighter financial future.
By knocking down the barriers that stand between people, capital can flow unimpeded to where it can do the most good. Today it would be difficult to make a collateralized microloan to a person in India or Indonesia, but with open finance, this is an easy transaction to accomplish.
With open finance, moving small amounts of money around the globe is a lot easier. While this would also be the case for large sums of value, that is nothing new. Banks allow most people to transfer money globally, but banking services are not easy to access for everyone.
Open finance drops the cost of using ‘banking’ services to almost nothing. As long as a person has a smartphone or computer, they can use Ethereum-based open finance with EBOs suite of tools. There are numerous ways this can help people, and also make commerce more transparent.
The Gatekeeper is Gone
Any part of the established financial system will have ‘gatekeeper’ policies in place. These are created by governments, and then financial services companies must comply by adding these rules to the platform.
In the world of open finance, these gatekeeper policies don’t exist. It is difficult to explain how much simpler this lack of regulations makes financial services, or list all of the costs that simply don’t exist in an open finance ecosystem.
Let’s use a very simple example to illustrate how much more accessible open finance is to anyone who has the hardware that allows them to participate in the ecosystem. We can suppose that a person in a poor country can’t get all the paperwork they would need together for a bank account, let alone the minimum deposit.
With open finance, none of this exists. All a person needs is a device to run the open finance software, and they are all set. A person can send and receive money with zero fees and also trade digital assets.
As the open finance ecosystem evolves, lending platforms will make it much easier for people to access credit, and also make Peer-to-Peer (P2P) loans. Removing the gatekeepers means more opportunities for everyone, except the entrenched mega banks.
Open Finance Offers Clear Advantages for Users
It really doesn’t matter if a person is just using open finance to send a few dollars to a loved one across the world, or they are a CFO at a major company. The same things that benefit one person demonstrate how viable open finance is over the long-term.
Here are some of the basics that make open finance so useful:
Fast Download and Ease of Use
Anyone can download EBO’s tools, and get started right away. It is easy to send and receive tokens, and also use the other tools that the Ethereum blockchain offers to any user.
No Counterparty or Exchange
Even though a blockchain is decentralized, many of the crypto exchanges are not. In order to trade on the exchanges, you would have to surrender your private keys, which means you lose ownership of the assets.
With an open finance ecosystem, you never lose ownership of your tokens, and there is no way for a Mt. Gox-esque (failed crypto exchange) situation to compromise your assets.
Markets are Open 24/7
Digital assets don’t rely on an exchange to work, which means that you can do business at any time, from anywhere with an internet connection. This makes sense for anyone, as life doesn’t take a break after 5 pm, or on the weekends!
EBO Could Make a Big Impact
EBO has shown that it understands what the open finance ecosystem which is emerging will need to further its global reach. The company has already launched three great products, and it is continuing to work on other useful open finance tools.
The future of finance will likely look a lot different, and decentralized platforms will probably take off in a much more public way over the next decade. If you want to learn more about EBO or look through some of its products, just click right here to visit its website.
People need to have better options when it comes to financial tools. It looks like EBO and an open finance ecosystem could be a big part of a change for the better!