Earn an Income and Disrupt the Banks: Populous
It has been a while since I made a video covering a project that is up and running so allow me to get back to my roots and let’s explore Populous and how it is disrupting financial institutions and allowing its users to make a profit.
Populous is a platform that enables its users to take part in bidding on invoices.
Typically the situation goes like this:
A company provides goods or services and then sends its customers an invoice to collect payment for those goods or services, allowing the customer a timeframe that often lasts 45 to 90 days to provide payment.
These invoices can often lead companies to experience hold ups of their cashflow which can hinder the progress of their business.
Normally big banks and financial institutions step in to purchase these invoices at a discount in the form of a loan to businesses needing cash. Because they have somewhat of a monopoly on this market the banks can make pretty good money especially if they are loaning to larger businesses.
This is when Populous steps in and opens the door for its users to have the ability to bid on invoices.
The auction means that the companies needing cash will receive competitive funding for their invoices and those bidding for invoices can earn a passive income from the discount and their profit comes when the customers pay the full priced invoice.
Because Populous is a decentralized cryptocurrency-based platform, users and companies from all over the globe can come together to have their needs met.
No longer are the companies subjected to the parameters set out by banks, and for the first time, people like you and I can participate in a massive marketplace and earn a profit that was otherwise limited to wealthy financial institutions.
Populous uses XBRL which is Extensible Business Reporting Language to analyze the actual credit risk of the invoices.
This uses information regarding the financial state of the business and the debtor to determine the risk of bidding on an invoice.
Also, on the platform they have developed their own in-house credit rating system that saves the time and money of referencing and relying on external credit agencies.
As a business, if your invoice is approved to be up for auction there will be a 24 hour window for bids. After that window is closed, you’ll learn if any bids have met the sales goal. If none have done so you can either choose the highest bidder, cancel the auction or restart the auction again.
The payments of these bids will be in the platforms token called, Pokens.
Right now the platform is currently in its beta phase, this means that all users of the platform are doing so to test out the software. Also, this means that all payments and settlements are done using “test pokens.” Do not deposit real pokens or fiat currencies onto this test platform just yet. They’ve just recently released their beta version 2 with some updates so if you’re interested in checking out this platform and help it to work out its bugs and provide feedback before it’s ready to go live, now is a good time.
So much will be done with blockchain and decentralized platform.
Keep on steemin'
You said it all in the headline!! Great post!
And again with all the mandatory copy and paste comments....gjeeeeezzz
develop consciousness and get a life you robots
I find your article to be very informative. It was a really great read. I learn something new, thank you for sharing.
Somehow I feel like this project is kind of dumb and will be obsolete very soon, the very nature of cryptocurrency, which enables near instant and reliable payments, will make this whole invoice business go puff puff gone by bye
Thankyou so much for sharing this with us. Super cool that you spread this type of info because I’m desperatly trying to keep up with every new thing that comes out. Steemit has changed my life and I just keep thinking “man this cant be the only incredible thing like this”. I know more amazing digital changes are coming and I’m so happy to be on board with everyone. @heiditravels you’re awesome and I’ve always enjoyed your posts. Constantly dropping knowledge and info on us. So happy to be one of your followers.
That really sounds amazing, would love to test out there software maybe I could earn some complementary Populous tokens.
Thanks @Heiditravels :)
I think lending platforms like SALT are more of threat to the banks then something like this . Loans are where banks make there money
bleep.
Thanks for the heads up, I could change the thumbnail for the post, but it's too late for the youtube vid unfortunately :( Unless you know a trick?
bloop.
Yup it worked, thanks :)
You're welcome!
@heiditravels mention what the trick is, share it so we can all learn something :) .
Venture to the edit page of a particular video, for the thumbnail options, the bottom option represents the custom photo. Hover your cursor over the image and select new image. :)
Thanks pretty!.
Populous sounds like a fascinating idea!
Like you mentioned in the video, banks have a bit of a monopoly when it comes to providing liquidity to small businesses.
Right now the only options are either banks, or loan-sharks, and to be honest, the line is getting blurrier between the two types of business.
My only concern, though, is regulation. Do you think the banking infrastructure will allow this type of service to thrive, Heidi?