What is Populous?
Populous is a specialized trade and invoice finance network which allows individuals to enter invoice financing with SME. The goal of Populous is to help businesses benefit from the use of advanced blockchain and data processing technologies by providing effective, easy-to-use solutions. They offer a peer to peer, decentralized and open source token called Poken (PPT). Poken is an Ethereum-based token.
History of Populous
The Populous concept was originally developed in November 2016 and its whitepaper was published in Feb 2017. The ICO went live in July 2017 and was largely successful. A major feature, XBRL, was integrated into the network in September 2017. The public Beta release of Populous was in November 2017. Stephen Williams, Zvezdomir Zlatinov, and Jonathan Millar are some of the names behind the company and concept.
How Populous Works
Populous incorporates multiple global standards into the development of its platform, including Z Score formula, Smart Contracts, XBRL data, stable pegged tokens and others to create a global trading system for investors and lenders. Once an invoice is financed, in full or in parts, by the financiers/ investors, they receive Pokens, equal to their investment. These Pokens can be transferred to an external Ethereum wallet or can be ‘encashed’ for fiat currencies.
The network maintains multiple ledgers. For each borrower/invoice and for every investor/lender, the network maintains a publicly verified ledger of balance. Populous also offers external token contracts by implementing the Ethereum ERC20 token standard. Populous also provides a publicly accessible Smart Contract for every Poken.
Populous is a unique concept and comes with several advantages.
- First of Its kind: Populous’ main appeal is its concept, which is a unique idea. No other platform in existence offers a peer to peer invoice financing option.
- Superfast Processing: Compared to a bank loan or a traditional invoice financing company that can take 1-2 months to process an invoice, potentially badly crippling the cash-flow of a company in the process, Populous users can almost instantly receive funding from all over the world.
- XBRL & Z Score: Populous utilizes the globally accepted XBRL and Z Score formula to calculate financing methods. These makes it fully compliant to standard business practices and a very safe option.
- Stability of Ethereum: As an ERC20 token, Populous utilizes Ethereum’s robust, tried & tested blockchain network for transactions, making the platform as secure and safe as Ethereum itself.
- Niche Targeting: Populous aims to target untapped markets with huge turnover and potential. Pharma, adult entertainment and online gaming as well as gambling are some of their targets, markets which have a yearly turnover of close to $100 billion in revenue.