Access to capital can play a pivotal role in many people’s lives. Many people rely on credit to fulfil their capital requirements when buying a house, starting a business, or simply acquiring an education. However, the debt market incorporates myriad middlemen from ratings agencies to credit unions or banks, and this leads to a market inefficiency in the form of added costs which can often burden—or even side line—certain members of the society.
The potential of blockchain technology to deliver the benefits of decentralized finance stem beyond transactions, and it has been proposed by leading personalities of the Crypto space that DLTs can enable secure p2p lending. However, existing networks are focused on delivering smart contracts for a myriad purpose and thus do not focus on the specifications that would need to be met to deliver an optimal network for a decentralized debt market. For the pursuit of greater market scope, established chains sacrifice the ability to excel at the specific niche of decentralized finance.
Thus, in order to fulfil the market void, a team of finance veterans with the belief in blockchain’s ability to power p2p lending has been busy conducting hundreds of thousands of different surveys and meeting established traders to learn what kind of infrastructural platform would be needed to successfully create a blockchain that can power peer-to-peer lending. I will be introducing you to a revolutionary platform which is the BTCCREDIT platform.
ABOUT BTCCREDIT PLATFORM
BTCCredit is set to disrupt the billion dollar lending industry with its innovative platform that aims to make peer-to-peer (P2P) crypto lending mainstream. The company has successfully raised $1 Million in its seed funding round within merely 15 days from the announcement of its private sale, a feat that will only leave their competitors dumbfounded.
BTCCredit is a platform that can single-handedly take care of all the needs of the crypto community and the company will spearhead the revolution in this space by leveraging itself as a futuristic next-gen crypto bank. Being backed by the promising Blockchain technology, the platform is set to be a first of its kind decentralised solution in the market. BTCC1.jpeg
This is a much-needed breath of fresh air for the lending industry since such a P2P network will provide a range of unforeseen benefits for both the lenders and the borrowers. The platform is already in the ready-to-launch phase with offerings such as P2P Lending, P2P Exchange, Earnings through Staking, Investment, and much more.
The future of the company looks bright since it aims to acquire 1 million users by the fourth quarter of 2019. Such a target would not only help them to cement their position in the lending market, but it will also convert the platform into an investment hotspot for future investment rounds.
This is a much-needed breath of fresh air for the lending industry since such a P2P network will provide a range of unforeseen benefits for both the lenders and the borrowers. The platform is already in the ready-to-launch phase with offerings such as P2P Lending, P2P Exchange, Earnings through Staking, Investment, and much more.
The future of the company looks bright since it aims to acquire 1 million users by the fourth quarter of 2019. Such a target would not only help them to cement their position in the lending market, but it will also convert the platform into an investment hotspot for future investment rounds.
The USP of BTCCredit that can help it to reach such levels is instant P2P loans from lenders which can be disbursed via Blockchain and Smart Contracts to borrowers who need it on a priority basis. Borrowers can liquidate their crypto assets by leveraging them as collateral to meet temporary wants, without the need to completely sell them. Such an automated system would make it faster and easier for users transact in the marketplace.
Considering the high volume of transactions that the platform would be handling on a daily basis, BTCCredit has partnered with global liquidators in a bid to make transactions instant and the platform more reliable.
With a reliable team and an idea that can potentially end up disrupting the complete P2P Crypto space, there is only one phrase that can effectively sum up the excitement of what is about to come.
Considering the high volume of transactions that the platform would be handling on a daily basis, BTCCredit has partnered with global liquidators in a bid to make transactions instant and the platform more reliable.
With a reliable team and an idea that can potentially end up disrupting the complete P2P Crypto space, there is only one phrase that can effectively sum up the excitement of what is about to come.
HOW IT WORKS
As a loan specialist, a client enters the framework and assets his framework created Wallet with USDTs. The framework makes a loaning profile where his worthy credit parameters are recorded. The moneylender's advance profile turns into a piece of a "credit commercial center". As a borrower, the client enters the framework with his framework produced Bitcoin wallet. The bitcoin assets in the wallet structure the security against the potential credit. The getting prerequisite additionally turns into a piece of the "credit commercial center". A framework inner rationale naturally matches and proposes existing credits and borrowers. A borrower or moneylender can likewise physically choose from a lot of advance contributions or borrower's necessities.
As a loan specialist, a client enters the framework and assets his framework created Wallet with USDTs. The framework makes a loaning profile where his worthy credit parameters are recorded. The moneylender's advance profile turns into a piece of a "credit commercial center". As a borrower, the client enters the framework with his framework produced Bitcoin wallet. The bitcoin assets in the wallet structure the security against the potential credit. The getting prerequisite additionally turns into a piece of the "credit commercial center". A framework inner rationale naturally matches and proposes existing credits and borrowers. A borrower or moneylender can likewise physically choose from a lot of advance contributions or borrower's necessities.
When an advance is chosen, and the two sides consent to the parameters on the book, a "handshake" is said to have occurred, which will bring about a sending of a brilliant contract on the Ethereum network. The borrower's wallet will be subsidized with the mentioned USDT and a calendar for reimbursement gets made.
The reimbursement is recorded as the borrower stores the portion of USDT again into his WSDT wallet. A lot of terms and conditions kick in on the off chance that the installment is deferred, isn't sufficient or is more than required portion.
Characterizing the BTC Credit Platform Keeping the rivals as a main priority and examining the economic situations and patterns, BTC Credit has had the option to distinguish 4 key verticals with regards to the administrations offered by its Wallet:
P2P Lending and Borrowing
P2P Crypto Exchange
Handpicked ICO Investments
Interests through Staking
These administrations will be offered with the assistance of a Wallet on the stage. Think about the stage as a Bank and the Wallet as a Bank Account. Comparable to the Banking System today, the client can stack the Wallet with fiat or digital forms of money and utilize the assets to benefit benefits in all the 4 verticals referenced previously.
Reimbursement Conditions
At the point when the Contract is finished or in the event of dispossession the borrower's solicitation for the arrival of their guarantee of BTC stored they can raise a solicitation for BTC withdrawal and it very well may be finished.
At the point when the Contract is finished or in the event of dispossession the borrower's solicitation for the arrival of their guarantee of BTC stored they can raise a solicitation for BTC withdrawal and it very well may be finished.
Typical reimbursements - The Admin Pays the Lender portion routinely and the Borrower pays the Admin Regularly, the framework will be advised by the blockchain of the following portion date of the Borrower.
Portion Delayed - If the Borrower Missed the date to Pay the portion the API Interface will inform the Front-finish of the Missing portion of the Borrower. The borrower gets 3 days of elegance period to pay the portion. on the off chance that the portion is paid inside 3 days no fine will be charged.
Portion Delayed and Missed - If the Borrower missed the date of portion he will be given 3 days of an effortlessness period and even he misses to pay the Borrower will be fined for the specific portion.
Borrower Defaulter - If the Borrower can't pay 3 back to back portions the framework will be advised by the blockchain as the Borrower is Defaulter and the Front end can Confiscate its insurance.
Pre Closure Loan - If the borrower needs to Pre Close the agreement he can close the Contract by paying the Principle + 5% Interest and close the agreement yet he can do just on the off chance that he has paid 3 successive portions
Additional portion Payment - Here the portion Amount is 1010 Every 30 Days, accepting the client stores 1500 USDT/LTD and he is happy to pay more than the portion Amount he can do it, however the following regularly scheduled payment sum doesn't change its sort of dispossession that implied the additional sum will be deducted from the last portion, so if the sum is more prominent than the Last introduce.
FOR MORE INFORMATION PLEASE VISIT THE LINKS I HAVE PROVIDED BELOW;
Website: http://btccredit.io/
Whitepaper: http://btccredit.io/pdf/btccredit_whitepaper.pdf
Twitter: https://twitter.com/btc_credit
Medium: https://medium.com/@info_60688
Author: BrainerdPaul
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409
Comments
Post a Comment