Hi guys! Are unsecured loans a common practice in your country? Have you ever used such service? No, it’s not just an idle curiosity that I’m asking. The project I review today will be of big use for those who know the advantages of this convenient solution for quick covering of expenses but also refuse from using it due to many difficulties. These are: high risks for the lender, small maximum loan amounts and high interest rates. In addition, existing procedures involve the participation of a multitude of intermediaries, the systems are mostly not automated and inconsistent, which leads to a lot of time and labor spending. In addition, small businesses and start-ups often remain without proper maintenance, if at all they can get an unsecured loan. It’s time to turn to the technologies of the third millennium to change the situation. Increasing the transparency of operations, reducing risks and increasing simplicity of operations are possible thanks to the blockchain and decentralization, and they are used by the Fintrux team to improve the security of unsecured loans.
The team has defined the main disadvantages of unsecured loans and strives to eliminate them by cascading risks for the case of need to cover losses; using of smart contracts to create unambiguous and unchangeable records of the transactions without the need for supervision or involvement of third parties; and simplification of the loan process, as well as credit management with the possibility of self-service. In addition to lenders and borrowers, the authors of the project plan to attract identification authorities, anti-fraud authorities, exchanges, banks, asset managers, insurance companies, etc. to their P2P-platform. Thus, it is possible to expand the package of services provided on the platform and create an ecosystem in which participants can profitably promote their services.
The Fintrux Solution
As the online trading platform is created, there is no need for a physical infrastructure, which leads to automation of processes, reduction of "manual" interventions, speeding up the loan process and allows it to be fully implemented in real time. Through cascading risks and smart contracts implementation, the lender gets a guarantee that the borrower will fulfill its obligations. In general, we can see the following advantages of the project: an open ecosystem; decentralized reputation rating system; fees for transactions in the form of tokens; decentralized Ethereum blockchain; no need for code development, the possibility of instant deployment; a large number of smart contracts to reduce gas prices; unprecedented reduction of risks associated with unsecured loans.
FTX Token Use
For operations on the platform, a native FTX token will be used. It will form the income in the ecosystem: first, the participants will pay a transactions fees in form of these tokens; secondly, the lenders will assign the desired fees to the borrowers, and also, if desired, reward the borrowers who paid the loans on time. In addition, a fee will be charged for matching lenders and borrowers on a platform. Token will be used for payments to agencies and guarantors. In addition, FTX tokens will be used as a guarantee of coverage of losses if other ways of protection for some reason did not work. This is only a brief token review, for more information please read the Whitepaper.
In order to generate and distribute tokens, the team launches the token sale which starts on February 7 and will last until February 28. The overall hard cap is 25M USD (over 11M already collected during the pre-sale stage which predicts success to the project). To support the project, you can also participate in the variety of the bounty campaigns (for terms, see the links below).
Useful links:
Website: https://www.fintrux.com
Whitepaper: https://www.fintrux.com/home/doc/whitepaper.pdf
Facebook: https://www.facebook.com/fintrux
Twitter: https://twitter.com/fintrux
Telegram: https://t.me/FintruX
Blog: https://medium.com/@FintruX
My ETH-address: 0x9F8051399114A4C8b9A742Dbb51C10162E61F234
My BCT profile link: cr_liev https://bitcointalk.org/index.php?action=profile;u=1046642;