I probably missed it...
If you take custodial ownership of keys for transferring funds, and a user wants to move liquid HBD that they potentially "instantly" receive from the loan... where are they receiving the liquid funds? They can't remove anything from their account, so it would need to be an external location.
This must be stated in part of the contract?
Am I just confused?
p.s. Great proposal!
A bit confused on the process.. All good. It's not exactly the most simplistic architecture.
Basically while the Hive.Loans service will have possession and ownership of your account upon accepting a contract and surrendering your account password / owner key a new set of keys will be provided (minus the owner key of course) so you can still continue to post, transfer and do whatever else you want on your account. :)
Right, so When/how does the person taking out the loan get access to the liquid funds? That's the only part I think I'm missing.
Whenever they accept the contract by handing their keys over. They will get new keys and the HIVE deposited into their Hive.Loans account to do what they wish with.
Ah, there's a separate loan account. I got it now 👍
Thanks!
No worries captain