Lendoit – Quick contract powered loans
December 6, 2017 7:50 am,
Lendoit is distributed P2P lending marketplace proposal. It is supported by Ethereum, which joins borrowers and lenders in the region of the world using the benefits of Smart Contracts and the Blockchain technology. Loans can be specified in any of the ERC20 currencies. The proposal offers all the components a lending market requires to function, specifically: specialized scoring and confirmation APIs for every country, a loan marketplace, where lenders propose interest rates on loan applications and a default market where ineffective loans can be dealt. The Lendoit Smart Loan connections also present major functions. That includes syndicated loans and the ability to vend a loan to another lender if desirable.
Lendoit is structuring a neat contract-powered ecosystem on the peak of the Ethereum blockchain that four different types of network members can make use of: Borrowers are capable to relate for loans by using the Smart Loan Contract while lenders can provide funds by transporting funds to the bond. So-called reputation consumers will be capable to get information concerning an Ethereum by means of the native Smart Reputation Contract, which permits for the legalization of addresses before tokens are sent or physical assets are replaced for tokens. Collectors are the last type of members. They are capable to pay money for debt on the secondary market by interacting with the Smart Loan Contract.
A borrower is capable to enter the platform and submit an application for a loan (this needs about 3 minutes). He has to upload appropriate documents, like ID, password etc., which are then sent to a confirmation supplier. Once the information is confirmed, the loan request is sent to a specialized and confirmed scoring provider. These providers compute a score for the current loan application. Once the score has been designed, Lendoit published the individual Smart Loan Contract on the blockchain and in the marketplace. This contract stores the logic of the loan and acts an electronic unchallengeable conformity. The contract is the trusted intermediary that is in charge of updating status, holding and releasing funds, and secondary market communication in the case of defaulting loans. Lendoit as a company produces income in form of a fee that is executed in the smart contract. This fee is deducted from the interest payment for lenders in the form of LOAN tokens.