The world of cryptocoins is financially driven. So, a platform that brings together borrowers and lenders was bound to happen. ETHLend is the first company to introduce such a platform.
What is it?
ETHLend will allow borrowing and lending of cryptocurrency through the Ethereum blockchain. It creates a platform that brings together lenders and people who want to borrow money.
On it’s website, ETHLend states that it’s reaching for a higher goal: “We want to bring democracy to lending. There are many people that do not have the access to banking. This means that they have less access to finance. We want to make lending possible without banks. We want that anyone could lend to anyone from anywhere. Moreover, we want to erase the interest rate differences between countries and bring true loan market for the people by the people.”
In order to realize the above, a decentralized blockchain based on Ethereum has been developed. The loans are stored in smart contracts and each transaction is transparant. This way everyone can see what happens to the loan contracts. The loans are provided through peer2peer technology. That means that ETHLend is the platform where borrowers and lenders meet, but the cryptocurrency is sent directly from the provider to the recipient. The same applies to the repayment of the loan installments.
At ETHLend, the provider of the loan can determine the interest rate himself. As a securement, tokens are used which are placed into a smart contract. If the loan is not repaid, the tokens will be transfered to the lender.
What can you do with the coin?
To support ETHLend’s launch, the company introduces the LEND. This currency is primarily intended to trade with on exchanges. To increase the adoption of the token the company will organize airdrops. Twenty percent of the fees will be used to buy back LEND from the market. These LEND are used for airdrops among borrowers en lenders. You will also receive a discount on ETHLend’s fees if you own LEND. Also, some of the functions of the platform will only be accessible for owners of this token.
What does the roadmap look like?
The developers behind ETHLend have been working on the project for quite a while now en that is something you’ll recognize in the roadmap. This year in May an Alpha version has already been released. In addition, the team also launched the reputation-based borrowing, which will contain the loan history of borrowers. The ICO will take place at the end of this year, after which ETHLend will make their website more user-friendly to borrowers and lenders. In addition, they will also build a solution to use dollars to provide loans.
Why an ICO?
The ambitions of ETHLend are quite large and the same applies to it’s roadmap. In order to realize this, a lot of money is needed. That’s why an ICO is organised. Also, the LEND is essential to the ecosystem of ETHLend.
What are the details of this ICO?
|Coins at sale||1.000.000.000|
|Price||During the pre-sale you will receive 30,000 tokens for 1 Ether. In crowdsale this is reduced to 25,000 LEND for 1 Ether|
|Bonus||No, but prices are increasing during the crowdsale|
|Dividend||No, but you will get a discount while borrowing when owning LEND|
|Dates||Pre-sale: September 25th untill Oktober 25th
Crowdsale: November 25th until December 9th
In this video the ETHLend team explains the concept of their product.
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