Crediting of individuals, or commercial lending, in the period 2010-2015 increased to 81.2%. However, we know how difficult it is to get funding for a young project. It is even harder to get an unsecured loan. Processing applications can take weeks, and not the fact that the answer will be positive.
Financing of small business has a favorable effect on the economy of the country, however, even small price fluctuations can seriously affect the conduct of business. Hence, unsecured loans are born, since small companies need an affordable loan to support the economy.
The FintruX project is https://www.fintrux.com/ – the first network based on a blockbuster that connects the borrower, lender and agency online. The simplification of smart contracts has clarified the work and brought to naught the cumbersome codes. To improve credit reliability and improve creditworthiness, the project uses cascading levels that offer different solutions depending on the level of complexity of the situation.
The project has a number of advantages that distinguish them from competitors:
Minimization of risks, stable network effect, services of rating agencies, the possibility of financing the global economy, enhanced security and accessibility, transparency and unambiguousness, immediate selection of a lender or borrower, rapid financing, stability of smart contracts, reduced commission for translation services, minimization of errors due to human factor, platform uniqueness, attractive financial model.
To attract customers, the team described the benefits for both borrowers and lenders.
Borrowers are given the opportunity to use loans that are available to them, a convenient application process, savings on interest rates with a good credit history, the inability to change a smart contract, as it is recorded on the block, reducing the commission for transfers, operational financing, self-service.
Advantages of creditors: reduced risks, providing access to online tools, creating a brand and developing reputation, the possibility of consulting with rating agencies, the possibility of obtaining an additional source of profit, payment for service without additional fees for a license, etc., increasing the customer base without additional costs on advertising.
In 2017, extensive work was done to develop the project in the block-network, a smart contract was developed, and a test practice was conducted. Also, applications were tested and their interaction with smart contracts. After the concept was approved. A technical document containing information on project financing was created. A project mock-up was created to determine the points of emphasis, and work was also undertaken to establish partnerships with financiers and participants in the block-market.
In early 2018, the prototype of the project was launched with the main functionality, and krausejl completed. It is planned to expand the group of developers in connection with the growth of project participants.
An alpha testing of the project will be carried out, as well as a daily registration of 12 borrowers and 6 creditors. After beta testing, the functionality will be further developed. The network will be ready for growth. Marketing events will be held. Access will be provided to all comers.
At the end of the year, it is planned to enter the common market, mass use of the application.
There is also an approximate plan for the evolution of the platform: improving the quality of lending – ensuring international financing – the ability to exchange loans.
The FintruX ecosystem https://www.fintrux.com/ has its own token – FTX. FintruX receives tokens as payment for the selection of the customer., Guarantors receive a token-reward, which creates a demand for a token. 5% of tokens are reserved in case of non-payment of credits to pay off the penalty of the lender.
Preliminary, there is a plan for allocating funds. 40% is directed to the development of technology, smart contract, services. Operating expenses are 20% (infrastructure costs, contractor involvement), advertising and sales get 25% (development of relations with partners, direct sales), and legal expenses are preliminarily allocated 10% (special protection, registration with relevant authorities).
Tokens are distributed as follows: the amount of the crowdsdale does not exceed 75 million tokens (funds from krauseyla are used for development), the project reserve is 10 million tokens (the amount is distributed between consultants and the first participants, provides liquidity on the market (on demand), provisioning reserve is 5 million tokens (loss compensation), team – 10 million tokens (distribution between founders and developers).