LENDLEDGER PROJECT AIM TO PROVIDE A SEAMLESS CREDIT/LOANS
OVERVIEW OF LENDING
One of the oldest traditional form of seeking for loan is through qulaterial that is a situation whereby a borrower present his/her properties to the lender in case there is a bridge in agreement in repayment. But today innovation has made life easy for us, all thanks to the Blockchain Technology and LendLedger project; the project will leverage the power of Blockchain in creating a conducive atmosphere for borrowers and lenders in the financial institution.
The traditional financial credit institutions has numerous challenges, amongst this are;
1. Prolong time of processing loan
2. No proper documentation of borrowers details
3. High level of competition
4. High interest rate
5. High expenses and high risk of scam
This a project built on Stellar Blockchain with the aim of transforming the financial and credit supply sector. LendLedger is envisioned at closing the existing gaps of about US $8.9 trillion in credit supply.
LendLedger operates on the basis that small scale business borrowers want to pay back their loans and that they’re naturally incentivized to do so.
The Lender will generally be the one paying for data based on terms set by the Data Provider. Sometimes this will be an upfront payment, sometimes the it will be a share of the interest income generated by the loan.
On the Lendledger platform the Lender is entitled to enjoy the following benefits:
Cheaper acquisition cost
Lower risk as borrowers will be verified as such no need to fear scam or distrust
Lenders Revenue will be increased
HOW DOES THE REPAYMENT WORKS FOR BORROWERS?
The project is designed in such a way that borrowers are fairly compensated unlike the traditional financial institutions that manipulate and excessive deduction of interest rate. Below are some of the procedures:
1. it kicks off with the borrower sending fiat to the credit node…
2. who stakes the equivalent value of LOANtokens. By doing that, the borrower’s wallet is credited with LedgerCredits.
4. The borrower’s system sends these to the lender’s wallet to create the repayment transaction
5. To take the repayment in fiat, the Lender’s system gives the credits back to the Credit Node, who sends them to that same staking smart contract. This unlocks its LOANstake and then
6. The Credit Node sends the fiat it got from the borrower to the Lender.
WHY CHOSE STELLAR BLOCKCHAIN
Many project utilizes the Ethereum Blockchain as its platform but the Lendledger seems to be different as it using the Stellar blockchain reasons been that:
Stellar is cheaper
High transaction rate
Fast and furious speed
Well secured system
The private sale is currently open to individuals willing to contribute $10K or above and will run until October 30th.
On October 30th the public token sale opens and will be running until December 15th.
Minimum purchase amount in the current private sale round is US$ 10,000.
Tokens will be tradeble on the Stellar Decentralized Exchange after minting, and any other exchanges that list LOANtokens
The lendledger project will bring transformation to Lending and Credit industry as a whole, it will eradicate the existing bottlenecks in the industry. Although there may be other similar projects but without sentiment I believe Lendledger will perform better because its team are well experienced, there is already existing market as such there won’t be need to struggle to survive after ICO, base on this findings I urge my readers to take a close follow up on this project…
Visit the links below for more information:
Author’s Name: Elachious12
BTT URL: https://bitcointalk.org/index.php?action=profile;u=2007259
Stellar Wallet: GBBVVD2HBJPDFKE6GV2KATZ3BCQK6KHNW3OGJWKCTUMSKZH3KSZFXPTR