What is BTCCredit?
There is a rising number of cryptocurrency lending applications representing an alternative to traditional loans/lending. Banks have long been the ultimate source for lending capital and borrowing to the public but that may be changing with the development of Blockchain enabled peer to peer (P2P) lending applications across the world.
One of blockchain projects aims to launch a decentralized peer to peer lending platform is BTCCredit. The BTCCredit platform will be run on the Ethereum Blockchain to enable secure lending.
They're planning to solve the trust issue by allowing borrowers to get a crypto loan without the need of an intermediary, instead of a deployment of smart contract on Ethereum Blockchain to record the agreement.
Once the smart contract is deployed on to the Ethereum network it provides a perfectly transparent and trust-less lending environment that isn't currently possible with the FIAT lending market. Due to their being no third party being used there's no need to worry about the platform being hacked or your tokens being stolen which has been such a problem in the past. Any transaction that's deployed on the Ethereum network can easily be viewed by using blockexplorers.
How it works?
Within the platform, user allows to lend USDT backed by LDT Tokens whose value is 1 LDT:1 USDT, with Bitcoin (BTC) as collateral by the borrower. They can also lend BTCCredit native token, BTCC, with BTCC Token as collateral by the borrower. All the transactions will be done by deploying a smart contract on Ethereum Blockchain.
By using BTCC Tokens as a medium of exchange, Equated Monthly Installment (EMI) can be Refilled by using BTCC/USDT. By using USDT as a medium of exchange, EMI can be Refilled by using USDT only.
In case of late EMI payment, if the medium of exchange is BTCC Token, the borrower will have to pay a penalty fees of 2.5% from the total loans which will be paid to the System. And, if the medium of exchange is USDT, the penalty fees will be 5%.
If the lender isn't repaid by the borrower then the collateral tokens are transferred to the lender who can then sell the tokens on an exchange to recoup any losses.
What are the fees?
The platform fees depend on the medium of exchange token. If the borrower lend USDT token the System fees for borrower will be 0.25%. But, if they lend BTCC Token the System fees for borrower will be 0%.
Reward System
BTCCredit System will Reward the Lender and the borrower with BTCC Token when a contract is deployed between them. The Borrower will again be rewarded with BTCC on every successful EMI Payment.
Moreover, BTCCredit will also reward borrower based on the platform version used. In Alpha, Borrower gets 60% Loan to Value (LTV) ratio of Collateral (BTC) deposited, But in Beta Borrower gets 75% LTV ratio of Collateral (BTCC Token) deposited.
Make a loan on BTCCredit!
More Features
Moreover, BTCCredit is not just crypto lending platform. It also have a complete cryptocurrency ecosystem features:
- P2P Lending and Borrowing
- P2P Crypto Exchange
- Handpicked ICO Investments
- Interests through Staking
BTCCredit team
BTCCredit is registered in India. The website has listed the team of only 3 blockchain and finance technology enthusiasts. It is led by Shrirang Muley who has a Bachelor Degree of the Nagpur University. Kirankumar Kapure is the Chief Technology Officer. He is described as Blockchain Enthusiast, Blockchain Developer, and FinTech in his LinkedIn profile. The Chief Operating Officer is Mayur Shrivastav who is a business plan developer and marketing expert,
BTCCredit will be a global lending platform on Ethereum Blockchain that provide a secure, transparent, and lower fee with unique reward system. Moreover, BTCCredit is also an all-in-one decentralized crypto ecosystem which is powered by decentralised multi-currency wallet, and decentralised p2p Exchange aside of decentralised p2p lending.
Project's Information Links:
WEBSITE: http://btccredit.io/
WHITEPAPER: http://btccredit.io/pdf/btccredit_whitepaper.pdf
FACEBOOK: https://www.facebook.com/BTCCredit-1017662868433011/
TWITTER: https://twitter.com/btc_credit
Author's Bitcointalk Username: Tpq01349
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