ETHLend - Democratizing Lending.

in #ethlend5 years ago (edited)

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The cryptomarket is revolutionizing daily with new financial developments that are phasing out the complexity of centralized systems.The digital asset-backed up loans are one of the emerging products of this modernistic digital market. They permit cryptocurrency investors to use their crypto assets as collateral to get funds in fiat while maintaining ownership of their assets. One of the first-class platforms offering these services is ETHLendand it is using blockchain technology to enable borrowers and lenders to access services within a short space of time.


The nitty-gritty of ETHLend.


ETHLend is a decentralized lending application (DAPP) running on the Ethereum Network that offers secure and distributed lending Smart Contracts. ETHLend endeavours to democratize the procedure overwhelming lending process by removing force and control held by customary banks and huge financial institutions.

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Getting a loan from ETHLend can be done in the comfort of your home with just these four steps. It is important to note that the platform can be accessed globally by anyone, however certain functionalities are not allowed to US citizens and residents.

  • Create an account.
    Before accessing ETHLend's services, you must have an account. Getting this account is easy peasy all you need to do is fill in the form with details of your email address, country, phone number and a password. This is how the sign-up page appears.

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  • Create a new loan request.
    When you open ETHLend's website, click on new loan request. With EthLend the borrower chooses the basic loan points such as loan currency, loan duration, monthly interest for the loan and collateral security currency.

  • Secure the loan
    The loan is secured with sending the number of tokens you specified to the loan agreement from any wallet you have these tokens. After sending and the transaction is mined, then the loan should be in the "Waiting for Lender" stage.

  • Acquiring the funds.
    After the borrower and lender have agreed upon the loan terms, then the borrower receives the funds.


Why ETHLend?


  1. No middlemen required.
    ETHLend gives the power to the borrower and lender to choose basic loan terms of interest without the need for a financial mediator. This peer to peer lending makes the process of lending more secure since only the borrower and the lender interact with the loan so the loan process is fairly straight forward and any parties around the world can make loan contracts on their terms.

  2. Transparency.
    ETHLend is a decentralized application that runs on an immutable network so no data can be manipulated. In addition, ETHLend does not hold the user's tokens however the assets are allocated in an Ethereum smart contract.

  3. Democratization of loans.
    Democratization means to make something available for all people despite their standards of living, apparently, with the centralized systems, it is very hard for SMEs to acquire loans since banks consider them to have high credit risk but with ETHLend services that are designed to be accessed by people from both developed and under developing countries SMEs have a sterling opportunity to be vibrant.


Conclusion


The main goal of cryptocurrency and blockchain technology is to bank the unbanked, literally, the digital market is working flat out to avail everyone with financial opportunities. ETHLend is also producing new ideas to achieve the main goal and apparently, its users can now use their Bitcoin holding as collateral to borrow funds for spending which is really amazing. The ETHLend team is proficient and I'm confident that they will lead the financial applications. In addition, the DAPP has a good ranking on the state of the DAPPS


Disclaimer.

This is not financial advice. Please do your own research before investing in cryptocurrencies or any digital asset. This blog post is done for entertainment and knowledge purpose only.

Thank you for reading.

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Its great to learn about this new project

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