Block66 - Review

funkyies (0)(1)in #blockchain • 6 years ago

Hello to all and welcome to my ICO review . For those of you who don't know me yet, let me introduce myself. My name is Funke and I'm an experienced writer who enjoys what he does very much. I'm here to give you all the information you might need or want about Building a New Blockchain that enabled Marketplace for Mortgages. I plan to make them “easy read, to the point” because what's important to me is that we all comprehend and absorb the information and actually want to be here learning together about something new.

Today, let us all learn and experience together all about Block66 . If you don't know anything about them, don't run away, that's why I'm here, to change that within the next few minutes. Before I begin, I just want to quickly mention that I will be including LINKS so that YOU can do your own research or whatever you feel you need. I feel it's best to have all of the information in one place, in an organised manner, rather than dotted about the page making what you want hard to find or confusing. All these links will be put at the BOTTOM of this page to keep things easy.

Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently. All loans are also represented as tradable tokenized securities, providing a liquidity mechanism as standard. The ability to trade fractions of loans, and reduced order and issuing fees makes investing more inclusive, providing an attractive investment vehicle for all manner of investors.

Furthermore, Block66 infrastructure will be implemented as a decentralized application (dApp), and run on the Ethereum network. Brokers will be able to list clients as lending opportunities on the platform, after being thoroughly vetted by Block66 through proof of residence, credit reports, license verification, and criminal record checks. Proprietary software, as well as a network of partners, will be used for this purpose. Based on a personal risk/reward ratio, lenders can then select an investment from the offered mortgages to add to their portfolio. Block66 Network fees are payable exclusively in BNET tokens.

Example of fees include

Borrower application submission fee payable by the broker (to cover the cost of third-party KYC, credit checks, appraisal, pest report etc.), unlocking the loan provided by the lender, modifying (eg splitting or merging with other assets) the Proof of Loan token (PoL), or retrieving ETH-denominated loan repayments from the PoL smart contract. The Block66 Team will set network fees, modelling them based on factors such as competitive analysis, third-party services costs (e.g. credit rating and appraisal providers), and operating expenses.

The Mission

Block66 is on a mission to shake up the mortgage lending landscape by building the world’s first blockchain enabled mortgage lending network. The network will span borders, connecting private and institutional lenders with borrowers worldwide. All mortgages will be issued and managed on the blockchain.

The Problem

The mortgage market in the USA is $9.9 trillion dollars, $32.9 trillion worldwide, and growing but risk averse institutions are reluctant to lend to many creditworthy consumers. Willing small lenders struggle to enter the space at scale. Existing processes and technology are cumbersome and siloed, compounding the problem for borrowers.

The Solution

Block66 streamlines the entire mortgage software and operations stack. For brokers, a one-stop-shop, including credit scoring, property appraisals and lender matching. For lenders of all sizes, a sustainable loan pipeline, auditing tool and mortgage securitization platform. For borrowers, a quick, hassle-free way to access the best credit opportunities.

The Unique features of Block 66 platform:

Block 66 network tokens

These are the tokens that will circulate in the platform for the borrowers, creditors, private lenders, and institutional lenders will use and earn or pay in the platform.

Virtual checkers or underwriters and solicitors

They were tasked by the Block 66 team to have the delegation of checking the first-hand documents and verifications of the borrowers and for the approval of the lenders.

The Benefits

Block66 would start by focusing on helping serve borrowers in good/prime credit bands.

Mortgages provided by Block66 platform would be reflected both on the blockchain and the physical world via a Digital Trust Fund (DTF). There would be a provision made for the trade of proof of loan token s (POL) later in the future carried out on an exchange platform designed specifically for this purpose by virtue of a proprietary exchange.

To ensure the block66 platform is run efficiently areas that need to be checked by humans would be worked upon by human while using blockchain technology, a set of digital underwriters would be put in place to validate documents

By using blockchain technology to ensure data authenticity and security, Block66 would go a long way protecting against any form of mortgage fraud. Most mortgage fraud is carried out either by the borrower or broker and is sometimes missed by lenders or underwriters because of the massive numbers of documents they are handling. Block66 would prevent this problem by flagging controversial articles for review by writers and lenders making it easy to check fraud.

All lenders on the Block66 platform would provide their requirements for lending upfront, making it easy for brokers to submit their application. Numerous lending offers would be available on the Block66 platform for both borrowers and brokers to select the best deals.

Block66 would provide legal assistance across various geographies incase a borrower defaults.

Token Sale and ICO Details

B66 is a limited supply token that when stored in a special smart contract generates the network’s native token - BNET, that is then sold via the platform to network users (i.e mortgage brokers). The revenues generated by the sale are distributed to BNET holders.

Token Details