FINWHALEX: PROVIDING A NEW DYNAMISM IN P2P LENDING LEVERAGING ON BLOCKCHAIN
OVERVIEW:
FinWhalex, like every peer-2-peer loaning, provides credit facilities to users using the blockchain technology. Statistics have shown that even in this age of technology and unlimited information there still remain a group of people who do not make use of banks and the number up to about 2 billion thereby using different methods. Responding to this vacuum, the World Bank has set goals to tackle these issues (ensuring there is global reach to banks by 2020).
Technology, in light of this, has provided means by which transactions are made without the need for a bank using this peer-peer system. Before this time, loans to be collected are first to be applied for but with p2p lenders are connected to borrowers at an agreed rate. This method reduces the high-interest rate required b banks or has dealt with the issue of the rejected loan application.
This is of course achieved if the giver is on the block chain and credit-worthy. The borrower will have a public profile which will be vetted. Both end, benefitting heavily through; interest rates and reduced rate respectively as the case applies.
The first of this kind of technology was Zopa launched in 2005 in the UK the second to come in this fashion was developed by the Chinese in 2007, by May 218 over 6 thousand (6000) p2p were in operation in China. Come 2016, over 3.4 million investors were registered on the platform. This phenomenal growth in China is attributed to the fact that financial organizations in that region do not fund SMEs and low-income households and on the other hand a high ROI on p2p investments hence the massive rush.
With the massive boom also comes a massive downturn, this has led to a huge business loss like; chicanery, unreturned funds, illegal pledge campaign and then many of the programs in later years folded up.
Market potential
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It has been estimated that in 2020 the lending market of p2p will be worth up 460USD increasing yearly by 51.5%. It is also noted that capacity of the international p2p market in 2017 was estimated around 231 USD with a projected increase of over 300% in 8 years with the large incoming market from North America and Asian-pacific regions.
P2p programs have experienced huge success, one can easily access using mobile chats apps, for example, we have WeChat in china, BitTorrent file sharing, etc.
Current market problems
Area restrictionsLegal issues preventing private investors from investingProblems of financing by banksUnder-development in certain countriesLong application processing time
To bring solutions to these impending issues, it will provide people with easier and faster access to money tools and exchange markets In so doing, speeding up the transactional process.
Project Model
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Both parties (lenders and borrowers) would be in sync in and with the system (in interaction) each understanding the conditions of operation and agreeing to do business if conditions are favorable. In contrast, the commercial institution's interests will be considerably low and the period of receiving loans is shorter.
Supports are given in terms of organizing smart contracts which are provided by the forum, transaction history is also held which would help to validate the lender, providing relevant vetting information to both parties, signifying if there is insufficient collateral and also implement collateral.
The trading environment which will be user-friendly will be provided so as to grant the user access to modify trading strategies.
Distinguishing Characteristics
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They include the following;
- Liquidity provider
- Loan without collateral
- Secured loans
- Fund management
- Marginal crediting
- Collateral security
Liquidity provider: Fungibility has been a major issue in any kind of business. Traders and investors are insufficient hence, funds are distributed to large a number of p2p scheme project empty orders, larger bid spread this making the asset unattractive.
Presently, over 250 of exchanges run digital asset and of these number, only 50 have an admirable large trading volume. This platform will increase Liquidity and everybody wins.
Loan without collateral
Credit history and individual risk profile record and stored on the system. With this, user data are vetted.
Secured loans
A substantial
quantity of digital currencies are being used as a store of value and is termed frozen assess which has the imperative to be used as collateral.
Fund Management
The tech provides the following:
a. Fungibility and fair prices for different kinds of market.
b. Private liquidity unique to user preference
Collateral security
To ensure high security, Bitcoin and Ethereum will be used on the project.
TOKEN
An Erc20 token will be used and be called FWX. Possessor of this coin shall have high credit documentation and shall have a better chance of lending and being loaned.
Token Info
Token name: FinWhaleX
Symbol: FWX
Type: ERC20
Platform: Ethereum
Token Distribution
56% for sales
17% for the team and advisor
Reserve 15%
12% Marketing and PR
PARTNERS:
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The Finwhalex developers are well acquainted with the significance of the partnership, to this end, they have entered into an invaluable partnership with strategic institutions and organizations that have added verve and impetus to the project.
CONCLUSION
A new wave in the area of p2p that is incorporating old tech into new systems and method, making it seamless, faster and easy to use is on the prowl. Let's make the best use of the future of blockchain.
Perhaps you need more information about the project, please click on the links below:
Website: https://finwhalex.com/
Whitepaper: https://finwhalex.com/assets/WP_3.0.pdf
Telegram: https://t.me/finwhalex
Twitter: https://twitter.com/FinWhaleX/
Facebook: https://www.facebook.com/FinWhaleX
Linkedin: https://linkedin.com/finwhalex
Instagram: https://instagram.com/finwhalex
Medium: https://medium.com/finwhalex-platform
Author's Bitcointalk Username: Jannyh
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1883625