The Deal Coin - Understanding How To Use The Platform
This is now my third article in the series on the Deal Coin. For this article, I will take you through the whole process of using the Deal Coin platform. The first step for any person who wants to borrow is to complete the application and comply with the policy for know your customer, or KYC. After this is submitted, the information is securely connected to the lending database for verification tasks. These tasks include things such as verification of the loan applicants assets, contract underwriting, and verification of identity. The Deal Coin's decentralized app can connect with partners using an API connection, or with blockchain. Partners can help with some of these verification tasks.
Investors are also required to undergo the know your customer verification process. After both parties have completed this, they can then communicate with each other. Every investor has the option to negotiate different details of each loan.
After funding goals have been reached, the information waits in the system for the final verification task of ensuring the correct amount of funds was deposited. The investor must first purchase Deal Coins via an exchange or from the token sale. These coins can then be changed to Deal Tokens which are pegged to the value of a British Pound. A Deal Contract is used to complete the loan. The blockchain smart contract is legally protected and secure. All aspects of the loan are incorporated into the smart contract. Next, the tokens are released to the borrower, and it can be converted into their choice of currency.
The Deal Lending Solution Database is responsible for all of the administrative aspects of the loan. It ensures all of the terms are met and carried out. Once the borrower has paid back the loan, the database confirms the fulfillment of the contract and releases the funds back to the lending party. Now that you are familiar with this process, you can read more about the platform by following the website links below.
Announcement Thread: https://bitcointalk.org/index.php?topic=3041085.0
Whitepaper: https://wefundanydeal.io/wp-content/uploads/The-Deal-Coin-Whitepaper.pdf
Bitcointalk Username: rob31
bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1420457
Love these coins that are solving real problems directly for the cryptosphere.