Introduction

Since the introduction of blockchain and cryptocurrency, it has steadily gained momentum and taken the world by a storm, with every facet of life seeking to incorporate blockchain technology to its operations, in a bid to be innovative and improve their operations.

The financial system hasn’t been left out either, with the original creation of bitcoin and blockchain technology being to foster decentralized peer-to-peer exchange, it can be agreed that it has served as a worthy substitute to the traditional banking system.

The cryptosphere has offered vast possibilities and advantages to investors, ranging from security, to privacy, to secure record keeping, thus further fueling the yearning of investors to seek its full incorporated to the traditional banking system, which has left a lot to be wanted in recent times, asides its pitfalls of inconsistency and insecurity.

Problem

Traditional banking houses run its operations via centralised systems, thus requiring too much trust and control to guarantee the processing of transactions. This trust includes trusting banks to maintain the value of fiat currency, trusting them with the security and secure-electronic transfer of funds, all which have failed repeatedly in recent times.

Banks are the major source of debt finance to individuals and businesses, and records have proven that securing a loan from banks can be stressful, exhaustive, time-consuming and most times impossible due to the stringent criteria attached. Ranging from work history, debt-to-income ratio and credit score.

Banks debt-finance process can be tagged as insincere and unfair, as only those with high credit score and over twenty percent for down payment, can be allowed to receive the loan.

Furthermore, the interest rate required by banks on loans are unfavourable, including requiring an interest payment up-front. This and many more are some of the problems associated with the traditional banking system.

The Solution: VIAZ

VIAZ is a decentralized aaplication (DAPP) that serves as a funds exchange platform that connects users and serves as a link between cryptocurrency and fiat currency.

VIAZ as a DAPP runs on the Tezos blockchain and it totally bridges the gap and serves as a conduit connecting lenders and borrowers of fiat and cryptocurrencies thereby facilitating an environment conducive for both crypto and fiat currency investors and enthusiasts.

VIAZ eliminates the barrier, by removing the intermediary systems between lenders and borrowers, allowing users to communicate directly with one another.

VIAZ sustains the structure to totally replace the traditional banking system, as it gets rids of lengthy banking protocols and provide those without access to banking systems the advantage of exploiting its global network of lenders and borrowers on the VIAZ ecosystem from the ease and convenience of their mobile or desktop devices.

THE VIAZ PLATFORM

The VIAZ platform provides a decentralized environment for prospective lenders to meet with prospective borrowers, whilst totally eliminating the constraint of having to pick between fiat and crypto currency.

The VIAZ incorporates the working characteristics of the traditional banking system: lending people money. However, it improves upon it, by ensuring it is without a central control and unbiased in its accessibility to all.

On the VIAZ platform, interests would be paid back linearly, which is a far better option compared to that of banks. This linear payment methodology involves dividing and spreading the interest payment evenly over the duration of the loan.

How the VIAZ platform works

A borrower, registered on the VIAZ ecosystem, requests a loan by posting it on the platform, the platform automatically creates a smart contract and the loan is registered on the Tezos blockchain ledger.

Lenders who have access to the VIAZ platform, have the opportunity to bid whilst considering the interest rates of different funding requests.
If the lender agrees with all the options, he then proceeds to fund the loan and in turn earn high interest rates. Once, this is done, payment is made to the crypto or fiat wallet provided by the VIAZ platform on sign up.

VIAZ unique features

Security

Unlike the traditional banking system, VIAZ platform is safe and secure as it employs and runs on the Tezos blockchain, which records all financial transactions on a proof-free and impregnable ledger that is free from third parties.

VIAZ ensures total control of funds is handed to users, by providing them with a crypto and fiat wallet, alongside private keys to guarantees storage and total management of assets by users.

Fully Decentralized

By taking advantage of the vast characteristics of Tezos blockchain, VIAZ ensures that all exchanges are free from third party involvement, providing an avenue for users to deal directly under the supervision of smart contracts.

Zero Fees

VIAZ platform doesn’t demand any maintenance or signup fees from users, rather it generates it income from deducting a minute percentage as interest from all loans repaid.

Accessibility

The VIAZ platform has the VIAZ mobile applications available on IOS and Android operating devices, making it on-the-go and more accessible than the operations on the traditional banking system.

Risk Free

VIAZ platform addresses the issues of loan-repayment defaulters, by ensuring that before a users posts a loan request, he is required to deposit and amount of collateral, so as to eliminate the risk of losing funds to defaulters.

Grants users Decisionmaking-power

Traditional banking houses exerts control on funds and lends it to whoever they please, sometimes running into loss and unavailability of customer funds. However, with VIAZ users can decide when and to whom they grants loans.

Equality

VIAZ platform, unlike traditional banking systems, eliminates bias, as both large fund owners and low income users have the same equal opportunities to apply and receive loans.

No loss of Funds

The traditional banking systems can go bankrupt, which would result in complete loss of funds, however with VIAZ no third party is involved and all funds are in the control of users.

The VIAZ Wallet

On signing up to the VIAZ platform, users are issued a crypto and fiat wallet, in order to enable them manage their digital assets independent of any central authourity and aid them in the transfer of assets on and off the VIAZ platform.

Token

The Tezos (XTZ) compatible token known as the VIAZ token, developed by the VIAZ team is the official token of the VIAZ ecosystem and it is compatible with all wallets on the Tezos blockchain.

The VIAZ token is unique in that it is a utility token, capable of being employed by varying operations on the VIAZ ecosystem such as:

1. Used to lend fiat currency at a higher rate with interest

2. Employed to pay monthly rewards to token holders who were involved in different activities on the platform

3. Used as collateral for loans

Roadmap

Token Distribution

The Team

The VIAZ team is made up of qualified and specialized professionals, with expertise in blockchain, software engineering, web design and development, technology and business management.

Conclusion

Only one who has been at the receiving end of the whiplash of bank loans and the processes it entails can truly come to appreciate what VIAZ brings.
VIAZ is a lovely project, asides eradicating the stress and cumbersome process involved in securing bank loans, it eliminates the unfavourable interest payments and also fosters an ecosystem for genuine and stress.

For more information:

VIAZ website
VIAZ Whitepaper
VIAZ twitter
VIAZ Facebook
VIAZ Medium
VIAZ Youtube

DISCLAIMER: This article was created in exchange for a potential token reward through Bounty0x"

Author's name: godwinzzyzx
BountyOx username: godwinfyoung