ETHLEND:A MARKET PLACE TO LOAN AND EARN (DAPP REVIEW)

imagesource:Ethlend website

INTRODUCTION:
We all need a source to run to when things gets a little bit difficult.Almost everyone needs a loan at one point or another.Be you an employer or an employee,money has always been one of the key factor of life which is been represented by the qord finance.

From the inception of the finance, bank has always been the to go place for anything finance related.They serve as a credit/debit facility to individuals.

Today, blockchain has opened our eyes to another opportunity and means of getting the help we need in our financial life. Do not be depressed when the bank says no, the blockchain platform has given us an excuse and reason not to think about it anymore.
For payment and loan flexibility, blockchain bank is the answer.

So with all this in view, I bring to you Ethlend.

WHAT IS ETHLEND
Ranking at number 37 on the stateofthedapps finance list
Ethlend is a decentralized financial dapp which was built on the Ethereum blockchain by Stani Kulechov as a p2p(peer to peer) platform created to provide individuals from all around the world the opportunity to either be a borrower or a lender.It provides loan to people in the most secured and fastest way possible. This loan follows the contact logic process which secures an agreement between the parties involved (that is the borrower and the lender). The borrower as usual needs to have a means of assuring the lender as to its dedication towards the loan by having a means of collateral.
The existence of thin collateral gives the lender a peace of mind and guarantee that the loan will be paid in full.

Image source:Ethlend website

GETTING THE LOAN:
Firstly, you start by creating an account on ethlend and then make sure you install metamask plugin on your device so as to integrate your personal ERC wallet. During your registration you are presented with an option of either being a lender or a borrower. Your account can also serve as a dual process for the 2 roles but then, there is an added advantage to being a lender because you are also helping to contribute to the platform.

For a lender, the accepted currencies on the platform are:

• ETH
• LEND
• DAI
• TUSD
• ETH which is pegged to USD, EUR, GRP, INR among others.

HOW SAFE ARE THESE TRANSACTIONS:
This collateral stands as a means of safe net for the lender incase the borrower renegade on their agreement and also gives credibility to the ethlend platform.
In some cases whereby the collateral decreases in value, the platform notifies the borrower via the smart contract to add to the collateral value.

INTEREST RATE:
Unlike the bank that has its interest rate set by a group of individuals, on ethlend platform the users are the ones that sets the interest rate during the creation of the loan due to the decentralized state of the platform.

LOAN CALCULATOR
On the landing page of the Ethlend website there is a loan calculator that enables you to calculate your loan by using DAI to BTC. It comes with a slider which helps to set it to the required amount you desire.

Image source:Ethlend website

LEND TOKEN:
This is the official token for this platform and is the same as other ERC20 token which can also be stored in any Ethereum wallet.
As a lender, you can stake your DAI token on the platform and be rewarded with this official token called LEND. This lend can be sold for fiat or converted to the initial DAI to resume the whole staking procedure.This staking process determines tour level of affluence on the platform.

MY CONCLUSION
As its name implies ethlend, this platform is helping people by lending financial help in times of need.
What I don no like about the platform is that they excluded the United State Of America among the list of countries this service is open to. I would like them to reconsider this because there is no place that has no need for financial help.