ETHLend is getting closer to its Pre-ICO and our team is very motivated. As the Head of Token Sale at ETHLend.

I decided to write a brief overview on my thoughts on the project and how I feel our preparation for the ICO is going so far. This will also give us a chance to share some of our core values and beliefs.

ETHLend core values

One of the core values of ETHLend is decentralization. Decentralization refers to the degree of which power is taken from a central entity and, in case of blockchains, how this power is distributed into a network. This power can be anything from monetary regulation to corporations missusing our personal data. In other words, blockchain technology enables us to redistribute all this power back to the people, and in doing so, democratize all kinds of markets. In our case lending markets. There are huge differences in interest rates between different countries and by creating a decentralized peer to peer market for people to borrow and lend, we can equalize interest rates globally.

We’ve designed ETHLend in a way that it has no central authority. Not even we will have access to loans created on the platform. Once a loan is issued on the ETHLend platform, it creates a Smart Contract based on the details of the loan and this Smart Contract is locked on the Ethereum blockchain.

One challenge is volatility in crypto currency prices. Neither borrower nor lender want to take this risk. Of course people will want to speculate on the price and ETHLend loans can easily be used for this as well, but we also want to enable a platform that could be useful for the unbanked of the world. This is why we are creating USD pegged loans, where the price of the loan can be pegged to a fiat currency, giving borrower or lender a way to hedge against price volatility in cryptocurrencies.

KYC is a big challenge to us. This is a centralized feature in a way, but it is necessary for adoption. As regulators start moving in on the crypto space, KYC and AML compliance will become a big topic of discussion. If we want to see ETHLend used in real life cases, we must at least offer this as an additional feature. This will also create and enable an additional layer of security on the platform, where we can actually know who the borrower and lender are.

ETHLend vs the other ICO’s

ICO’s are an interesting topic. Some argue that they might be the biggest scam or bubble in recent history, but it’s more likely that they might become the next generation of crowdfunding. Different projects are currently raising hundreds of millions of dollars but we will most likely never see the majority of these projects launch. There is simply too much money on the table and way too little accountability. This is one of our biggest advantages. We already have a working product.

We want to show our community and potential investors that we are here to stay, this is why we have set up a vesting model for all team members. All tokens will be distributed to team members during a two year period. This way we can ensure that we only have committed people working on the project.

Our progress so far has been great. We have a committed team of over 20 people, working hard all over the world. Our social media channels have been growing constantly and more people find their way to ETHLend each day. The feedback we’ve gotten from our community has been valuable and has raised many concerns that we have taken into consideration.

Functionality and value of LEND tokens

When we began the structuring of the LEND tokens our focus was on two things: First, to give our token a function and a purpose to be used. This way we would ensure that LEND tokens will be used on the ETHLend platform. The best way, in our opinion, was to make sure LEND tokens have an advantage when used on the platform. The second thing we focused on was making sure that users could also hold on to their tokens without them losing value. Especially as pump and dump strategies seem to have become an industry standard.

The main utility function of LEND is the ability to use it for paying deployment fees on ETHLend with a 25% discount compared to ETH. Hence, LEND could be seen as a priority pass to decentralized lending. You can also use your LEND tokens as collateral on the platform. This way we’re creating a function for LEND tokens to be used.

ETHLend will use 20% of the application fees (loan request fees and funding fees) to purchase LEND from the market. These LEND tokens will be ”Airdropped” to borrowers and lenders of the platform. The goal is to increase the use of LEND on the platform and also to reward active users. The airdropped tokens will be ”locked” in a way that make them non-transferable to another account. They can however be used on the platform. So ETHLend users who get airdropped LEND tokens can still use these tokens as collateral, to pay featured listing fees or for other payments. The benefit is that active users get rewarded and the usage of the platform is encouraged. Once the airdropped LEND has been used it becomes transferable.

The participants of the pre-token sale will receive 20% bonus tokens as a reward for early contribution. The funding aim in pre token sale is 2 000 ETH (6% of the total supply) for the further development and research of decentralized lending and the application. The purpose of the pre-sale is to prepare for the upcoming official token sale on November 25, 2017.

ETHLend pre-sale ICO details:

Starting: 25.09.2017 at 12.00 GMT Ending: 25.10.2017 at 23.59 GMT or when the cap is reached

AMOUNT TO RAISE: 2 000 ETH

TOKEN FOR SALE: 60 000 000 LEND (6% of total sold tokens)
LEND TOKEN PRICE: 30 000 LEND = 1 ETH
(price includes 20% bonus tokens for all pre-sale participants)

Pre-sold tokens are deducted from the 1 000 000 000 LEND sold on the official token sale. Additional 300 000 000 LEND is contributed to founders and to the developers fund to compensate the current and future efforts on ETHLend and to attract new talent on board.

Official ETHLend token sale ICO details:

Starting: 25.11.2017 at 12.00 GMT
Ending: 9.12.2017 at 23.59 GMT or when the cap is reached

AMOUNT TO RAISE: 37 600 ETH

TOKEN FOR SALE: 1 000 000 000 LEND (deducted by pre-sold tokens)

LEND TOKEN PRICE: First 200 000 000 LEND: 27 500 LEND = 1 ETH
(price includes 10% bonus tokens)

Next 100 000 000 LEND: 26 250 LEND = 1 ETH
(price includes 5% bonus tokens)

Remaining LEND: 25 000 LEND = 1 ETH

To keep track of news and updates, make sure to follow us on our social channels:

Subscribe to ETHLend Token Sale: https://about.ethlend.io/token-sale/

Telegram: https://t.me/ETHLend

White Paper: https://github.com/ETHLend/Documentation/blob/master/ETHLendWhitePaper.md

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