Viva:Introducing large-scale decentralized mortgage financing to the world
Viva is a blockchain application which facilitates home buyers to get mortgage from private lenders for buying their home. This ecosystem will eliminate the need of any third party financial institution which will make the mortgage process fast, transparent and efficient.
Smart contracts leverage the Peer-to-peer fractional mortgage share technology which brings transparency and accuracy. The platform will be developed through crowdfunding and in the coming days it aims to launch Viva coin on the major exchanges for trade
As mentioned above it uses proprietary crowdlending technology to give loans to the home buyers in fiat currencies. This is a decentralized platform which care no borders and geographical barriers and eliminates the middle-man need like banks and other financial institutions.
Free market is where values, prices and interest are set by the users of the platform rather than by outside bodies which will make the home ownership more affordable for everyone. This will enable the platform users to determine the rate of interest suitable to all the parties. The accredited investors will be getting asset backed fractionalized mortgage shares (FMS). The program will also launch innovative applications to make the process more convenient.
This platform will provide a mechanism to the lenders and the investors to get the ratings and assessment of the users so that they don’t fall prey to fraud and scam. It will provide recommendations and insights to help the participants take a knowledgeable decision.
Viva has a friendly web platform but it also aim to develop android and Apple Apps to facilitate the users on the platform to connect with each other with ease. Through these apps the users will be able to build their portfolio and list mortgage; they will also be able to integrate their ERC20 wallets.
If the user is a home buyer and want to lend money through this platform, the process is as follows:
- The candidate for home buying will put his/her financial requirements on the platform and use Viva network to crowdfund the mortgage using investors on the platform.
- Investors lend money to Viva Platform which gives the money in fiat currency to the home buyer.
- The home buyer returns the money on monthly basis to the Viva platform which eventually returns to the investors.
This industry is worth 31 trillion dollar and we haven’t seen any steps from the government and the financial institutions to eradicate the weaknesses and discrepancies in the mortgage process. The current system has too many flaws but primary ones are delayed loan approvals, inefficiencies and no system of merit to disburse the loan to the needy applicants. Viva is a decentralized program which uses smart contracts to make the process transparent, efficient and fast.
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