MONEYTOKEN: CHANGING THE BASIC IDEOLOGY OF LENDING AND OBTAINING OF LOANS IN THE CRYTPO SPACE

zubbykay (39)in #ico • 6 years ago

Lending is basically said to be or mean the act of allowing someone to use a particular item or material for quite a number of specified time interval temporarily on the condition that the initial material or it's equivalent will be returned after the stated time frame. Loan on the other hand is said to mean valuables or sum of money which an individual, a group or other entities borrow from another person, group or as well other entities with the stated condition that the borrowed item will be returned or repaid at a later time. In loan giving, the borrowed item( money, valuables etc) requires collateral before actually the loan can be given. Also the borrowed item when being paid back sometimes is paid with interest at an agreed percentage. Loan can be said to play a major role in the startup of some businesses or firms whereby the obtain loans which they add to their startup capital to kick-start their firm or businesses. The act of giving or obtaining loan is however said to be the main focus of MONEYTOKEN.

MONEYTOKEN

This is a platform which is operated based on financial aspect of blockchain which focuses mainly on the lending of loans solely in all forms of legal tenders to individuals or firms who need it. Moneytoken platform just as other loan-giving agencies also require collateral before giving out loan. Moneytoken accepts collateral in form of crytocurrency only which is either Bitcoin or Ethereum but here, you still have a certain control over the cryptocurrency while still spending the acquired loan. Moneytoken unlike other platforms uses AI(artificial intelligence) named AMANDA to ensure a seamless process on the platform. Moneytoken platform however consists of the following:

Moneytoken lending platform capable of providing loans in money given legal value by government (fiat money) which collects Bitcoin or Ethereum as collateral.
A decentralised exchange system
Moneytoken's own stablecoin.

PROBLEMS MONEYTOKEN AIMS TO SOLVE

The problem major cryptocurrency holders majorly face is the problem of increase in the market value of the coin as well as its fall. If an individual buys the coin at lower value, he tends to hold onto the coin with the hopes of selling the coin when the value increases but what if such individual have urgent needs he or she needs to attend to which requires cash and he or she doesn't want to sell the coin is however where Moneytoken comes in to offer a solution.

SOLUTIONS OFFERED BY MONEYTOKEN

The solution offered by moneytoken is to help cryptocurrency holders solve urgent needs which requires cash and the process involved includes:

Using Bitcoin or Ethereum as collateral to acquire the loan.
Once the collateral is deposited, the deal will be approved and the agreed loan amount will be given to the person who needs the loan.
Then after the individual must have paid back the loan, the individual's collateral is given back to him or her fully wether the market value has increased or not.

UNIQUE FEATURES OF MONEYTOKEN AS A LENDING PLATFORM

Loan approvals do not take time and fund release is spontaneous.
The platform can give both small as well as large loans ranging from $500 to $1,000,000 and even more.
Since the loans are backed by collateral, there is no scoring as well as credit checks.
It is a decentralised exchange service with it's own stablecoin.
The platform offers discount services instead of charging additional cost.
The platform offer global services.

WHO BENEFITS FROM GLOBAL SERVICES?
Those who benefits from the Moneytoken platform services includes:

Miners
Exchange services
Cryptoholders
Traders
Investors
ICOs.

WHAT HAPPENS TO THE OFFERED COLLATERAL AND HOW SAFE IS IT?

The collateral are kept in a wallet, which is said to be protected by multi-signatures. And to access the wallet, three-quarter of the signatures are required. The first signature belongs to the borrower, the second belongs to the lender and the other two signatures belong to the Moneytoken platform.

LOAN TERMS AND INTEREST RATE OF THE MONEYTOKEN PLATFORM

Loan terms ranges from 3 to 90 days but there is also provisions for long-term loans and the interest rate is from 0.2% to 0.5% a day. Though interest rate and loan conditions are likely to change in future but it depends on the current situation of the crypto- market.

LOAN CURRENCIES ACCEPTED ON MONEYTOKEN PLATFORM.

The loan currencies accepted on the Moneytoken platform includes: USD and other fiat currencies, the USDT Tether, Decentralised DAI stablecoin, MTC Moneytoken and the BITUSD.

MONEYTOKEN UTILITY TOKEN

Utility token used is the IMT refered to as Initial Money Token. There are also about 20.044billion IMT in total supply and this token is also said to give holders certain advantages on the platform.

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