Bringing Revolution to the Mortgage Loaning with the use of Viva Network

hamzeto (55)in #vivanetwork • 6 years ago (edited)

We all have our needs as humans and we love the good things in life. We all want to have the best lifestyle choices, live in large mansions, acquire the latest costumes and cars due to the expectations of the public opinions and a lot of their negative talks about poverty.
This now pushes us to the brink of working tirelessly for countless hours to no end, the collection of loans and debts to keep this affluent lifestyle to maintain the social lifestyle of the rich ones and this has a very big downside, Bankruptcy.

With the current system of the bank loans and mortgage, it requires users to offer a sort of collaterals in the form of physical assets. Especially for mortgages, properties such as housing and Real estates are taken over by these financial institutions in the cases where the loan conditions aren't fulfilled.
With this, a lot of users have lost their housing and properties and are left to bear the brunt of going to the far extreme to secure this loans, and this institutions do not care about the situation why the loans weren't settled due to their terms and conditions.
Based in the above account, a lot of thought has been undergone and this brought about a platform called the Viva Network which uses the decentralized nature of the blockchain to change the system for better. It aims to enable users be able to secure Loans without the fear of losing his or her property.

With Viva Network, Users Have no Need to Fear about Losing Property.

As an individual, to secure a loan, he or she will have to visit a financial institution to do so and have to give out the property papers in order to verify ownership. Then they will now sign papers to signify that the ownership will be formally returned to the user if he or she fulfills the loan condition. Failure to do so will relinquish the ownership to the financial institutions.
With the Viva network, it tackles this hassles of a user with a unique method. The platform recognizes the borrowers and matches them with lenders. As such, there is the elimination of the 3rd parties such as the banks and this deal will be brokered with only the borrowers and the lenders thereby creating a ecosystem for the peer-to-peer mortgaging.

How Does The Viva Network Work?

The platform works with the use of decentralisation as its biggest feature. It makes use of the Fractional Mortgage Share Protocol (FMSP) which is a P2P protocol. With the use of smart contracts based on the ethereum blockchain, it will enable users to be able to convert their mortgage loans into a new form called the Tokenized Mortgage Bonds.
It also enables users to utilise another feature called the Viva Mortgage Platform to offer their mortgage funds in crowdsale. As such it's very swift for users to secure mortgage loans without the involvement of 3rd parties.

Benefits of the Viva Network

One of the most promising benefits of the platform is the Fractional Mortgage Shares where it will allow users to access this liquid shares as the lender. This shares can be exhanged for securities on the exchange for the platform. The platform uses the decentralized nature of the blockchain technology to be very transparent and users can monitor their deals on the platform.
As the borrower, they will have access to a very low interest rates on loans and this will enable them avoid the high interests rates of banks as it will allow them pay back their loan as quick as possible and still retain their property.

Some Use Cases of the Viva Network.

For a salary earner who needs more funds to create a business, he or she can make use of the Viva Network to seek for mortgage loans and upon approval, he gets the funds he needs and can back in the fastest time as possible. If it was a bank, he would have offered property as collateral and due to the high interest rate, would have been much more harder.

Token Details
The platform will be run on cryptocurrency which is based on the ethereum blockchain and its an ERC20 token. The token details is as follows.

Ticker: VIVA
Platform: Ethereum
Token Type: ERC20
Tokens Total Supply: 4 billion VIVA
Hard Cap: 68,770 ETH
Price: 35,714 VIVA = 1 ETH
Accepted form of payment in Crowdsale: Ethereum (ETH)

Short Video On Viva Network

Conclusion

With the coming of the Viva Network, it will bring about a massive change in the loan and mortgage sector and will sure be a very great option to the traditional financial institutions that offer loans and mortgage.