Words like fascinating and irresistible readily comes to mind, when one see the complete details of what Block66 embodies. Like what my old folks will say, "when one see a new opportunity that can change his life for good, he can tell with just a glance". Having left mortgage industry worldwide in the hand of big financial institutions and middlemen for long, time is ripe for disruption. Thanks to Block66, for timely intervention.
What is Block66? Block66 is blockchain-empowered marketplace for mortgages industry. Wide range of borrowers can receive loan services by financial institutions and private lenders via Block66. Block66 ensures that deployment of capital is streamlined, while increasing transparency and global reach by leveraging blockchain technology. We all can attest to incorruptible and decentralized nature of blockchain technology.
On Block66 platform, "Proof of Loan" (PoL) token is use to represent every loan owned by lenders. Individual or fraction of "Proof of Loan" tokens can be sold to investors by lenders.
Everyone loves a fair and just system, presenting a level playing ground for big institutions and private lenders is paramount to Block66 operations. Smart contracts are used to initiate all lending agreements. Smart contracts are used to trace ownership of PoL tokens and check double payment.
Defaulting on mortgage payments is like white on rice. Digital Trust Fund (DTF) regulate the loans, ensuring that borrowers make payments as at when due on their mortgages. DTF act as gatekeeper to "PoL" loan tokens and interest, borrowers use to pay their mortgages.
Block66 marketplace is an incorruptible, decentralized application which operates on ethereum blockchain. Block66 gathers information on potential borrower, such as credit record, residential address and income. Each information and identity of borrower is verified, from which a risk assessment score is generated. Investors love this insightful tool.
Aftermath of the year 2008 global financial crisis. Securing mortgage loan have been stricter than before. On the average 45 days is needed to process mortgage application. Crime relating to mortgage is on the increase, and required income to make good credit score (risk assessment score) is high. Making securing traditional mortgage very hard. Investors are weary of trading mortgage backed securities. The above mentioned conditions will be address by Block66.
Block66 encourage lenders to sell mortgages in their portfolio, but not all of them. Users on Block66 marketplace, will be able to sell mortgages, buy mortgages and sell mortgage backed securities within the marketplace. This is to check predatory lending tendency.
Incorruptible Block66 ethereum blockchain stores all smart contracts to discourage any fraudulent activity. As a smart contract is initiated, the record is registered on the blockchain. The transaction registered is unchangeable.
Virtual underwriters are deployed by Block66 to verify and validate information entered in the smart contracts, and rooting out any conflicting information. Terminating every trace of fraud occurrence is paramount to Block66, because most fraud committed in real world is as a failure of underwriters not scrutinizing applications properly.
Within the Block66 marketplace, all network fees are paid with BNET (Block66's token). Cryptocurrencies like bitcoin, ethereum and bitcoin cash can be use to purchase BNET token.
Currently available now is 305 million BNET tokens, while 155 million BNET tokens are in circulation. 10% of BNET tokens in supply is for developers, advisors, bug bounty and team members. 40% of BNET tokens is for Block66.
Good news for crypto enthusiasts like me, pre-sale starts 6th September 2018. 50 million BNET tokens are to be sold during the pre-sale, a 33% discount for users at $0.01 per token.
If you are excited and curious me, visit their official site for more details.
Block66 website: https://block66.io/
Whitepaper https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view
Bounty0x username : nwabalive