Efforts have been galvanized to wrestle mortgage industry across the globe, from big time investment bankers and ruthless middlemen. We all agree, that over $30 trillion mortgage industry have been hijack by aforementioned group. Compounding the woe of already problematic industry, was the financial meltdown of 2008. As a result, mortgage institutions rolled out stricter regulations for application. Higher income (wage) is one of requirements for a better credit score (risk assessment score), in a world where people are losing their low income jobs.
Entrance of Block66 is a huge relief. Block66 have studied mortgage market, identified problems of the industry. Such problems are having to wait 45 days on the average, to get application processed. Mortgage brokers have this tendency to swindle their clients through double payment or high transaction fees. Thanks to Block66, there is solution for everyone of them. Small private lenders are happy of Block66 inroad in the market, creating equal playing surface for all market players (lenders, brokers and borrowers).
What is Block66 all about? For short, Block66 is a marketplace for mortgages, which harnesses the strength of blockchain technology to ensure incorruptible and decentralized operation. Financial institutions and private lenders with good track record, have a pool of vetted borrowers to carter for their loan needs. Thanks to exceptional work done by Block66 team.
Block66 offers extremely automated marketplace, with high degree of transparency. Making mortgage lending process so streamlined that it attract least possible fees and risk. Every loan is considered as a pool of "Proof of Loan" tokens, which can be resold to investors individually in turn giving liquidity to lenders.
Digital Trust Fund (DTF) ensures physical reflection of every individual mortgage provided by Block66 is issued on the blockchain. DTF keeps all loans and ensure timely repayment, while making sure that all strict regulations associated with trust funds is adhere to.
Brokers on Block66 marketplace will be given chance to list their customers for lending chance, after thorough vetting by Block66. License verification, proof of residence, criminal records checks and credit report are likely checks performed by Block66 team because listing any customer. Block66 harnesses the power of existing technologies to automate application processing and documents verification. This is to check mortgage fraud, since majority of fraud in mortgage industry is as a result of negligence on the path of underwriters and lenders, because of sheer volume of application to peruse. Spotting inconsistencies for review by virtual underwriters and lenders is easier.
BNET token is Block66's platform token. All transactions performed on Block66 network platform is paid for using BNET token. Cryptocurrencies such as bitcoin, bitcoin cash and ethereum can be used to purchase BNET token. Services like modifying the "Proof of Loan" tokens, credit check and background check on borrower, are the kind of services within the platform. User can paid with BNET token.
Presently, there are 305 million BNET tokens obtainable. 155 million BNET tokens is in circulation. Block66 holds 40% of available BNET tokens, while 10% of BNET tokens accessible is for developers, bug bounty, advisor and team members.
Officially started pre-sale on 6th September, 2018 earnestly. Huge opportunity for crypto fans to get a bite on the pie. 50 million BNET tokens will be dispatched to the public. Registered members will get 30% discount, that will make each BNET token worth $0.07. At ICO stage, no discount will be available, so take your advantage now.. At ICO stage, 105 million BNET tokens will be available to buy, at $0.15 per BNET token. $20,750,000 is the set hard cap.
Block66 team a knack of keeping to their road map, a sign of a serious minded people. Check out their road map below, you will agree with me.
First Quarter 2017
Block66 is envision. Work on white paper started and contact to early advisors and team members made.
Forth Quarter 2017
Actual work start on Block66 platform. User experience and operating flow are layout for matching engine.
Second Quarter 2018
Token Generation Event (TGE). Wireframing and prototypes of platform manufactured.
Third Quarter 2018
Design and Distribution Phase: Rounding up marketing and business development efforts. "Block66 Alliance" of customers is form. Product planning and design is seriously pursue.
Forth Quarter 2018
Build Phase: Alpha testing as the platform welcome first customers. "Block66 Alliance" first report released.
First Quarter 2019
Release Phase I: MVP launch, first batch of on-chain loans funded hits the platform and match through the network.
Second Quarter 2019
Release Phase II: Loan tokenisation kicks in. Vetted registered user can trade on-chain securities on a fractional basis, as smart contracts guarantee repayment of loan to all token holder.
Read no more, head over to Block66 official website https://block66.io to register. For more indepth information, see the white paper here. https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view
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