Lets solve the method of solving problems in a decentralized environment? Once that is complete we are able to adapt to the environment of decentralization because we changed our own minds or because we did it already once before.
When one is developing a decentralized application, one is limited in the decentralized state alone in attempt to be as decentralized as humanly possible because that needs new innovations for the concept to be useful.
How do we solve a problem in the decentralized space?
First, one attempts to solve the problem by hacking into how the problem is solved in the centralized space.
And then... not do that for the sake of innovation.
Developing a peer-to-peer lending app is nothing new, even though it is new in the sense that the cabal banks are not the only lenders anymore. Centralized peer-to-peer still requires the use of antiquated and outdated banking dinosaur cartels. If we could eliminate the intermediary and provide something smoother, finance and lending is simply instant teleportation from New York to Paris. Capital and free market is then utilized where it is needed on a global scale.
Blockchain & peer to peer provides us with new opportunities in innovation, if we as people are not able to see these opportunities, we are blind to our very own freedom of thought. When we are brainstorming whether a solution could be done on-chain (blockchain), we find it easier to do the function off-chain out of our own indoctrination. Of course it is not wise to place everything on-chain like a vacuum, but are aiming for full on-chain,
and here is why…
Forcing ourselves to create a solution in decentralized environment is actually pushing ourselves to create new innovations. We believe that a decent decentralized solution is better than any decent centralized solution (at least for now). Centralization is where we have been and decentralization is where we are headed.
Ask yourself this question? Would it be better to create tools for our future than shortcuts to our past?
Is it true that many lending functions work well in their own centralized environment?
Central bankers could efficiently calculate the loan amount one could pay by doing a credit assessment on one and credit scores could be used in any bank compared to a decentralized world where the credit and reputation has to be first earned.
We do believe that decentralized economy would become as efficient (or even more efficient) than a centralized economy.
If the decentralized crypto-economy remains democratic, we are on the safe side. On the other hand, if the decentralized economy would become slave for the banking magnates, we are far from many freedoms & innovations.
So how do we avoid? We do not know just yet, but we know that the first problem to solve would be that the governance (DOA) would need to be bound not to value but to human value. Instead giving governance based on cryptocurrency, governance run by people. A vote per human is the only way to avoid such monopoly.
We could go off-chain with some functions such as credit rating or lending FIAT instead of crypto to avoid volatility issues (which is called an ORACLE). But why we need to do that if we can solve the problems in a decentralized trust-less fashion without the reliance on any one centralized credit rating company that has been bought and paid for by the bankers.
Solving these fundamental problems in a decentralized way, we are providing an environment where no bank can interfere as an intermediary with your transactions. People from all parts of the world can borrow and lend, and decide on how much premium to pay peer to peer.
Decentralization distributes the power to the people.
This is the main reason why ETHLend is that much decentralized.
Share your thoughts & a special invitation on our Discord group: https://discord.gg/nKjsStv
Or Telegram: https://t.me/ETHLend
Or BitcoinTalk: https://bitcointalk.org/index.php?topic=2013399
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