Introduction:
Money borrowing and lending is the most integral and paramount part of day to day financial consensus. Isn't it futile to lend money to someone if you don't earn something from it? Modern day financial institutions such as banks work on the same principle of lending money to borrowers and accepting money from depositors, and thereby charging a few bucks for the service provided. Although there is rapid spike in the use of internet and modern technology, the loan industry still has some major grey areas which make it a tad more difficult for the borrowers and lenders. They range from having a centralized structure that lacks transparency or there is a low liquidity rate for notes and securities.
Banks have unanimously ruled without being challenged, by creating their centralized institutions, but the scenario now begs to break this vicious cycle and allow the birth of a better and more advanced system of the lending marketplace. Cryptocurrency has challenged the forerunners and are all set to bring the market to equality, so that no one complains of the lack of opportunity. The big question which stand in front of us is that, is there anything which can be done to create a better ecosystem to cater the needs of borrowers and lenders??
GN Compass-The Ray of Hope:
GN Compass is a peer-to-peer lending platform for Cryptocurrency-Backed Loans. GN Compass provides Cryptocurrency-Backed Loans "to create constant liquidity in the lending market". With their Cryptocurrency-Backed Loans , GN Compass offers investors good returns on investment plus added security on all funds invested. Investors and borrowers are both going to benefit from the marketplace with the blockchain technology, which verifies and distributes the transaction on the Ethereum Network.
Blueprint of GN Compass:
What investors have to do??
The investors have to simply undergo a sign up process where they create an account and submit details regarding their preferred investment goal which could be retirement planning or preferred repayment cycle. After the completion of profile and the investor's investment settings are completed, they are asked to add their banking credentials into the GN Compass payment system. Thereafter, the Investors are allotted with a secure digital wallet attached to their bank account where all the transfers and payments are to be made. The investments will then be sent to a loan pool to fund loans. When loans are being repaid the GNCT backing the loans will be adjusted accordingly.
What borrowers have to do?
As for the borrowers, they have to input their basic login credentials such as username, password or just sign up using their Facebook account. After the basic formalities are completed, risk assessment will be done and they will be given their risk rating. The application will be accepted or rejected based on the risk rating of the borrower. The loan amounts will range from $1,000 to a maximum of $50,000 with an interest rate from 3.99% to 11.99%. Borrowers are required to pay balance protection insurance on loans.
ICO details and Token Sale:
GNCT will be the token symbol which is built with Ethereum technology as base. The total token sale Supply is fixed at 100,000 where the Price of 1 GNCT = USD$0.14.
Token sale undergoes in 3 rounds as follows.
1 st Round: January 29 to February 04. Price 1 GNCT = USD $0.14
2 nd Round: February 05 to February 11: Price 1 GNCT = USD $0.20
3 rd Round: February 12 to February 28: Price 1 GNCT = USD $0.25
During the token allocation, the Total ERC20 tokens created will be 1,000,000,000 GNCT, where 20% Or 200,000,000 GNCT Will Be Reserved For Pre-Sale and ICO.
10% Or 100,000,000 GNCT Will Be Reserved to pay bonuses and 60% to back Investor Funds and 10% will Be Held In Reserve.
The purchase of the token has a number of advantages such as bonus token availability early buyers. The token buyers are protected by Anti-Scam Systems which has high security and transparency. Investors Can Buy and Sell the Tokens Backing Loans Only In GNCT.
Concluding Remarks:
GN compass is one of a kind startup that has amalgamated technology of investment analytic and comprehensive credit rating system backed by GNCT. People will reap the benefits from their crypto assets with GN Compass providing another way to earn it. On a personal note I think it's going to help in process of mainstream adoption of the cryptocurrency. The modern day traditional institutions thereby will have to be updated or get outdated.
More details on:
Website: https://www.gncompass.com/
Whitepaper: https://www.gncompass.com/wp-content/uploads/2018/01/GN-Compass-whitepaper.pdf
Blog by: Lanirm Knayam
Btalk profile: https://bitcointalk.org/index.php?action=profile;u=1308391