SOFIN PLATFORM: financial social network.

SOFIN is a new unique P2P-online service (grants the access to financial resources to almost every social group in any country on legal grounds). The platform serves lenders and borrowers, using fiat money and is powered by blockchain technology. The service will work on the principle of the auction, but with full-fledged scoring and verification systems, as well as dispute resolution, in case of delay or non-refund of loan funds. SOFIN aim to remove barriers and borders, to give the access to financial resources to the people of less developed countries. It deals with the aim of investment profitability for Creditors by moving their investment to other corners of the world through the SOFIN platform.

SOFIN is a project of financial social network which grants an access to the peer-to-peer loans in fiat currencies. It’s a mutual benefit for both participating parties: ones are in the need of financial support, others are ready to lend. The platform itself is not a creditor.

The effectiveness of SOFIN is based on transparency and multi-level verification of borrowers. The platform allows both parties to negotiate the terms themselves, concerning the loan, the rate of interest, the duration and penalties. The transactions are fully legal since they respect all of the regulations of the borrowers country of residence. The platform guarantees the transaction support, sends the notifications. In case of missing payments, due to the demand of creditor, it sends the data to debt collectors and sets the documents to the court. The borrowers’ verification is done in four steps. These include the examination of documents, the phone call, the estimation of borrower’s credit history and the confirmation of employment.

HOW DOES IT WORK

The borrower creates an application, indicating the amount of the loan, the repayment period and the desired percentage. Lenders can leave feedback on applications, indicating their terms and rates. Next, the borrower chooses the appropriate option. The service will have a full scoring system, built on the basis of artificial intelligence and machine learning. The system requests a transaction history from the blocked account. Blockchain keeps a credit history and all transactions for smart contracts. Borrowers are assigned an individual credit rating, on the basis of which the creditors decide on the terms of the loan. Further, the creditor transfers the money, and up to 20% of the amount can be added to SOFIN tokens, automatically redeemed by the system.

In the future, developers plan to implement the support of other crypto-currencies. As part of a smart contract, funds are credited to the borrower’s account, a commission of the system is charged at a rate of 9%, documents for the transaction are automatically generated for the parties. Then the funds are withdrawn to the card or the borrower’s account. Under the terms of the system, the funds will be provided to the borrower only in a fiat currency. According to the developers, this is necessary for the transaction to have legal effect and it was possible to generate all the necessary documents, including for the court.

For the provision of the loan, the creditor will be given bonus tokens in the form of 1.5% of the amount. The borrower will be able to refund the funds in part or in full while receiving bonus tokens in the equivalent of 1.5% of the amount. The lender receives the body of the loan in a fiat currency. Interest can be obtained with fiat money or with SOFIN cryptocurrency. In the first case, you must pay income tax, in the second there is no such need.

All operations will be recorded in the block with automatic generation of documents for the parties. The entire loan amount is issued in fiat. If a part of the loan is in cryptocurrency, the system automatically converts the loan to the fiat currency of the borrower. The borrower pays a percentage to the system before receiving credit (up to 5% of the amount in the SOFIN tokens that will be automatically purchased from the exchanges). This is the main income of the service: these funds are used to pay the bonuses and cashback in SOFIN (1.5% to the borrower and 1.5% to the creditor), and 1% of the tokens will be burnt. Then the borrower returns the funds. The creditor will have a choice: get the entire income in fiat or take a part of it with tokens. Also a part of the loan amount (1.5% to the creditor and1.5% to the borrower) will return with tokens as cashback.

TOKEN DETAILS

Token: Sofin

Abbreviation: SOF

Platform: Ethereum

Accepting: ETH, BTC, USD

Supply: 90m SOF

Tokens Sale Availability

Start date: 15.Jan.2018

End date: 15.Mar.2018

The SOFIN tokens will aide transaction of fund between the creditor and debtor. By implication, every time one applies for a loan and gets it, the platform converts it to fiat currency if it’s crypto currency and pays a 1.5% interest to the platform for using the channel. The debtor also pays 1.5% of what is borrowed to ensure that the platform is running and logistics are met. 90, 000, 000 SOFINS have been created for total supply. 700, 000 SOFIN tokens is on offer at the Pre-ICO at the rate of $0.5 USD plus bonus worth 10, 000,000 at the rate of $0.8 USD. Pre-ICO started on the 6th of November, 2017 and will run till 19th November, 2017. During the ICO proper 9, 500, 000 will be in supply at the rate of $1 USD per SOFIN plus 70, 000, 000 SOFINS as ICO bonus at $2 per SOFIN. ICO will hold starting from 11th of December, 2017 and will end on 24th of December, 2017. During the PREICO stage, Pre-SOFINS will be implemented and exchanged at the ICO from 1 to 1 stage on the main tokens.

TOKEN DISTRIBUTION