INTRODUCTION
Lending business have evolved over the years and constitutes one of the key service for businesses. The global lending business is estimated to run into billions of US dollars and this have engendered attention. However, there are a lot of bottlenecks that hinders and frustrate many participants in this lucrative venture. In third world countries, many borrowers are confined to local regulations which most times are tailored to frustrate startups. This is evident in the harsh conditions attached to borrowing which always result to inability to payback borrowed funds or servicing debt from capital and not from profits which eventually lead to bankruptcy. Take for instance, most regulation stipulate interest rate of double digits which in reality are hard for borrowers to meet. These has therefore necessitated the need for an alternative to save both small and big businesses including startups from extinction. Consequently, peer-to-peer (P2P) lending, which have been there but silenced by the banks and big institutions, have found its ground again as a better alternative. Due to the flexibility and low interest rate associated with P2P lending, the market has become so huge that it is projected to hit 490 billion US dollars by 2020. The advent of cryptocurrency and the blockchain technology have also helped in boosting the P2P lending platform however, the P2P lending system is not completely free from problems which leaves room for improvement. This is what gave birth to The Deal Coin project. We will leverage on the blockchain to build a lending platform that will address the challenges that is inherent in the traditional lending systems as well as those bedeviling the P2P lending systems. I will first highlight some of the problems of the P2P lending systems and how The Deal Coin Platform proposes to solve them.
THE PROBLEM
Lack of access to funds and unfair conditions is a global problem for small and medium scale businesses which the traditional lending system have only succeeded in aggravating. More so, P2P lending system came to address this however, one of the major problem that have hindered the P2P lending system is that of regulation. Most of the platform that ventured into this business were constantly under attack from the governments and institutions and this lead to closure of some of them. There is also the problem of security which is a big threat to the digital world. Unfortunately, most platforms do not have the ability to protect their assets. Finally, there is the problem of transparency, accessibility and flexibility which many P2P platforms lack. These problems present The Deal Coin an opportunity to take a leading edge in this regard.
THE DEAL COIN SOLUTION
Through the deployment of the blockchain technology, insurance, assets securitization and legally binding smart contract, The Deal Coin Solution will surmount the problems facing the lending industry and will occupy an enviable position of the leading global lending platform. The platform is designed to comply with all regulatory stipulations of any jurisdiction of its operation and this will save us from litigation and government interference. The platform will be designed with the ability to identify, verify and authorized for funding, the assets of borrowers and this will happen almost automatically. The fees are minimal and affordable by all.
HOW THE PLATFORM WORKS
The borrow complete the application for a loan through the platform Decentralized Application (DAPP) with sufficient information to comply with regulations and other requirements as stipulated by the platform, the DAPP connects securely to the Deal Lending Solution Database (DLSD) where the information supplied is processed and verification initiated. The lenders will equally pass through the verification process and once confirmed, will have access to communicate with borrows across the globe through the DLSP platform. Upon agreement of rates, lending duration and other key parameters, between the lender and the borrower, the lending process is completed. The verification process involves detail confirmations such as KYC, asset verification and tokenization, ensuring that the asset are valid and valued proportionately to the load requested and other checks. It is worthy of note that security is one of the core objective of this platform, hence, latest security measures are put in place to protect the system and the participants against hacks and loss of any form.
THE DEAL COIN TOKEN AND TOKEN SALE
The Deal Coin token (DLSD) is a utility token that will enable users (borrowers and lenders) to access The Deal Lending Platform. To this end, a total of 1billion DLSD token will be produced and 65% of which will be available for contribution while the balance will be distributed to the development team, founders, advisors and for bounty. The token price is pegged at $0.1 USD per token. More information about the token and the sale can be found on the website. It will estimated that $50 million USD is needed to achieve this project however, $5 million USD is sufficient to get us started.
CONCLUSION
The Deal Coin platform present us with something unique that will change the conventional way of lending. Through this platform, business will be revived and confidence restored to both lenders and borrowers. The issues of monopoly, exploitation, harsh conditions and security threats will be completely eliminated. The Deal Coin project have partnered with reputable companies in the tech and general business world to deliver quality product that will create wonderful impact. The team led by Michael Morrison, Marcia Jardine and Nassim Taleb comprise of specialists on various fields relevant to this project. It will therefore be a wise decision to consider this project now and the future.
For more information about this project and the token sale, please use any of the links
Website: www.thedealcoin.com
Ann Thread: https://bitcointalk.org/index.php?topic=3041085.0
Whitepaper: https://thedealcoin.com/wp-content/uploads/The-Deal-Coin-Whitepaper.pdf
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BTT username: nattykio
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