In the Blockchain industry there are some things that are poorly understood but have a very vital function, for example "Smart-Contract". smart contracts are programs that run exactly as defined by their creators. The idea was originally portrayed by computer scientist and cryptographer Nick Szabo as a sort of digital vending machine, he described how users could enter data or values, and receive limited goods from machines, in this case real world snacks or soft drinks. smart contracts not only define the rules and penalties around the deal in the same way as traditional contracts, but also automatically enforce those obligations.
Ethereum is a platform built specifically to create "smart-contract". At first Bitcoin was the first to support a basic smart contract in the sense that the network can transfer value from one person to another, however Bitcoin is limited to the use case of currency. Then came Ethereum which replaced the strict bitcoin language and replaced it with programming language that allowed developers to program their own smart contract, Ethereum itself was conceived by Vitalik Buterin.
Vitalik Buterin said, in a smart contract approach, assets or currencies are transferred to a program and the program executes this code and at a certain point automatically validates a condition and automatically determines whether the asset should be handed over to one person or returned to another, or whether it should be immediately returned to the person who sent it or a combination of the two, meanwhile, Blockchain also stores and replicates documents that give it certain security and permanence.
Smart-contract has several advantages such as making a deal no need to rely on brokers, lawyers or other intermediaries to confirm, the user's document will be encrypted in Blockchain, user documents duplicated so many times as to ensure the user documents secure, smart contract using software code to automate the task, thereby saving hours of business processes, saving users money as smart contracts eliminate intermediaries and smart contracts not only faster and cheaper but also avoid the errors that arise from filling up the stacked forms.
Smart-Contracts can affect changes in industries such as acquiring merchants, credit companies, and accountants can also use smart contracts for tasks, such as real-time audits and risk assessments. With all the advantages offered by Smart-Contract many companies or industries that connect their projects with Smart-Contract. In this article I will discuss about the FintruX project, which is a Platform funding provider that uses Smart-Contract from Ethereum.
FintruX is a funding platform that offers benefits not only to borrowers and lenders, but also to guarantors and related institutions.
FintruX is the world's first online Blockchain based on the online marketplace and automated platform administration that connects customizers, lenders, and service providers, enabling them to set up and build real-time borrower agreements. The FintruX platform elevates the Ethereum blockchain and smart contracts that provide a comprehensive development and broad community domain. With the use of Smart-Contract that can be fully customized and simplified, it will be easier to understand without double understanding and can save operating costs.
FintruX enables and maintains decentralized review tools for borrowers, lenders, and entire service agencies under smartest Ethereum contracts. Unlike reviews written on third-party sites that can be changed by site owners who do not have integrity in the current non-blockchain system.
FintruX will create a platform for fraud and identity theft agencies, credit rating agencies and options, storage, exchange, banks, asset managers, underwriters and technology to offer new investments and loan products, and develop new tools that can be used on platform.
FintruX and the automated management platform is a reinforced P2P financial portal in the blockchain system. With the ultimate goal of enabling startups and small businesses to borrow from accredited local investors and financial institutions. They can also borrow in crypto currency, where everything is done globally.
Raising Robocoder technology and existing relationships in the world of funding The FintruX Network aims to lead the movement towards credit democratization, by offering an innovative alternative to credit access.
FintruX will collect data from the platform and all available APIs, service agencies, etc. We raise key cooperation with Robocoder, Ethereum Company Alliance, Microsoft, and various universities to research with the aim of improving the selection of credit decisions, fraud prevention, identity management, and risk reduction.
FintruX implements a Tokenization system which means that all processes and transactions that run on the platform must use FintruX Token (FTX) which serves to simplify the transaction process and eliminate Limits to get involved.
FintruX generates revenue by charging the participant's transaction fee in the form of an FTX token. The lender may charge the borrower the required fee, the lender may also award FTX tokens to the borrower if payment is made on time. Rewards and late fees to the borrower must be paid with the FTX token as well.
• Prize for transaction execution.
• Token guarantee backup.
• Gifts of good nature
• Sanctions for naughty actions
• Rewards for giving information
• Access to platforms / facilities
• API License
Ownership of the FTX token has no right other than to redeem it and claim it on the platform. FTX does not represent proprietary rights or shares, shares, security or other intellectual property rights or other forms of participation associated with the FintruX network.
Name: FintruX
Symbol: FTX
Total Token: 100,000,000 FTX
Hard Cap: 75,000,000 FTX
Soft Cap: 8.250.000 FTX
Currency: ETH
Price: 1 ETH: 1500 FTX
Token Distribution: Token Sale 75%, FintruX Team 10%, FintruX Reserve 10%, Guarantee Reserve 5%.
