A new term "coined" for a a new type of lending token that caught my eye yesterday.
It's a p2p-lending system concept but with a few twists. It's built to spread the risk by not lending to one person that may default. Instead you vouch for a person who is funded by a group of lenders. The customers themselves are not doing the lending to borrowers but instead are vouching for certain people for a fee.
The project is called Suretly and it's pre-ICO token and plans to start in June. Most people have come to hate ICOs (like me) so it's one thing holding up my decision to part with some ETH or not. I've really haven't been active in blogging and crypto for several months. I've just been mining and holding major coins (BItcoin & Ethereum with some Zcash, LTC and little Dash on the side :)
So I'm just sharing this information out there to see what others think outside the Bitcoin talk cheer crowd.
Here is a video of the owner talking in front of group of people about the concept behind Suretly.
It shows that the risk is spread because if one person doesn't pay you are still in profit but what is the break even point and how are they going to get a high percent of borrowers to pay? Are there future plans to partner with a debt collector token? LOL
But in all seriousness, it does look like they have a very good team behind this company. The were part of the March 2017 NYC LendIt-2017 which is a big financial tech expo.
But is it something that will actually catch on and work is the big question mark in my mind. Let me know if you have any thoughts or insights on this new crowdvouching concept.
Here is their main website: https://ico.suretly.com/
And here is the Bitcoin talk link: https://bitcointalk.org/index.php?topic=1879035.0
