Block66- The future of mortgages.
Mortgage financing is a really huge topic especially in developed and developing countries. It is no news that mortgage financing has been a big issue for a whole lot of people even moreso since the financial crisis that occured years back, in 2008. Since then, mortgage financing has become more strict. The criteria necessary for individuals to get approved of mortgage loans have been made much more difficult for just anyone; in essence, individuals that have been approved in the past now find it difficult to be approved to make their repayments and we all know the end points of not being able to make mortgage payments. Definitely, the blame cannot be placed on the borrowers alone, the employment status of most borrowers contribute to their dilemma and let's not forget their credit scores as well but even with these into consideration, the upgraded criteria for mortgage loan approval is not in any way favourable to borrowers. Even those that are capable of repaying what ever mortgage loans they request for are not being approved all because of the freelancing nature of their source of income.
Another issue related to the current mortgage financing system is transparency and the time taken for mortgage processing; most mortgage brokers are not transparent at all and what choice do borrowers have other than to trust these brokers and when the mortgage loan is approved the processing takes up so much time which is a clear indication of high levels of inefficiency but like I said earlier, what choice do borrowers have other than to go with the flow. Thanks to yet again another advancement of the blockchain technology, Block66, the prevalent issues plaguing the current mortgage financing system is about to be addressed and the mortgage financing system essentially transformed to suit both borrowers and lenders.
Imagine a platform where lenders could access a vast list of individuals in need of mortgage financing and the best part is that these individuals are already vetted; unlike the traditional mortgage financing system, this platform ensures the processing of mortgage loans are done really fast with low incurred risks and low costs. This imagined platform is the Block66 platform. Block66 platform brings a whole lot of improvement to the current mortgage financing system and even helps in protection against mortgage fraud by leveraging the use of technology in checking and validating documents and mortgage financing application data; this way, any discrepancies would be flagged.
As proof of authenticity, Block66 ensures the storing of all mortgage documents in the blockchain.
Block66 effectively creates a link between lenders and borrowers and Block66 achieves this by going through the criteria provided by lenders and linking the criteria of a particular lender with a borrower that satisfies every entry on the criteria. Block66 would essentially become the platform of choice for mortgage lenders and even for borrowers.
Block66 is the future of mortgage financing and is a huge leap for the global mortgage lending industry.
Block66 Token and Mechanism.
There are two tokens associated with the Block66 platform, the Block66 Token (B66) and Block66 Network Token (BNET).
The holders of B66 would be enabled to generate BNET to be sold to other platform users.
Token symbol is B66 with a total token supply of 300,000,000 B66 from which 34.4% of total supply is allocated to the mainsale, 40% is allocated as reserve, 16.6% of total supply is allocated to the presale and 9% is allocated to the advisors & bounty campaign. The hardcap is set at $12,285,000.
The funds generated during the tokensale is allocated as follows:
30% is allocated to the business developers, 40% is allocated to engineering, 15% is allocated to operations and 15% is allocated to marketing.
Block66 Roadmap.
Q1 2017
-Block66 is conceived.
-Work begins on drafting the whitepaper and contact is made with some early investors and team members.
Q4 2017
-Planning work begins on the Block66 platform.
Q2 2018
-Token Generation Event.
-Office build out begins.
-Wireframing and prototypes of platform produced.
Q3 2018
-Design and Distribution phase.
-Aggresive move into product planning and design.
Q4 2018
-Alpha testing phase with first Customers using the platform.
Q1 2019
-MVP launch with first batch of on-chain loans funded and distributed via the network (Release Phase 1).
Q3 2019
-Loan tokenisation.
-Release Phase 2.
Block66 Team.
Advisors.
Block66 Partners.
Useful Links:
Website: https://block66.io
Whitepaper: https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view
Twitter: https://twitter.com/Block66_io
Facebook: https://www.facebook.com/Block66Official
Medium: https://medium.com/@block66
Reddit: https://www.reddit.com/r/Block66/
Telegram: https://t.me/block66_Official
Writer: kitan Odebunmi
Writer's bountyox username: kitan