MoneyToken is a blockchain-based platform that will provide loan access with Cryptocurrency collateral. This platform will revolutionize traditional lending with Amanda technology. Amanda is supported by an in-depth AI learning algorithm, and the goal is to provide human-like services for platform users. In addition to Serving as a loan assistant, Amanda acts as AI, analyzing client activity on the platform From their first step to completion for a loan generates predictive action.
Amanda helps eliminate the need for intermediaries and managers, commissions and hidden fees, and unclear provisions written in 'small print' contracts; all the bad practices of traditional banking. MoneyToken: changing the face of financial services.
The advantages of the MoneyToken model are compared with traditional loan systems.
Auto loan confirmation in seconds or minutes.
There is no requirement for credit assessment or asset verification.
Customers manage their own lending conditions within the boundaries of the provisions of the platform.
Option to store collateral in some cryptocurrency assets to stabilize general fluctuations of collateral and lower upward pressure on interest rates.
Transparency of operation during transfer and storage of security deposit.
Transparency of collateral evaluation and fluctuations in value from time to time for both parties.
Types of Payment Loans
Payment divided by time factor. Timely payment and early payment.
Initial payments are divided by 2 quantitative factors, ie full initial payment and partial partial payment
Reimbursement. First, repayment can be by using the same currency in which the loan is issued (standard method). Secondly, repayment with the help of collateral by transferring a proportional amount of collateral to the address of the platform. Third, the remaining amount of collateral after payment of the loan is transferred to the borrower's address. And fourth, repayment with the help of other cryptocurrency assets.
The mechanism of the MoneyToken loan model
the money taken will use a smart contract based on Ethereum to secure the terms of the agreement.
The collateral fund will be kept in a protected multi-signature wallet and requires 3/4 signatures to access. One signature is owned by the borrower at any time, owned by the lender, third, and fourth owned by money taken from the arbitration service
Multichain transactions and contracts will be available in the future, making MoneyToken a completely decentralized platform
The issue of trust in the MoneyToken platform will be resolved through smart contracts, but through multi-signature addresses; 1 signature of the Borrower, 1 signature of the Lender, 2 signatures of MoneyToken as Escrow agent, and 3 of the 4 signatures required. The MoneyToken system does not use 2 signatures of 3 and stores 2 signatures in MoneyToken so that the same person can not create multiple accounts as a Lender and Borrower to make a deal and deceive the platform. In the case of 3 of the 4 required signatures, no party can take over the funds, and no trust factor is required
Borrowers can withdraw the loan currency from the system to use.
The borrower can repay the loan first.
The borrower may be able to refund some of the loan ahead of schedule.
On the last day of the loan. The borrower may have the opportunity to extend the loan by making additional deposits
After the loan is repaid, the user is returned to the deposit money to his blockchain address.
Conclusion
This is a new revolution on loan from MoneyToken. With Blockanda-based Amanda technology all of these platform loan modeling processes can be resolved quickly differently than using traditional lending systems.
