Cryptocurrency and blockchain technology are experiencing an unprecedented rise in both revenue and adoption. Coin market cap, places the total number of available cryptocurrency at 900, with a total market value of 270 million dollars. Mind you this figure is predicted to hit the billion-dollar mark by 2020. From a daily cryptocurrency transaction volume of 100 million dollars to over 6 billion dollars in market volume daily. Yes, blockchain technology has definitely surpassed the expectations of most trend and business analyst. Mind you, major financial institutions are taking note of these developments, and looking at the potential benefits of cryptocurrency and blockchain if integrated into their mode of operation. Recent developments has shown the incorporation of cryptocurrency into some banking and finance structures. Nevertheless, massive projects are being carried out on cryptocurrency by financial institutions. A typical example is eCionomic.net provision of fiat lending backed by cryptocurrency. Most financial institutions require tangible collaterals when securing loans, or perhaps, they require an attractive credit profile before they can give out loans. To solve this, eCionomic.net aims to use cryptocurrencies as a novel type of collateral in order to transform the market of secured loans.
eCoinomic.net's Economy and Network
As mentioned earlier, cryptocurrencies are subject to high liquidity and harsh government regulations. These inconsistencies has made it difficult for financial instruments to adopt the use of digital assets as collaterals. Therefore, holders of digital assets, are unable to secure loans in getting more mining equipments and purchasing more cryptocurrency. eCoinomic has decided to stand in the gap as a guarantor fit holders of digital assets, since traditional creditors will not use their assets as collaterals. In other words, it will take full financial responsibility for the loans, and it will destroy all associated risks in the lending process. So, how does eCoinomic.net achieve this? Let's take a look at this platform's network. eCoinomic.net's network consist of 2 major components
Borrowers. These are individuals or small business owners that are willing to give up their cryptocurrencies as a collateral in exchange for loans. On this platform, borrowers are required to have eCoinomic's CNC token before they can make any transaction.
Lenders. These include financial institutions like investment banks, credit facilities, and community banks. Lenders provide funds for eCoinomic. They provide loans in fiat currency and this platform guarantees the payment of the loan and interest with its reserve. Thus, eCoinomic.net stands as an intermediary between traditional banking systems and the digital market.
Before the borrower can procure the CNC token, he/she must undergo a registration process which includes a compulsory KYC procedure. Once completed, the user can now procure CNC token before accessing some features on the platform. The user can replenish CNC tokens by purchasing on a crypto exchange or by transferring the tokens that have been previously purchased during the token sale. After the launch of this program, the token price will be dictated by exchange's listing. In addition, there will be a service charge on every token purchased. Users can also use CNC tokens as collaterals, in the absence of other digital assets.
Website: https://ecoinomic.net
ANN: https://bitcointalk.org/index.php?topic=2878954
Whitepaper: https://ecoinomic.net/docs/Whitepaper_v.1_5_eng.pdf
Facebook: https://www.facebook.com/ecoinomic/
Twitter: https://twitter.com/Ecoinomicnet
Telegram: https://t.me/ecoinomicchannel
Authors details
Sweedy