Hello everyone, on this good occasion I will discuss about the LendLedger Project and to find out the benefits of the LendLedger Project, Stay here until the end!
What is LendLedger?
LendLedger is the first open network on Blockchain that breaks the trillion dollar loan slot.
The LendLedger Network brings together Borrowers, Lenders, and Data Providers in an open and accessible global ecosystem providing credit evaluation and loan opportunities for those who have been overlooked by traditional lending services.
Our Features
- Trust
Each party controls the transfer of their encrypted data, eliminating the risk of a centralized seamless intermediary - Seamless
Linking lenders, data providers, and borrowers in one ecosystem building a transparent reputation - Transparent
Every transfer across the network is publicly recorded on the blockchain, the eternal ledger
How it Works
Based on an open protocol and blockchain technology, LendLedger connects data providers, lenders, and borrowers for secure, transparent, cost-effective, and innovative interactions.
LendLedger was created at Arth Labs, the technology and innovation arm of ArthImpact Finserve, an Indian lending venture. ArthImpact, under the brand name Happy Loans, collects data on potential borrowers by building relationships with digital service providers, including the country’s largest mobile wallet, largest independent point-of-sale, and major money transfer and rural commerce networks.
ArthImpact has already proven the huge opportunity of the MSME (micro, small, and medium-sized enterprises) lending market and in just over a year has disbursed nearly $7 million to over 13,000 micro-enterprises across 400 cities in India. LendLedger will build on this momentum with an open and self-governing ecosystem that will enable the continued growth of this burgeoning lending market.
Join Us and Stay Tuned, Click Here:https://lendledger.io/
If you are interested in joining our Project, you must have LOANToken because all payments and fees between LendLedger network participants are transacted using LOANtoken. Digital assets interact with smart contracts, which are neutral contracts on the blockchain that automatically manage loans. With the strength of blockchain-based ecosystems, LendLedger's loan network loan contract automatically withdraws all loans and tracks payments.
How LOANtokens make LendLedger work
LOANtoken has two key uses:
1| When staked by a Credit Node, it unlocks LedgerCredits.
LedgerCredits are the internal accounting unit, pegged to fiat, which Lenders send to Borrowers to represent a loan disbursement (and which Borrowers send back to Lenders from time to time, representing a loan repayment).
LedgerCredit exists only within the LendLedger ecosystem. LedgerCredit is similar to a stablecoin, except it has the added flexibility of being pegged to any kind of fiat money. This allows LendLedger to operate in any market where a Lender and Borrower agree on the value of the local currency. When Credit Nodes convert fiat into LedgerCredits by staking their LOANtokens, they protect Borrowers and Lenders from the volatility of cryptocurrency.
2| When staked by a Credit Node in a Surety Bond, it keeps the Credit Node’s incentives aligned.
Credit Nodes lock up LOANtoken in a Surety Bond for the duration of every loan they have enabled by unlocking LedgerCredits. This keeps them honest and incentivized to continue doing their job.
(NB: Market participants also stake LOANtoken in small amounts, to gain access to LendLedger’s network of data providers, lenders, borrowers and other service providers.)
Let’s look at each of these uses in detail.
Use 1: Unlocking LedgerCredit
(For simplicity, we’ll skip the loan arrangement process here. For details on how Data Providers, Lenders, and Borrowers initiate a loan, read Sections 3 and 4 of our technical paper. )
Once a loan has been agreed upon and created, the token processes of LendLedger begins.
- Lenders send fiat to a Credit Node.
- The Credit Node stakes the appropriate amount of LOANtokens with the LedgerCredit Smart Contract, and specifies which Lender account should receive the LedgerCredit.
- Having received LedgerCredit, the Lender disburses it to the Borrower through an Escrow Account.
- Since the Borrower requires fiat, over a disbursement of LedgerCredit, they send the LedgerCredit to the Credit Node, redeeming it for the available fiat.
- The Credit Node in turn sends the LedgerCredit back to the LedgerCredit Smart Contract, and this releases the LOANtokens it initially staked.
For example, say a Lender wants to issue a $100 loan, and the current price of LOANtokens is $0.20 per token. To receive $100 of LedgerCredit to disburse to the Borrower, the Lender sends $100 in fiat to a Credit Node, which stakes 500 LOANtokens ($100 x $0.20) to the LedgerCredit Smart Contract. The LedgerCredit Smart Contract then sends 100 LedgerCredit (each worth $1) to the Lender. As per steps 3 onwards above, the Lender then sends this LedgerCredit to a borrower who instantly trades it for fiat with the Credit Node.
Use 2: Aligning Credit Node Incentives
Each time it issues LedgerCredit, a Credit Node must stake LOANtokens to a Surety Bond Smart Contract. The Surety Bond acts as an incentive to the Credit Node to fulfill its obligations. If it does not, its entire Surety Bond may be forfeit.
The Surety Bond is maintained at all times in an amount proportional to the Credit Node’s issuance activity (e.g. 10%). So, if a Lender gives $100 USD to a Credit Node, the Credit Node would stake $100 USD worth of LOANtokens to the LedgerCredit Smart Contract and $10 USD worth of LOANtokens to the Surety Bond.
The timeframe for most loan disbursements and other payments will be relatively short (e.g. seconds). Because of this, the Credit Node will have access to a limited amount of fiat currency from customers at any given moment. Thus, the amount to be gained by defrauding a few customers should pale in comparison to both the long-term value of acting as a Credit Node, and the amount locked up in the Surety Bond.
Okay, I end here the discussion about the LendLedger Project and for more information about the LendLedger Project please visit the link I provided below:
WEBSITE:http://www.lendledger.io/
WHITEPAPER:http://lendledger.io/images/LendLedger-Overview-Optimized.pdf
TELEGRAM:https://t.me/lendledger
TWITTER:https://twitter.com/LendLedger
LINKEDIN:https://www.linkedin.com/in/givatury/
MEDIUM:https://medium.com/lendledger
And for Bounty Hunters who want to get a token for this project by completing simple tasks, join the BountyPortals platform at https://app.bountyportals.com
Find BountyPortals on Twitter and Facebook for updates.
Join the official BountyPortals https://t.me/Officialbountyportals Telegram group for instant updates on prizes and new campaigns for exciting projects with great potential.
Username:Sadum
Link to Bitcointalk Profile:https://bitcointalk.org/index.php?action=profile;u=1393441