It is difficult to imagine modern world without a credit market. People do not want to save money and wait for the necessary amount to be accumulated. Such a financial instrument, like credit, gives you the opportunity to take possession of a thing you like right away. The drawback of the existing sphere of crediting is its high cost and duration of registration. When calculating the total cost of a loan, it turns out that a person overpays for his purchase at least 30% as the interest to a bank. Of course, not everyone can afford such expenses. Union project has become an effective solution in this sphere. Decentralized blockchain-based platform allows reducing expenses for payment of banking services, excluding intermediaries.
https://getunion.io/
Key features of Union
Union is a savings platform based on blockchain, which unites people and organizations from all over the world in a reliable ecosystem without extra time, allows them to create and use a variety of financial products and solutions. Using blockchain technology, as well as Ethereum-based contracts, the platform developers offer a fully automated resource for instant transactions. Union provides faster access to capital. A reliable system for assessing a borrower guarantees that the funds will be sent instantly in a completely transparent and safe way, both for private individuals and for corporate enterprises.
Union removes all expensive for intermediaries from the process and allows individuals and legal entities to directly connect and conduct mutually agreed transactions.
Benefits of Union
The discounting of an account on the platform is carried out automatically through the use of smart contracts. The project has introduced a system for using a borrower's social rating as to provide him/her discounts and favorable terms of a credit. The size of the rating is influenced by such factors as repayment of a credit on time, the provision of documents at the request of a creditor, compliance with the targeted use of a credit.
https://getunion.io/
The underlying blockchain records transactions between the parties, and the KYC process ensures that the interests of both parties - creditors, as well as borrowers - are protected. This democratizes the economy as a whole and lending in particular, and makes access to capital more rapid. Union business model becomes very relevant for the financial illiterate population and small business. A convenient interface and presentation of information will be clear to everyone - in Union there are no complex terms, and instead they use the available information.
In Union, you can also create your own savings group by inviting friends or people who enjoy a user's trust, saving money collectively on terms favorable for the group. All data are under reliable protection of blockchain technology.
Union cryptocurrency
All calculations on the platform are carried out using UNI tokens, implemented on the basis of Ethereum. A total amount of 200 million UNIs has been issued, of which 80% are allocated to the sale. You can buy tokens using BTC, LTC and ETH as payment method. The price per unit is 0.0001 ETH. In case of using another cryptocurrency when buying, it is automatically transferred to ETH at a favorable rate. Currently, the project is in the process of the main crowdsale, which lasts until July 31. The project’s softcap is $1 million, hardcap - $5 million.
Conclusions
Union blockchain allows to make all types of lending automated with the help of smart contacts. This eliminates numerous overhead costs that are included in traditional banking transactions. More importantly, since confidential data is protected and verifiable, the risk of fraud is significantly minimized. Union connects borrowers and creditors in a reliable, fast, uncomplicated way, using smart contracts and blockchain. Using blockchain, Union integrates trust and social capital in the process of lending and saving, eliminating the need for intermediaries. Thus, Union project is beneficial for both a lender and a borrower.
Links:
Website: https://getunion.io/
WhitePaper: https://www.getunion.io/Union_Whitepaper.pdf
Telegram: https://t.me/UNI_Token
Facebook: https://bit.ly/2Mqll26
Twitter: https://twitter.com/getunion
ANN: https://bitcointalk.org/index.php?topic=3123614.new#new
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.