BankSocial: the world’s first social consensus lending p2p platform
BankSocial's revolutionary approach makes it a project to consider
BankSocial is the world’s first peer-to-peer social consensus lending platform, secured by the Ethereum blockchain.
The platform’s community-driven lending approach aims to replace outdated lending practices, rewarding community members with participation for financing asset-backed loans.
Using the first advancements of its kind in blockchain technology, BankSocial’s peer-to-peer lending platform seeks to begin issuing asset-backed loans in 2022.
Enabled by true decentralization, the platform’s token holders will act as lenders and receive monetary disbursements of interest paid on loans by borrowers proportional to the number of tokens they own.
Token holders are rewarded for staying in the BankSocial community by receiving a fractional distribution of all tokens that are sold, or traded.
BankSocial plans to socialize loans to the world, implementing a social business that works on social capitalism.
The vision of the project is to be the first lending platform of its kind, built from the ground up, using blockchain to share the value created in lending systems with the people financing the loans.
BankSocial’s roadmap outlines the firm’s vision to create a first-of-its-kind, autonomous and socialized peer-to-peer financing network, secured by the ethereal blockchain, to create liquidity and reward everyone’s interest. token holders, using the Blockscore algorithm to analyze a member’s creditworthiness.
The community becomes a lender and is rewarded for staying in the social group by initially earning a 3% share of all token sales.
In the future, a portion of all interest payments will be delivered equally to all token holders.
How does it work?
Every time someone sells a unit of the platform’s token, the BSOCIAL, all token holders are rewarded for staying in the bank with a distribution of 3%, of all tokens that are bought and sold.
That means just hodling the coin continues to generate interest in the community.
BankSocial will incorporate BSOCIAL burns as needed. These will be controlled by the social consensus community.
For their part, for liquidity funds, another 4% of all token sales are added to the pool. This is where the real magic happens. When the social liquidity fund reaches a bankable level, currently anticipated at USD 50 billion, we will start making the first loans.
However, the secret behind how the platform is helping the banking world evolve is in how bank fees and interest payments are made.
When someone repays your loan, the SLP will be recharged with the principal portion of the payment. The interest portion of the payment is made to all token holders. Best of all, there are no fees.
The BSOCIAL token
The BankSocial platform revolves around its native BSOCIAL token.
It is an ERC-20 utility cryptocurrency, with a supply of 10,000,000,000,000 tokens and a loan target of $ 1,000,000,000,000.
The economics behind the BSOCIAL is masterfully designed, with the currency holders in mind.
As the holder of said token, the hodlers are guaranteed that with the logic of the smart contract you will get your share of 3% of all the cryptocurrencies sold in each transaction.
Also, when loans start, you are paid interest on all loans made by the bank.
The BSOCIAL tokenomy ensures that pumping and dumping are discouraged by requiring you to wait until the bank operates as a lender, or until your investment has matured.
Best of all, redistribution happens automatically in real time, with every token sale.
You just have to sit back and watch the holdings increase in real time.
Also, being based on the Ethereum blockchain, everything is completely verifiable.
The smart contract continues to accumulate its percentage of the redistribution and eventually the interest on the loans made will be redistributed to all holders.
The social liquidity pool (SLP)
The Social Liquidity Fund (SLP) is one of the most notable aspects of the BankSocial platform.
Every time someone exchanges their $ BSOCIAL cryptocurrency for other currencies, 4% of that is taken and placed in the social liquidity pool where it is locked until the consensus loan network approves a loan.
Once a loan is managed by social consensus, the person who received the loan will initiate the loan repayment process.
All principles will be returned to the SLP and all interest will be redistributed to all token holders.
In short, the coins will not only earn 3% every time someone else sells $ BSOCIAL, but they will also benefit from the interest paid for every loan that BankSocial makes on behalf of the community.
BlockScore: the secret weapon
BlockScore is a system created by BankSocial to identify the credit and creditworthiness of a borrower.
Unlike the credit scores of the past, such a system considers many more factors in addition to your credit scores, such as social profiles and other data available on the blockchain and the web to determine how much credit the borrower will receive.
Soon, BankSocial will launch an application in which you can enjoy all the benefits of the platform.
Do you want more information? Visit their website.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.
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