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Loans without guarantors and mortgages are a convenient solution for quickly covering expenses (paying for studies or buying household appliances). But due to high risks for the lender, these loans may be disadvantageous due to such shortcomings as small maximum loan amounts and high interest rates. In addition, existing procedures involve the participation of a multitude of intermediaries, the systems are mostly not automated and inconsistent, which leads to a lot of time and labor.
In addition, small businesses and start-ups often remain without proper maintenance, if at all they can get an unsecured loan. It's time to turn to the technologies of the third millennium to change the situation. Increasing the transparency of operations, reducing risks and simplicity of operations are possible due to blocking and decentralization, and they are used by the Fintrux team to improve the security of unsecured loans.
To eliminate the disadvantages of unsecured loans, the team provides the following actions:
• cascading risk distribution in case of need to cover losses;
• use of smart contracts to create unambiguous and unchangeable records of a transaction without the need for supervision or involvement of third parties;
• simplification of the loan process, as well as credit management with the possibility of self-service.
Benefits of Fintrux
In addition to lenders and borrowers, the authors of the project plan to attract identification authorities, anti-fraud authorities, exchanges, banks, asset managers, insurance companies, etc. to their P2P-platform. Thus, it is possible to expand the package of services provided on the platform and create an ecosystem in which participants can profitably promote their services.
As an online trading platform is created, there is no need for a physical infrastructure, which leads to automation of processes, reduction of "manual" interventions, which speeds up the crediting process and allows it to be fully and fully implemented in real time. Through cascading risks, the lender gets a guarantee that the borrower will fulfill its obligations.
In general, the team determines the following advantages of the project.
1. An open ecosystem.
2. Decentralized reputation ratings.
3. Commission for transactions in the form of tokens.
4. Decentralized blockchain Ethereum.
5. No need to develop code, the ability to instantly deploy.
6. A large number of smart contracts to reduce the price of gas.
7. An unprecedented reduction in the risks associated with unsecured loans.
For operations on the platform, a special FTX token will be used. With his participation in the ecosystem, the income will be formed: first, the participants will pay a commission for transactions in these tokens; secondly, the lenders will assign the desired commission to the borrowers, and also, if desired, reward the borrowers who paid the loans on time - also in the FTX tokens. In addition, a commission will be charged for comparing lenders and borrowers on a platform. Token will be used for payments to agencies and guarantors. And to ensure liquidity, Fintrux will resell the collected tokens to the participants.
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Also FTX tokens will be used as a guarantee of coverage of losses if other ways of protection for some reason did not work. For more information on platform participants and the opportunities for their interaction, see whitepaper.
To generate and distribute tokens, the team launches their sales, which takes place in three stages. Two preliminary sales have already been completed, and on February 7 the main stage of sales will start, which will last until February 28. The minimum collection threshold is 7000 ETH. For participants in the sale of tokens, there is a system of bonuses.
Website: https://www.fintrux.com
Whitepaper: https://www.fintrux.com/home/doc/whitepaper.pdf
Facebook: https://www.facebook.com/fintrux
Twitter: https://twitter.com/fintrux
Telegram: https://t.me/FintruX