What is ETHLend?
ETHLend is the first fully functioning decentralized P2P lending marketplace based on the Ethereum platform which connects borrowers and lenders from around the world using the advantages of Smart Contracts and the Blockchain technology. Loans at the moment can be given in ETH using ERC20 tokens as collateral but as per the ETHLend roadmap, more options will be added with immediate development into 2018. The ETHLend platform provides all the elements a lending market needs to function, Business to Business, Customer to Customer, Business to Customer and so forth.
ETHLend is creating professional credit scoring and verification APIs for each country, a loan marketplace, where lenders bid interest rates on loan applications and a default market where failed loans can be traded. ETHLend is ahead decentralized p2p lending market with the alpha version of the platform which is functioning since May 2017 and served approximately 40 loans. Technical features of the platform allow to use it for conventional investment funds, individuals, banks and much more.
ETHLend are proud to announce strategic partnerships that ensure more clarity to its users about the ongoing evolution. ETHLend became the first partner with Eidoo to perform a secure and phishing free token sale thus ensuring best protection of the investors. The partnership with Digix Dao , one of the most stable tokens on the market, backed up by gold, consists of R&D collaboration, creation of the shared products and new functions. Bloom is working with ETHLend to create a suitable decentralized credit score powered by Ethereum and IPFS which will help to create reputation based lending. It shows that the ETHLend token sale is a milestone and not a final goal to be reached.
ETHLend Tokensale Information
ETHLend’s native token is LEND which is a utility token with a broad usability.
LEND hold the following functions:
- LEND airdrops are used to reward active user of the platform. Airdrops come from 20% of the collected platform fees and tokens bought back from the market.
- It provides 25% discount on the usage of the platform. At the moment fee is 0.01 ETH but it is not permanently;
- Certain functions are accessible only using LEND token – featured loan listing on the platform, target marketing for larger loans and number of functions that are under development;
- Rewarding introductions with LEND token - lenders, borrowers and third parties who introduce new participants to the decentralized lending platform will be rewarded with certain amount of LEND.
- Lenders and Borrowers can sell their airdropped LEND or use it as a collateral on the platform;
- LEND can be used as an access or discount token for the services of our partners.
Total amount of tokens – 1 billion and additional 300 million are dedicated to the development fund. Amount is limited and new tokens will never be created.
The pre token sale drew huge interest raising 600 thousand USD in just over 72 hours. The token sale begins on November 25th 12 PM GMT. Whitelist is opened since 15th November and KYC procedures are put in place.
In order to achieve all the goal set up in the Whitepaper ETHLend is working closely with a team of internationally recognised advisors:
- Jon Matonis- is a Founding Director of the Bitcoin Foundation
- Wulf Kaal - Former part of the Goldman Sachs Securities Division
- Ada Jonuse - An IT and blockchain education activist
- Robert Viglione - The Co-founder of ZenCash
- Tamoaki Sato - Founder of Starbase
- Amin Rafiee - has been working closely with the developers of some of the most hyped coins on the crypto market since 2013.
Code of the platform, smart contracts, current development and their history can be found at GitHub.