BtcCredit
Overview
Blockchain is making history by shifting power from centralized entities into the hands of the consumers.
It has empowered people to manage their own assets without the intervention of any banks, brokers, or
institutional monitors.
This is a welcome necessity since people risk too much today by allowing their crypto assets to be
controlled by a central entity. They don’t realize that it is not them but Wallets, Exchanges, & Lending
Platforms that are controlling their assets. Hence, they have given up control of their identity, privacy, and
money because they believe that they don’t have a choice. But not anymore. We aim to be the access
point that provides people with this choice.
BtcCredit is an all-in-one decentralized wallet which gives you complete control of your Blockchain asset
to Hold, Exchange, Lend, Borrow, Invest, and Stake.
This document outlines the design of a Decentralized Next-Gen Banking Ecosystem that is powered by
decentralised multi-currency wallet, decentralised p2p lending, and decentralised p2p Exchange
capabilities.
Market Analysis of P2P Lending
It is cited, that “According to Morgan Stanley, the market for Global Marketplace Lending may reach
$290bn. by 2020, with an expected Compound Annual Growth Rate of 51% from 2014 to 2020.”
Fixing the Lending Market
Today the inflation-adjusted interest rate in different countries varies based on the available liquidity. In
high liquidity market, Europe, interest rates are between 0.5-5 %, in Russia 12-15 %, in India 12 % and in
Brazil 32 %. This shows a clear inequality in the way access to the lending market is distributed across
the world. We believe that this inequality between the borrowers should be flattened and huge market
value can be created in the process, especially through opportunities of Arbitrage.
Banks charge 5-12% interest on loans and compensate you 0-1% for holding your assets with them. With
the rise of crypto-currencies and Blockchain, you can now become your own banking institution.
BtcCredit makes this a reality for you. Not just this, you decide whom you want to lend your money to,
on which interest rate, and it what mode. All of this is available thanks to Blockchain technology, on
which the Wallet of BtcCredit relies on.
How Does it Work?
As a lender, a user enters the system and funds his system generated Wallet with USDTs. The system
creates a lending profile where his acceptable loan parameters are recorded. The lender's loan profile
becomes a part of a “credit marketplace”.
As a borrower, the user enters the system with his system generated Bitcoin wallet. The bitcoin funds in
the wallet form the collateral against the potential loan. The borrowing requirement also becomes a part
of the “credit marketplace”.
A system internal logic automatically matches and suggests existing loans and borrowers. A borrower or
lender can also manually select from a set of loan offerings or borrower's requirements.
Once a loan is selected, and both sides agree to the parameters on the book, a “handshake” is said to have
taken place, which will result in a deployment of a smart contract on the Ethereum network. The
borrower's wallet will be funded with the requested USDT and a schedule for repayment gets created.
P2P Crypto Exchange
This is the second primary feature of the platform where the aim is to provide users with an ecosystem
where they can directly exchange cryptocurrencies with each other in a decentralized p2p marketplace.
No third entity will be interfering with the functioning of this decentralized p2p marketplace as it will be
directly controlled and maintained by a Blockchain backed software tech. Hence, the current
intermediary-based market is disrupted by and all the requirements of human middlemen are done away
with.
Operational Workflow
The system will be automatically able to connect the buyers with sellers based on the terms they prefer.
● Lender logs into the system
● Transfers funds to his/her Wallet
● Posts a Sell Order
● Sell Order goes live
● Buyer checks out the range of available Sell Orders
● Buyer and Seller Are Matched
● Buyer and Seller negotiate the most optimum price
● Buyer meets the demand and transfers the funds
● Trade is completed
● Seller receives funds in his/her Wallet
Roadmap
- Q4 2018
P2P Crypto Loan System Launch
The journey begins with Borrow-Lending, a Peer-to-Peer Crypto Loans System Launch.
Smart Contract On Ethereum
LDT Tokens Contract, BTCC Tokens Contract.
- Q1 2019
USDT Lending system Launch
Users Can Lend USDT which is backed by LDT Tokens and Smart Contract
Getting Apps Available on Mobiles
Getting the Lending Platform Compatible with Mobile Phones.
Acquiring Licences
Acquiring Crypto Wallet and Lending Licences
Crypto Wallet Launch
- Q2 2019
BTCC Token Listing on our Lending System.
Now users can Lend Using BTCC Tokens and can use BTCC as collateral.
P2P Exchange Launch
Peer-to-Peer Cryptocurrencies Exchange Platform Launch.
- Q3 2019
Staking Plan Launch
Staking plan launch for investor, who will be benefited with interest on BTCC / BTC hold as staking
ALT Coins Lending and Colateral
Now users can Lend Using Alt Coins and can use Alt Coins as collateral.
- Q4 2019
Crowd-Funding Platform
Peer-to-Peer Crowd-Funding platform
Distribution
Team
Shrirang Muley
Kirankumar Kapure
Mayur Shrivastav
Advisory Team
SANG JAE SEO
JASON H.JUNG
information
author
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