SOFIN Is A New Unique P2p-online Service
SOFIN is a new unique P2P-online service. The platform serves lenders and borrowers, using fiat money and working on the basis of blockchain technology.
The service will work on the principle of the auction, but with full-fledged scoring and verification systems, as well as dispute resolution, in case of delay or non-refund of loan funds.
How did it work?
The borrower creates an application, indicating the amount of the loan, the repayment period and the desired percentage. Lenders can leave feedback on applications, indicating their terms and rates. Next, the borrower chooses the appropriate option. The service will have a full scoring system, built on the basis of artificial intelligence and machine learning. The system requests a transaction history from the blocked account. Blockchain keeps a credit history and all transactions for smart contracts. Borrowers are assigned an individual credit rating, on the basis of which the creditors decide on the terms of the loan.
Further, the creditor transfers the money, and up to 20% of the amount can be added to SOFIN tokens, automatically redeemed by the system.
In the future, developers plan to implement the support of other crypto-currencies. As part of a smart contract, funds are credited to the borrower’s account, a commission of the system is charged at a rate of 9%, documents for the transaction are automatically generated for the parties. Then the funds are withdrawn to the card or the borrower’s account. Under the terms of the system, the funds will be provided to the borrower only in a fiat currency. According to the developers, this is necessary for the transaction to have legal effect and it was possible to generate all the necessary documents, including for the court.
For the provision of the loan, the creditor will be given bonus tokens in the form of 1.5% of the amount.
The borrower will be able to refund the funds in part or in full while receiving bonus tokens in the equivalent of 1.5% of the amount. The lender receives the body of the loan in a fiat currency. Interest can be obtained with fiat money or with SOFIN cryptocurrency. In the first case, you must pay income tax, in the second there is no such need.
All operations will be recorded in the block with automatic generation of documents for the parties.
In case of delay in payment of debt, the system can take various measures:
1. Agree with the debtor (for example, prolongation on other terms).
2. Transfer the debt to third parties.
3. Generate documents for going to court.
The fact of return or non-return of funds will automatically be fixed in the detachment.
To remove the barriers and borders, to give access to the population of the less developed countries to the financial resources and at the same time helping to preserve and increase their capital.
What has been achieved at this stage:
- Fully developed a financial model;
- It formed a package of legal documents for loans;
- Designed interface design;
- application business logic is implemented by 45%.
What are the differences from the competition?
All competitors can be divided into 2 categories:
1. p2p lending in traditional form (Lending Club, Zopa, bezbanka.ru etc.)
2. Loans cryptocurrency (Everex, poloniex, btcjam etc.)
Compared with the first category, our transactional storage system more open. In SOFIN transactions are stored in a decentralized storage based blockchain. There is also a powerful bonus model based on its own token SOFIN.
From the second category, we stand out the legal clarity and transparency of each transaction. The loan comes in fiat currency is strictly in accordance with the legislation of the country of the Borrower. This means that the lender has clear, legitimate reasons to return his loan.
In addition, on both options we differ by the presence of its own guarantee fund, reducing the lender’s risk (more in the Guarantee Fund).
Invest in a growing project
The growing market for P2P lending: $ 300 million by 2020, according to forecasts of Morgan Stanley.
Mechanisms for storing and verifying borrowers and attracting capital for issuing loans are put into practice.
Close attention to legal aspects, the legal basis of all business processes.
Guarantee fund: guarantees on loans, up to 100% guarantee of return thanks to the SOFIN token.
A credit-proof credit history based on blocking. Transparency of the system for a third-party audit.
Experienced team, covering all necessary competencies: more than 40 specialists for a successful start of the project.
What guarantees are given to the lender?
The Guarantee Fund will be established to stimulate the operation of the service and attract potential lenders on the site. Its mission – to cover the creditors’ losses in case of default of the Borrower.
There are three levels of guarantees:
- Guarantee of the first level – 100% of the loan amount. The system reimburses 100% of the loan amount within 7 days of receipt of the request from the Lender;
- Warranty of the second level – 75% of the loan amount. The system reimburses 75% of the loan amount within 14 days from the date of receipt of the request from the Lender;
- Guarantee third level – 50% of the loan amount. The system reimburses 50% of the loan amount within 30 days from the date of receipt of the request from the Lender
Stages PreTGE and TGE
PreTGE project will be held from 6/11/2017 to 9/12/2017. Within the main stage of PreTGE preliminary SOFIN tokens (preTGE SOFIN) will be sold at a price of $ 0.5 per 1 token. Also, the bonus stage PreTGE will be held, within the framework of which the sale of 10 million tokens is planned at a price of $ 0.8 per unit.
Throughout PreTGE, the sale of preliminary SOFIN tokens will be carried out, which will no longer be exchanged at the rate of 1 to 2 for the main tokens within the TGE. The latter will be traded on exchanges and participate in the P2P system.
TGE is scheduled for December 11-23, 2017. During the main stage at a price of $ 1 for a token will be sold 9.5 million tokens. As part of the bonus phase, the founders will sell 70 million tokens at a price of $2 per unit.
To know the latest information about Sofin project you can visit the link below:
Official site SOFIN – https://sofin.io/
The official ANN SOFIN Bitcointalk – https://bitcointalk.org/index.php?topic=2256941
Official Facebook page – https://www.facebook.com/sofinplatform
Official Twitter page – https://twitter.com/sofinplatform
Official Telegram chats – https://t.me/sofin and https://t.me/sofin_ru
ETH : 0xF4919c366c3ad386f0A5Abe322d6cDe0238CeB28