Homelend: new level mortgage lending on the blockchain
ICO Homelend (https://homelend.io/) is held to present the new generation of blockchain platforms intended for mortgage lending and other loans. Effective operation of the platform is provided by:
- distributed ledger technology (DLT) in accounting;
- smart contracts.
Modern algorithms can effectively deal with intruders and prevent fraudulent operations. They also provide an opportunity to significantly improve the performance of financial institutions and ensure a high level of data security during the transaction process.
The Homelend Company is registered in Switzerland; the scope of its activities combines the fields of banking, real estate, and new technologies. Blockchain allows to create a decentralized platform for combining creditors and borrowers, and smart contracts help to simplify and fully automate the process of mortgage registration.
Mortgage lending is a special branch of banking. Millions of people are forced to resort to it including those who do not use the opportunity to obtain loans for other purposes.
Housing is the basic need of a person, to satisfy which without recourse to the help of a creditor is not easy. The US mortgage market is currently estimated at $ 14 trillion, and by the end of 2018 this amount is expected to double.
Despite the high economic and social importance of this market, the mechanism of its work remains primitive and incredibly time-consuming because it includes:
- the need to process a large amount of documents (namely, the implementation of «paper» work);
- a significant number of intermediaries, which entails considerable accompanying costs for the payment of services to third parties and organizations;
- obsolete requirements, the fulfillment of which is necessary to recognize the applicant as creditworthy.
Due to the outdated criteria for assessing solvency, the mortgage lending market continuously loses participants who are representatives of a new generation of borrowers.
The tasks of the Homelend peer-to-peer payment platform are:
- modernization of the mortgage lending industry and bringing it in line with the current requirements of the society and business;
- the provision of new opportunities for owning real estate for a modern generation of borrowers.
An effective simplified transaction mechanism will allow spending half as much time for it as in the existing conditions. It differs transparency and convenience: all parties to the contract will be able to track the status of applications in a comfortable for themselves mode.
The absence of intermediaries significantly reduces the costs of interested parties. This factor makes Homelend a profitable solution for both creditors and borrowers, since it allows them to interact almost directly and safely to handle large amounts of cash.
It is also interesting that the platform is capable of performing end-to-end credit processing (from the moment of preparing the application to the last payment) on several schemes:
- crowdfunding: the loan is divided into small amounts that are provided by several small companies;
- pooling: lenders provide the amounts to work with applications before a specific loan agreement is approved;
- auction: both the applicants of the loan and the lenders find the second side of the contract choosing from the competitive proposals of cooperation within the platform; this method also allows you to «customize» any proposal for the requirements of a particular client.
The HMD project tokens are intended to fulfill the role of fuel and are required to access the working platform. These tokens will be released on the basis of the Ethereum ecosystem (ERC20 standard).
The total number of HMD tokens received as a result of the TGE (Token Generation Event) will be 250 million, 200 million of which will go into circulation, and in the reserve fund there will be 50 million. The cost of cryptocurrency is determined by the price of ETH (1 ETH is 1600 HMD).
The Homelend development team is quite numerous. It includes all the specialists needed for the successful development of the product. The product of the Homelend Company was highly appreciated by the majority of experts of the blockchain community.
To learn more about the details of this project, as well as to participate in the purchase of platform tokens, visit the official website https://homelend.io/ and read the whitepaper: https://homelend.io/files/Whitepaper.pdf
Also, you can find a lot of useful information on the bitcointalk forum (ANN thread): https://bitcointalk.org/index.php?topic=3407541
Author Cryptozond: https://bitcointalk.org/index.php?action=profile;u=1190894
ERC-20 wallet: 0xE09319CEB0C8cf2029e27F85E1Bcb1159c63aF8e
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