The world’s first blockchain enabled mortgage lending network.

James Michael
Sep 8, 2018 · 5 min read

Block66 ICO Review:

Block66 presents an ecosystem where lenders have access to a pool of screened borrowers seeking mortgage finances. This ecosystem or marketplace is public, fair and highly automated; hence, lending is met with lower costs and reduced risk. The system is designed on a matchmaking principle linking borrowers to lenders. Hence, people looking for house will no longer have to rely on credit unions and local banks.

The Block66 platform is currency coming up with a blockchain enabled market specifically directed at mortgages. The practical use of smart contracts will make loan transferable from origin to facilitation in a quick and efficient manner.

Integrated as a decentralized application, the block66 infrastructure will be based on the Ethereum network. Thus, clients will get listed as lending opportunities by brokers on the platform. This will be possible after thorough scrutiny by block66. This will happen via credit report, proof of residence, license verification and background check. To achieve this, the network will make use of networks of partners and proprietary software

In summary, Block66 presents the maiden platform where lenders can reach borrowers that needs mortgage finance.

Principle of Operation of Block66

Making use of the blockchain technology to deal with home credit, block66 is a decentralized application. The monetary master, usually the lender, could be a moneylender firm, a private bank that seeks to give out credit on the block66 application. This will take place via a dealer that accesses a borrower on the platform.

Moneylenders are allowed on the platform after being thoroughly screened by Block66. There will be various background checks like criminal record, home confirmation, credit reports etc. Thanks to API advancement, block66 is able to scrutinize bank and other users to determine any form of fraud. Some of the features offered by Block66 include:

· A decentralized stage

· Low cost

· Credit based on geographical location

Mission of Block66

Block66 aims to entirely disrupt the mortgage lending system via its effort to bring the first mortgage lending platform that will be based on the blockchain technology. The project will not be limited geographically as it will bring together borrowers, private and institutional lenders all over the globe. The entire process of mortgages will be issued and managed on the blockhain.

Issues Block66 is Trying to Address

In USA alone, the mortgage market is worth about $9.9 trillion dollars, and worldwide, a whopping $32.9 trillion. This value is growing, which is a good thing. However, most institutions are not keen on lending to worthy individuals. Even small lenders that are willing to help do struggle to enter the stage. The process and technology in place is just so cumbersome which does not favor some borrowers.

Solutions Presented by Block66

The Block66 platform brings down the whole operation stack and mortgage software. Hence, brokers will have access to property appraisals, matching of lending and credit scoring. Lenders, irrespective of the size and capacity, will have a sustainable loan access, mortgage securitization platform and various auditing tools and software. Borrowers on the other hand will have a fair, quick and stress free access to the best credit available

Some Unique features of Block66 Platform:

· The Block 66 network tokens

The B66 network token will form the basis of the platform. Creditors, borrowers, institutional firms and lenders as well as private lenders will use the B66 for all forms of transaction on the platform — earning, rewards or payments

· Virtual checkers and solicitors

Assigned by the team of the Block66 platform to scrutinize and verify all documents and other information provided by borrowers. They also see to the approval of lenders.

Block66 Tokens Information

Known as BNET, it is the main token of the platform which is based on the ERC-20 standard. It will form the basis of trade on the platform. All the B^^ token available will represent a part of the platform and stand for its value.

There is also the PoL which are tokens given to bank to serve as a recovery plan. It will be tradable on the Block66 platform and used should a borrower default!

Symbol: B66

Technical specification: ERC20 Token

Hard Cap: $12.285m USD

Max potential supply: 300,000,000

Token pre-sale date: 6th September 2018

Token sale: 135,000,000

Token sale end date: TBD

Token price: $0.10 USD

Pre-sale price: $0.07 USD (30% bonus)

Road Map

INCEPTION Q1 2017

Block66 is conceived. Work begins on drafting the whitepaper and contact is made with some early advisors and team members.

WORK BEGINS Q4 2017

Planning work begins on the Block66 platform. User journeys and operating flows are designed for the matching engine.

TOKEN GENERATION EVENT (TGE) Q2 2018

TGE launch coming soon. Office build out begins. Wireframing and prototypes of platform produced.

DESIGN AND DISTRIBUTION PHASE Q3 2018

Ramp up marketing and business development efforts. Form “Block66 Alliance” of customers. Move aggressively into product planning and design.

BUILD PHASE Q4 2018

Alpha testing phase with first customers using the platform. First “Block66 Alliance” report.

RELEASE PHASE I Q1 2019

MVP Launch, with first batch of on-chain loans funded and distributed via the network.

RELEASE PHASE II Q3 2019

Loan tokenisation. Network users can trade on-chain securities on a fractional basis, with smart contracts ensuring that loan repayments are distributed to all token holders.

Final Thoughts

Block66 is presenting a maiden platform that gives lenders the privilege to access a pool of scrutinized borrowers seeking for mortgage finance. The market will be fair, accessible to all and automated. This will streamline lending such that cost is reduced and risk is low as well.

Loans available are represented as a “proof of loan” (PoL) tokens which owners can sell to investors. This will give lenders liquidity, which also ends up empowering various investors.

Team Members

Team Advisors

Useful links

WEBSITE

WHITE PAPER

TELEGRAM

TWITTER

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MEDIUM

REDDIT

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AUTHORS DETAILS

Bounty0x User Name: gracious122

This article was created in exchange for a potential token reward through Bounty0x”

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