“Fintrux” Network is a blockchain based online ecosystem connecting borrowers, lenders, and rated service agencies. ICO LIVE.
The FintruX project offers processing of borrowers’ requests and offers of creditors on a scale “without borders”.
FintruX Network is a multifunctional platform based on P2P and eco-system, which benefits not only borrowers and lenders, but also deal guarantors and collectors.
The lender will form the deposit fund and choose the loan package provided by one of the ratings of the project. The description of the rating includes the criteria for filtering borrowers based on the available financing parameters and are most consistent with the relevant requests of creditors.
Borrowers can be represented by an affiliated marketing agency or personally request the required amount.
After Due Diligence, funding is provided and subsequently creditors receive the invested amount of funding and interest on payments made by borrowers.
The financial resources that can be attracted through the Internet with the help of a blockbuster become a real alternative for financing a new business, to support start-ups and the development of kraudseling.
Such lending to small businesses has already proved its effectiveness and the purpose of the FintruX ecosystem is to remove obstacles for borrowers and creditors, to create an opportunity to attract low-cost credit resources with high protection of interests of all parties to a smart contract.
The project forms borrower ratings on credit data, the KYC / AML verification system, the history of payment for previous loans and the credit model of a particular business.
As a result of this, creditors receive a whole array of information, to whom to specifically provide a loan.
These ratings also help borrowers, they can quickly decide who to turn to.
The project offers:
- fully automated approach to the organization of contacts of the parties;
- No need for offline communication, while providing a high
- reliability and transparency of data, both on the lender and on the borrower with the help of the rating system;
- high speed of processing of offers and drawing up of contracts;
- Your own project token.
Decentralized reputation ratings in FintruX are based on intellectual contracts Ethereum. Now borrowers can evaluate their creditors and have no doubt about the reliability of the source of comparability. Based on the results of the survey, the parties can write reviews and use them to assess credit risk.
The decentralized technology of the Ethereum block library, on which FintruX is built, provides maximum availability, and its hashing provides a high level of security in identification and confidentiality.
Smart contracts in the system are not subject to malfunctions, such as power off, inaccessibility of nodes, and so on.
There is no risk of losing a client contract, since the contract is retained on a distributed node.
Data records are not changeable, all activities and documentation related to each financing are decentralized in a chain of blocks with a full audit, all essential conditions, if required.
Since the terms of the contract can not be changed by one of the parties by default, the lender and the borrower bear the least risk of being deceived.
Smart contracts in FintruX provide transparency to both borrowers and lenders. Unambiguously, both changes made by both parties are visible simultaneously from both sides on a user-friendly interface. Both parties can view the contract at the level of detail and monitor its current performance.
To conclude a contract, the borrower and the lender can choose:
- option of additional security;
- Attract an outside guarantor;
- collateral protection through insurance and security service FintruX.
The mission of the project is to provide the necessary amount of money at the right time, in the right place, under conditions of maximum clarity, reliability and security.
Instead of one huge program for processing millions of contracts with borrowers, the FintruX platform consists of millions of small smart contracts, fully customizable and simplified for each participant.
There is no more “if … then … else” and unnecessary code.
Smaller programs lead to lower fees for transactions. This provides tremendous time and cost advantages over other P2P lending platforms.
Intellectual contracts are fully automated and parties to transactions simply choose possible combinations of contracts that are presented as a user interface for borrowers and lenders and are created in real time.
Thus, human error or intentional distortion is excluded.
Each financing in the FintruX network is regulated by a smart contract, which is a strictly documented agreement, which gives an unprecedented reduction in the risk of unsecured loans.
A cascading decentralized approach to issuing a loan provides a risk reduction for unsecured loans, facilitating borrowing at reasonable interest rates.
This is ideal for small businesses, especially start-ups.
FintruX tokens are used for:
- formation of a deposit reserve;
- awards for positive credit reputation;
- Bonuses for the execution of transactions;
- to pay penalties to borrowers who violated a smart contract;
- access to the platform;
- as a reward for providing information.
The cost of 1500 FTX tokens for the time of the croweding is 1 ETH.
The last phase of sales of tokens is in progress. The end of sales on February 28.
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