Getline Whitepaper Article Series:
Roadmap
We’re pleased to introduce the fifth of a series of articles based on our whitepaper. The purpose of this article series is to run through the whitepaper in layman’s terms, and make it as simple as possible to read and understand the details of what the Getline Network is, how we’ll function, how we’re structured, and how we plan to move ahead. These articles will be shortened & simplified versions of the whitepaper content. See the whitepaper for the full content.
Just as a short intro, Getline is disrupting a $1 trillion market through blockchain technology.
The Getline Network is a peer-to-peer lending market on the Ethereum blockchain. The platform will allow for instant and direct lending in cryptocurrencies. Getline will initiate a unique architecture for a credit risk prediction market to make lending safer for lenders and more accessible for borrowers. We aim to revolutionize the peer-to-peer lending market and fully decentralize it, making it easily accessible, safe, and compliant to serve as an infrastructure for a new kind of global financial system. For those of you who don’t know, peer-to-peer (or P2P) refers to the ability of two individuals or entities, to exchange value with each other directly, without the need of a middleman.
All Articles:
1st Article — Introduction, Aim, & Our Idea
2nd Article — Credit Risk Management & Loan Lifecycles
3rd Article — Competition & Challenges
4th Article — GET Tokens And Their Distribution & Crowdsale
5th Article — Roadmap
In this fifth article of the series, we’ll cover section 10, which is:
10 Roadmap
*10.1 Getline Red
*10.2 Getline Yellow
*10.3 Getline Green
*10.4 Additional Features
*10.4.1 Improved Collection Of Defaulted Loans
*10.4.2 Extended Securitization And Collateralization
*10.4.3 Additional Loan Contracts’ Features
*10.5 Our Vision For Long-Term Development
Let’s get started…
Preface
The development and implementation of Getline Red, Yellow, and Green is dependent on how much money is raised during the crowdfunding campaign. Our goal is to make the Getline Network the best platform it can become for you, the user, however this will depend on the funds raised during the crowdsale. Specific goals will be presented by the start of the ICO.
10 Roadmap
This section talks about planned milestones for the Getline Network’s development, which is not definitive, as we are pioneering new blockchain technology, so changes are very likely. Some elements of the Getline Network’s functioning may need to change to meet regulators’ demands. The plans, dates, & milestones are given for illustration only.
Below are consecutive forms of the Getline Network intended to be gradually released to the market. Getline should be fully operational at the time of the crowdsale, & we intend to commit to its further development & ongoing improvement as outlined below:
10.1 Getline Red Timeline:
16 weeks after crowdsale closes
Getline Red is an early basic version of the Getline Network, directed towards a narrow group of early adopters, most likely cryptocurrency enthusiasts. It’s very close to the current version of the Getline Network, yet it features security improvements and passes strict code security audits. Loans will be denominated in ETH only. At this stage we’ll focus on developing the back-end of the system, and ensuring that it meets the strictest security standards. We also want to open the system for other Dapp developers to allow them to use our lending standard.
- A safe and concise loan smart contract,
- Passing a series of rigorous security audits,
- Announcement of a bug bounty program,
- Release of an alpha version of the Getline front-end service, capable of:
– Displaying unfunded loans meeting Getline’s requirements,
– Issuing loan contracts to the blockchain,
– Investing in already issued loan contracts.
10.2 Getline Yellow Timeline:
32 weeks after crowdsale closes
In Getline Yellow, we’ll integrate with major identification services such as Boson.me and Civic.com with the Getline Network. This step is crucial for proper credit scoring and debt collection. We will also enable sharing of a borrower’s credit history between ARAs.
- Integration with identity service providers,
- Sharing of a borrower’s credit history between ARAs,
- Interface for sharing information needed for filing lawsuits against non-paying borrowers,
- Programmatic interface for easy integration with other Dapps, like cryptocurrency wallets.
10.3 Getline Green Timeline:
48 weeks after crowdsale closes
Getline Green will be a full fledged version of the Getline Network. It will feature a graphic web interface for borrowers making it suitable for mass adoption. By this time we expect to have several trusted ARAs set up and running in key markets.
We will actively outreach potential ARAs and assist them in joining the network. We will consider funding the Getline ARA, a flagship ARA of the Getline Network, to help establish best practices, and to exhibit the highest quality of the credit risk prediction market.
- Announcement of the first official ARA partners,
- Enabling of loans in ERC20 tokens, including tokens pegged to fiat currencies,
- Funding of legal research in key jurisdictions to help ARAs to comply with local laws,
- Establishment of the Getline flagship ARA.
10.4 Additional Features
Here we list extra features that, although they’re not part of the roadmap, might or might not be introduced by Getline in the future, depending on the level of funding we receive and the overall market dynamic.
10.4.1 Improved Collection Of Defaulted Loans
We propose a legal bounty program for entities that will manage to obtain court rulings and binding interpretations from market regulators concerning various aspects of activities of the Getline Network participants.
Although a basic version of the Getline Network will allow for manual loan collection, we’ll consider implementing advanced solutions like smart contract functions, allowing for automated auctioning of non-performing loans, or providing additional services for professional debt collectors.
- Legal bounty program for legal loan enforcement,
- Interface for automated auctioning of non-performing loans,
- API for professional debt collectors allowing for the semi-automated sale of non-performing debt.
10.4.2 Extended Securitization And Collateralization
Depending on signals from the market and the level of funding received, we might explore additional methods of securitization of the loans, using on-chain ABS, MBS, and CDS contracts with automatic auctioning. This is a highly speculative goal and depends on financial regulators’ approach to such activities and technological constraints. We want to stay fully compliant and cooperate with competent regulators to ensure and verify the legality of the Getline Network’s activities.
We might also explore the possibility of the collateralization of Getline loans with real-world objects or even putting a lien on real estate. Such improvements depend heavily on local laws and might be achievable only in partnership with local lawmakers.
10.4.3 Additional Loan Contracts’ Features
Depending on signals from the market and the level of funding received, we might also implement new features to the loan contract, such as:
- Advanced installments,
- The possibility of early repayment,
- Guarantor,
- Floating interest rates,
- Social circle lending.
We’re also considering constructing a loan contract capable of issuing loans in BTC and other coins by utilizing the Cosmos Network or a similar technology.
Given the hopeful high accuracy of ARAs’ predictions, we may put a fraction of Getline’s GET tokens out to a market maker smart contract in order to create a liquidity guarantee.
10.5 Our Vision For Long-Term Development
We want to revolutionize the global lending market, leveraging the lowcost & trustless transfer of value over the blockchain, and self-enforcing, self-executing, smart contracts. We envision a world where a significant part of global capital is invested through borderless, instant, and low-cost loans. The low cost is achieved by the loans’ commoditization, making them standardized, divisible, and instantly available for securitization on-chain. In this world, the majority of current retail lenders would be forced to either leave the market or integrate with a decentralized economy as ARAs. After many years, even the governments, in pursuance of creditors, might have to conduct debt issuance through the Getline Network.
We hope you enjoyed this article, keep an eye out for the next article in our series,
Have a great day!
The Getline Network team.
