The Getline Network Whitepaper Summary
The Getline Network is pleased to announce the official posting of our whitepaper online (see link below). This is our summary for your convenience.
The Getline Network is a new concept of Peer-to-Peer (P2P) Lending, which is decentralizing our entire platform by putting it on the Ethereum blockchain. It’s our intention to disrupt a $1 trillion dollar market.
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.
Check out our detailed whitepaper here: https://getline.in/whitepaper.pdf
In sections 1–3, we cover our introduction, our aim, and the idea behind the Getline Network. The latter delves deeper into the History of Getline, the problem we aim to solve, and our unique idea of a reverse ICO to turn an already existing traditional company into a decentralized platform on the blockchain.
Section 4 is all about risk management within the platform. Here, we tell about how borrower collateral works (which is given in the form of our GET token), how we’ve designed our risk assessment mechanism through our network of Attestors of Risk Analysis (thus creating a credit scoring prediction market), and how borrower’s receive a credit score on our system. This section also discusses how we mitigate the risks of the prediction market we’re creating, to keep all parties accountable, as well as how we plan to prevent strategic defaulting on loans.
Section 5 details the loan’s life cycle, and how our Ethereum-based Smart Contracts make this an automated process. Section 6 compares Getline and our benefits against all of our competitors, from legacy credit bureaus and credit scoring agencies to other P2P lending platforms. See how our system beats them all.
In section 7, we discuss the challenges that face us, and how we plan to overcome them, including: identity fraud, cryptocurrency value change, and legal compliance & mitigation of regulatory risks.
Section 8 is all about our GET tokens, including their functions within the network, their part as a loan’s collateral, ARA’s reserve in GET, the Network Trust Fee (and it’s vital role in the platform), and network value capturing.
Section 9 goes into discussing our GET token distribution and crowdsale plans, including how the proceedings will be distributed, further breakdown of what a “Reverse ICO” is, and the allocation of the Getline company’s funds.
In section 10 we give our company’s roadmap. We’ll take you through Getline Red, Getline Yellow, Getline Green, and additional features which we hope to start development on. All will be dependant on the level of funds received during the crowdsale. Additional features would include improved collection of defaulted loans, extended securitization and collateralization, and additional loan contract features, all detailed in section 10. We also cover our vision for long-term development.
Finally, section 11 covers our loan contract’s design, including modularization, an attestation interface, the loan contract itself, and investment splits.
And that’s that. We really hope you’ll take the time go through the whitepaper on your own time and see all the details for yourself. Again, you can view that here: https://getline.in/whitepaper.pdf
And remember, our ICO is coming in December! So keep an eye out for news relating to that.
The Getline Network team
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