- Createding a web prototype
- Market research
- UX testing
- Builtding a financial model
- Developed the server and user part of the application
When it comes to the global lending market, there is one segment in particular that lacks transparency, i.e. lending between individuals (usually relatives, friends and acquaintances).
Although similar in size to the formal lending market (banks, credit card issuers, mortgage lenders, leasing providers), there are significant differences between the two.
Normalising this informal lending market would reduce the risks for lenders and improve the terms for borrowers.
We offer the following step-by-step solution to the above-mentioned problems:
OUR MISSION is to develop a community based on pooled financial resources and mutual trust
Ninety-seven per cent of all borrowers who borrow from within a group return the amount in full (HeadHunter poll, 2017). In the case of the remaining 3%, they either forget to pay back the loan or are removed from the group.
Based on a balance between transparency and the degree of social control, we plan to emphasise the following main social groups in the app:
Friends relatives, friends and acquaintances
Given the high degree of trust within this group, the Lendsbay ecosystem adds a degree of responsibility (through loan documentation) and a convenient mechanism for accounting, management and oversight.
Work networks of co-workers
This social group is characterised by an ample level of trust and social control while Lendsbay's user rating and legal arrangements further reduce risks.
University a group of people associated with one institution
This group is characterised by a sense of belonging and responsibility, along with the pluses and minuses of the above-mentioned groups.
The development of a unique system for rating users that combines all the latest developments in the banking sector, social scoring (proximity), the benefits of blockchain technology and artificial intelligence.
An important advantage of our rating is that it reflects a user's entire history of financial relationships in a format that the parties can easily understand and that is necessary to make the right decision when granting a loan. The rating will be used by players in the formal sector (banks, IFIs).
Financial companies from all over the world will be able to create products using the LBR ecosystem, thereby improving the quality of information and expanding the geography of usage to a global scale.
As the Lendsbay project takes off and the number of users increases, new elements of the ecosystem that extend beyond formal boundaries will be developed:
LBT tokens will be released on the Ethereum platform and will fully comply with the ERC20 standard, which guarantees the compatibility of the token with third-party services and also ensures ease of integration.
LBT tokens are not limited to use on the ecosystem platform. After the platform is launched, LBTs token will be available for purchase/sale on cryptocurrency exchanges.
A total of LBT 100 million will be available, where 1 LBt = mLBt 1 million.
Only 15% of companies have a functional, working app prior to their ICO, and our company is one of them. Would you like to be one of the first to test our unique app? We can grant you access before the ICO.