LendingBlock — Review of ICO

Lendingblock – a platform that will provide loans in the cryptocurrency.
The advantage of a platform that uses crypto-loans in its activities is that its activities are completely decentralized and you receive or extend credit to the same people as you are. Given the amount of money invested in the sphere of crypto assets, it is high time to start using them and in such a way as providing loans.

The main advantages of the platform are:

  • real-time credit (granted almost instantly) and provided by a pool of creditors (which reduces the risk to those who provide it);
  • all loans are supported by smart contracts in which all the terms of the loan are included, including the interest rate, the initial transfer, and the processing of the loan closure after repayment.

The project also has special features for both creditors and borrowers:

  • creditors will be able to receive a stable additional income from long-term investments;
  • on the platform will operate a system of self-selection of rates, because each order will be visible in the general list and you will be able to estimate the rate offered to you and the time for which you receive it;
  • loans are financed in completely different spheres – to support trade, investment in working capital or for any needs, and so on;
  • a high level of security thanks to the technology of blockchain and smart contracts.

The platform will be fully accessible for individuals and for associations. It is also created on both PCs and mobile devices. Thanks to the platform, we will be able to get rid of third parties in loans and thereby reduce the interest rate for borrowers and increase for creditors.

Platform tokens and their sale:

Platform tokens will be used for all operations on the platform – using its functionality, issuing loans and paying interest on the loan. The platform decided to use a single currency for issuing loans to avoid market volatility, especially when prices for different currencies go in different directions. The founders do not give any predictions about the value of their tokens in the future, denoting it by the fact that everything depends on demand.

From 7 to 14 April, pre-sales will last and at that time for the purchase, you will receive 20% of bonus tokens. It is also planned to collect 7.5 million dollars for this time. The minimum investment is 25 thousand dollars, the maximum – 500 thousand dollars. The main sales will last from April 15 to 22. During this period, no bonus is provided. One token cost 2 cents and the maximum investment is 25 thousand dollars.

In total, 1 billion LND tokens will be generated. 600 million (60%) was allocated for sales during the ICO, with 5% for private sales, 45% for pre-sales and 10% for basic sales. 200 million (20%) is allocated to the founders and the project team, these tokens will be frozen for two years to maintain the liquidity of the platform. 150 million (15%) is allocated as a reserve for future growth and development. And 5% is allocated to partners and project advisers.

Distribution of funds:

  • 20 percent is allocated for the development of the platform base;
  • 20 percent is allocated for the development of all platform functionality;
  • 15 percent is allocated to the marketing platform;
  • 15 percent for expert services and external costs associated with the work platform;
  • 10 percent for project managers;
  • 10 percent for unforeseen circumstances.

Roadmap:

As for the plan for the development of the platform, we can say the following: in October 2017 the idea of a platform appeared and in November this idea was developed for clients. In January 2018, the design of the platform began and in February a prototype appeared and private sales began. In April, it is planned to fully develop a smart platform contract and conduct ICO. In May – alpha testing platform. In June, the entrance of the first users and integration. In July – beta testing and in August the full launch of the platform.

In conclusion, I want to say that the provision of loans in the cryptocurrency with an independent choice of rates and terms is a convenient topic. Considering the security of the technology of blockchain and smart contracts, as well as the absence of intermediaries, these loans should be more profitable for both borrowers and creditors. In addition, we can say that the platform tokens are released relatively little, given the scope of work and the possibility of paying for loans only with these tokens. So, I think the growth of tokens will be stable and it is quite profitable to invest in the platform right now.

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