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ICO will end on February 28, 2018 17:00 UTC The FintruX project wants to change the modern world of lending and all the ideas about it. The company is developing a global ecosystem in which loans become a simple reality, rather than a complex process that requires a lot of time and paperwork.
What problems will Fintrux try to solve?
Mediation . As a rule, loans are issued by brokers, third parties and intermediary companies, which greatly overstate the interest. In the end, all loan portfolios pass into the hands of large companies and banks, which causes additional problems for borrowers.
Lack of clear automation . Like the number of intermediaries, and the imperfection of accounting systems affects the systematization of the process. Each company has its own database, which is difficult to integrate with other platforms. Audit and verification of data is becoming a costly and complex process.
Labor costs . Complex legal terms, constantly changing credit conditions and other paper red tape increases the time required for document processing.
Small and medium business. Brokers and lenders are interested in large amounts of loans, and small businesses are not interested in them.Therefore, small businesses and start-ups suffer, do not get the right investment. Too long decision-making, high requirements for documents and much more. The project plans to create the world's first block-based system that automates and becomes the central link between borrowers, creditors and maintenance personnel. Thanks to the block and simple code, creditors will be able to quickly and easily create smart contracts. Terms of the contract will be so transparent and simple that all parties will understand the principle of the loan. Transparent conditions, fast delivery of funds and full automation will help to reduce commission and loan conditions. The FintruX platform will remove the need for physical infrastructure, as it improves system efficiency, reduces manual processes and improves the experience of issuing loans. More reliability, more confidence in debt obligations, local guarantors and insurance from the project reserve.
What are the advantages of FintruX over competitors?
- Risk reduction . Using automation, cascading improvement of the selection of creditors will reduce the risks of non-payment of loans.
- The rating system . Rating agencies will provide services, including identifying and searching for scams, assessing creditors and making loan decisions.
- Global lending . The availability of supply and demand will increase the popularity of the platform. The more visitors, the more new loans with lower rates will appear inside the FintruX ecosystem.
- Safety and reliability. All data on ratings, accessibility of information, privacy and identification are on smart contracts. Reliable contracts exclude any human errors, saving all information in a decentralized data register.
- Instant selection. After the user is given a rating by the appropriate agency, the search for the lender will happen instantly. No time spent searching, waiting for confirmation, subtracting complex and tedious contracts.
How does FintruX work?Initially, let's figure out how FintruX makes money. The network receives a commission for selecting borrowers for creditors and servicing each action of the smart contract. The latter refers to the Ethereum network, which requires gas to pay for actions.The creditor registers on the platform and makes a deposit. Then, at its own discretion, distributes funds between credit packages, among which there are agencies for identification, fraud detection and credit assessment.Borrowers register on the platform and choose the necessary criteria for the loan. After that, the creditors are offered the appropriate creditors. As a result of a comprehensive audit, the borrower is approved / rejected from receiving a loan.
Tokenization of the FintruX platform Inside the FintruX project, everything is completely tokenized. Lenders convert part of the money into FXT tokens for storage in the pool. Agencies and sponsors receive a reward in tokens. Penalties and other commissions within the platform are all paid by FXT. The internal platform ecosystem contributes to the growth of demand for FintruX.
Security pool . The network collects 10% of the commission from each loan to provide collateral for loans. Each pool is determined by a credit package in the same currency. Also, 5% of all funds are reserved to cover losses in case the creditors do not pay the debt. It takes time to recover funds, so FintruX creates a safe insurance to cover risks.
The Surety . Local lenders will choose guarantors, who are responsible for paying the borrower funds. For each loan, the guarantors will receive their interest, but in case of non-payment, they will reimburse all losses.
Analysis of large dataTo get a complete picture of the current market, FintruX will analyze large data sets. Only full-fledged studies using machine learning and AI will allow to establish partnerships with Robocoder, Enterprise Ethereum Alliance, Microsoft and others. The elements of the FintruX software will be in open source, which will allow financial service providers to integrate functionality into their own platforms. The main goal of the project is to create a strong ecosystem with its own community of followers.
Official website - https://www.fintrux.com
White paper - https://www.fintrux.com/home/doc/whitepaper.pdf
Official Twitter - https://twitter.com/fintrux
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Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1034472
ETH: 0xea3a8d6c07254cd7d207a858829bb202f9cbb39d
