What is Ethlend (LEND Coin)?
LEND Coin Price
What is Ethlend? A Quick Overview
Ethlend is a decentralized smart contract based lending platform utilizing a peer-to-peer financial marketplace on the Ethereum Blockchain.
This means that anyone globally can lend money, without jumping through hoops and contracts, instantly with a legally binding smart contract agreement.
The History of LEND Coin
LEND coin launched on November 25th, 2017 with an ICO.
Within two weeks of being an active platform, they had reached over 500 ETH of lending volume documented by this blog post.
The Ethlend Team:
Stani Kulechov - Linkedin - CEO
Stani is blockchain community member with a legal background with a passion in creating financial Smart Contracts.
Jordan Lazaro Gustave - Linkedin - COO
Jordan contributes to a decentralized society with his skills in entrepreneurship, international relations, and innovations management.
Nolvia Serrano - Linkedin - CMO
Nolvia has a strong passion for cryptocurrencies and blockchain technology. She's also an active member of the Latin America crypto community and works with marketing for Investment Company.
ETHLend Coin Roadmap
- Q2 2017 - ETHLend Alpha Published on Ethereum Main-net and Collateralized Lending Enabled
- A Fully Functional Dapp Prototype
- An alternative to using ERC20 tokens as collateral with ENS Domains, then the lender can claim the domain if the borrower defaults.
- Q2 2017 - White Paper on Decentralized Lending
- INformation on the platform and Dapp being built by ETHLend
- Q3 2017 - Lend Token Presale and Reputation-Based Lending Using Credit Tokens (CRE)
- Lending based on reputation making it possible to borrow without collateral
- Pre-sale for about 6% of total LEND coins
- Q4 2017 - LEND Token Sale and Fiat Based Loans and Installments
- Token sale for about 1,000,000,000 LEND coins
- ETHLend Dapps allows for selecting of FIAT as a base for the loan
- See the full roadmap (heading to 2019) here - Ethlend Roadmap
What is The Purpose of LEND Cryptocurrency?
LEND coin was created to help decentralize loans and lending.
See one of the major problems with banking and getting a loan is the paperwork that people need to fill out, the interest rates provided, and the criteria that need to be met.
In a borderless and open free market, these shouldn’t be limiting factors.
Instead, they should be beneficial.
Which is why ETHlend came into existence, opening up a free-market economy styled lending platform that relies on peer-to-peer lending.
Now when someone in India or Africa wants a loan, a U.S. citizen could loan them money without worrying as the smart contract will automatically execute.
Collateral is held in case the borrower defaults, and both the lending party and borrower have a more pleasant experience.
Plus, making this a free market economy fees become more competitive.
Driving down the overall cost of lending.
All in all, ETHLend was created to help people get the money they need when they need it, without worrying about IF then can or whether they will be paying copious amounts of money back to a loan shark or some other interest rate party.
And the best part is that all of this happens on Ethereum main net to help ensure the validity of the blockchain.
What Are The Features of ETHlend?
Decentralized Address To Address Lending
All lending utilizes smart contracts on the Ethereum network, meaning nothing is held by ETHLend.
This means that you can’t be barred from getting a loan, but instead have unlimited opportunity.
It also means that you don’t need a bank to get a loan, using the Ethereum network borrowers and lenders address sync up and funds are transferred within seconds to minutes.
A True Free Market with Global Access
Whether someone has a bank or credit union, or stores their money under their mattress, they can use ETHlend.
By lending ETHER to people, it means that the transaction requires no holding, and the contract verifies the collateral and payout.
In this free market, interest rates aren’t determined by banks or even ETHlend itself, but by the market.
That means that there are competitive interest rates, unlike most lending services.
Every single transaction is visible.
Utilizing the block-explorer for the ETHLend smart contract on the Ethereum main net anyone can see any transaction.
Giving this lending platform complete transparency.
An Active Dapp For Use
Ethlend has been getting a lot of use since its start.
ENS Domain Collateral
Since the inception of Ethereum Network Service (ENS) people have been buying and hoarding .eth addresses.
Thus, on ETHLend anyone can collateralize a domain (.eth) which then will be transferred to the lender if the borrower defaults.
Making another type of collateral (besides the over 100 coins) available for borrowers.
ETHLend Fee Structure
One of the crucial areas for lending is fees.
On EthLend you have a few options:
- No Fees when using LEND coins as for lending
- 50% off fees when using LEND coins as collateral for Ethereum lending
- .01 ETH for each loan request
- Subject to change in the future
This helps to value the coin at a higher rate as it can be used to save borrowers money over time and will increase in value as usage increase.
What We Think of ETHLend
When it comes to lending in the traditional economy, there can be a lot of trouble.
Besides the fact that it can be costly and hard to get a loan if someone lives outside of traditional borders or doesn’t reach certain qualifications they will never get a loan.
It's something that hurts those who are in desperate need of a loan.
On the other hand, ETHLend is a nice alternative to those who currently can’t get a loan, but own a computer or smartphone.
Whether they have a bank account or not, they can receive a loan, and the lenders can create some passive income knowing that their loan is safe based on the Ethereum smart contracts.
While there are other platforms (SALT Lending being the main competitor), we like and do currently hold LEND coins.
Lending platforms will be a major area to watch in the new blockchain ecosystem.
If you liked this review and want to help support the academy donate some LEND below!
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