First Peer-to-Peer Lending Platform Launches on Ethereum Blockchain
BankSocial accelerated its early-stage launch
DALLAS, May 27, 2021 (Newswire.com) - BankSocial™ has launched the world's first peer-to-peer social consensus lending platform to be secured by the Ethereum blockchain. BankSocial's community driven approach to borrowing aims to replace antiquated lending practices by rewarding staked community members for financing loans. Utilizing first-of-its-kind advancements in blockchain technology, BankSocial's peer-to-peer lending platform aims to begin issuing loans in 2022.
BankSocial's innovative funding network continually creates value for its members, known as token holders, and will utilize BLOCKSCORE technology to determine borrower credit worthiness. A borrower's BLOCKSCORE will be used to determine their eligibility to receive asset-backed loans for home mortgages, automobiles, small-businesses, real estate, and other collateralized lending products. BankSocial token holders will approve loan requests through a next-generation tokening consensus system, truly decentralizing the lending system.
John Wingate, the CEO of BankSocial, stated, "we intend to change the landscape of how lending works. As a community-driven organization, BankSocial is charting the path for blockchain secured decentralized lending, which will yield benefits for our $BSOCIAL token holders and our borrowers. While we work towards full implementation of our lending system, individuals can join the BankSocial community as self-management and community consensus protocols are finalized. We're turning lending upside down, it's evolutionary."
Enabled by true decentralization, BankSocial token holders will serve as lenders and will receive monetary disbursements from the interest paid on loans by borrowers proportional to the number of tokens they hold. Additionally, token holders are rewarded for remaining in the BankSocial community by receiving a fractional distribution of all token purchases and sales.
With lending anticipated to begin in 2022, interested individuals can join the BankSocial community by purchasing $BSOCIAL tokens at https://exchange.banksocial.io. BankSocial is also currently developing an app for the community to make BankSocial even easier for their investors to keep track of their assets; Stay tuned on social media and watch their website for updates on the progress of the BankSocial app. BankSocial's whitepaper also provides a roadmap for continued development and innovations in the decentralized lending space.
BankSocial is a peer-to-peer social consensus lending platform that aims to revolutionize the way the blockchain is used for lending.
For more information about BankSocial, $BSOCIAL tokens, and other BankSocial products, visit https://banksocial.io.
Media Contact Information
Jon Shields
press@banksocial.io
Source: BankSocial