HendrikETW: SOFIN

SOFIN is a new P2P-online service. This platform serves creditor and borrower, uses fiat fund and works based on blockchain technology.
This service will work on the principle of the tender, but with a full assessment and verification system, as well as its completion.

How does it work?

The borrower creates an application, shows the loan amount, the repayment term and the desired percentage. Lenders may leave feedback on the application, which indicates their terms and rates. Next, the borrower chooses the right option. This service will have a full scoring system built on the basis of artificial intelligence and machine learning. System requests transaction history from block account. Blockchain keeps credit history and all transactions for smart contracts. The borrower is given an individual credit rating, based on which the creditor decides the terms of the loan.
Furthermore, the lender transfers the money, and up to 20% of that amount can be added to the SOFIN token, which is automatically redeemed by the system. Going forward, developers plan to implement other crypto currency support. As part of a smart contract, funds are credited to the borrower's account, the system commission is charged a tariff of 9%, documents for transactions are made automatically for the parties. Then the funds are withdrawn to the borrower's card or account. Under the terms of the system, the funds will be provided to the borrower only in fiat currency. According to the developer, it is important that the transaction has a legal effect and it is possible to make all necessary documents, including for the court.
For lending, the creditor will be given a token bonus in the form of 1.5% of that amount.
The borrower will be able to refund partially or wholly, while receiving token bonus equal to 1.5% of that amount. The lender receives the loan portion in fiat currency. Interest can be earned with fiat money or with SOFIN crypto currency. In the first case, you have to pay income tax, in the second order there is no such need.
All operations will be recorded on the block with automatic document creation for the parties.

In the event of late payment of debt, the system may take various sizes:
1. Agree with the debtor (eg extension of another term).
2. Transfer the debt to a third party.
3. Create a document to go to court.
Refund or refund facts will automatically remain in detachment.

Invest in a developing project

The growing P2P loan market: $ 300 million by 2020, according to Morgan Stanley estimates.
Mechanisms for printing and verifying borrowers and attracting capital to issue loans are practiced.
Pay attention to legal aspects, the legal basis of all business processes.
Guarantee Fund: guarantee on loan, 100% return guarantee on SOFIN speech.
Credit history credit-proof based on blocking. Transparency of third party audit system.
An experienced team, covering all the necessary competencies: more than 40 specialists to start successful projects.

SOFIN Token

This system uses the Ethereum ERC 20 platform. SOFIN Token performs many functions on the system. Encouragement of participants in transactions increases the number and quality of transactions in the system. The more loan turnover incurred in the system, the higher the token cost, because all the fees will be taken at SOFIN - they will be able to purchase the funds. The history of all transactions will be stored in blockchain. Up to 20% of the loan will be available for delivery in the SOFIN token. SOFIN will also be an intermediary between the exchange of one fiat currency with another currency. Let's look at these features in detail.

Why do we need blockchain?

Transparency of all transactions is done on the platform. All system reporting can be verified.
Automated processes through smart contract.
It becomes easy to work with cryptocurrencies on Ethereum ERC 20.
Integration with other projects on blockchain (register, scoring, statistics services).
Reliability and fault tolerance.

What are the benefits of SOFIN tokens?

Part of the loan (up to 20%) can be issued with the SOFIN tokens that the system will automatically buy at a favorable rate and transfer to the fiat for the borrower. Another crypto integration with the possibility of issuing a loan of up to 100% will be sought.
Tokens can be used as an intermediary between one fiat currency with each other to issue loans in the borrower's currency.
Large token holders will be marked as trusted system members. They will have more favorable lending terms (if necessary). The holder will receive a bonus: twice the cost of the system to apply for a loan for their token. This system will provide a guarantee for the borrower and, in the case of failure, cover the loan immediately from the money, in the future by closing the delay by purchasing a mortgage token from the borrower. These borrowers will have the highest ratings in the system and, as a result, will be able to withdraw funds at the most favorable terms, as investors will require a low risk level of at least barely zero.
Token holders will receive multiple advantages over the system's normal users (external differences in service interfaces, more favorable bonus terms, etc.).
Tokens can be bought / sold on the exchange. A direct correlation between the volume of exchange transactions and the token rate, as all fees are paid by SOFIN, is automatically repurchased from the stock when the loan is made.