Presentation and definition of the crypto-currency ETHLend (LEND)
- Name of the crypto-currency : ETHLend
- Acronym : LEND
- Where to buy ETHLend ? Binance
- Creation Date : November 2017
- White paper of ETHLend
- Web Site ETHLend
The platform ETHLend
ETHLend is an innovative platform that allows you to make loans between individuals. It is a FAD, a decentralised application, which runs on the blockchain Ethereum. The initial objective of the developers is to allow non-banked access to the loan and to standardize interest rates across the world.
The loans via the blockchain Ethereum
The loan in the Ether
On the network ETHLend, the loan is carried out in Ether, which is the currency of the network Ethereum. The loan is completely decentralized : it does not pass by any central organization to be validated. The loans are formalised in the blockchain via a smart contracts.
The objective of the loans on ETHLend
ETHLend has the ambition to decentralize finance and globalize the market of the credit. This network is an interesting opportunity for the emerging countries that do not have a banking system developed enough. The loans via ETHLend are also much faster and more secure than in organizations traditional bank. In effect, the transactions via the blockchain is done in just a few minutes.
The smart contract
The lender and the borrower agree on the interest rate or the risk premium. This agreement is then formalized via a smart contract. It is a contract secured in the blockchain, which is self-running and that is totally impenetrable. The special feature of a smart contract is that the latter can only apply if all of the conditions set initially are met. It n there has no place for fraud, forgery, or human error.