ETHLend Update: Dev Update and Stani and Jordan Speaks in Paris on ETHLend in Blockchain Agora
Stani & Jordan Speaks in Paris at Blockchain Agora
First week after the successful token sale has been extremely busy time for the ETHLend team. The Founder of ETHLend Stani Kulechov and the Head of Token Sale Martin Wichmann participated in the largest blockchain event in the Nordics, MoonTec. Stani was speaking on Developing Financial Smart Contracts on Ethereum.
In Berlin, Head of Management Jordan Lazaro Gustave and Head of Corporate Strategy Kersten Schütze were presenting ETHLend in TechCrunch Disrupt, where lot of VCs were amazed of our disruptive application.
On Thursday, Stani and Jordan speaks in Paris at Blockchain Agora, which consists of blockchain and banking professionals from France. We are looking forward to Paris.
New Application Development Updates
ETHLend is working hard to develop, test and deploy the latest changes that the team is implementing to the decentralized application. Additionally, ETHLend reached the Q4 2017 milestone: Fiat-based loans and instalments! Here are the new functions and features ETHLend is currently working on:
1. New milestone: FIAT-based loans – Users can choose USD as the base currency instead of following the Ethereum price. Therefore, the borrower does not suffer from volatility upon repayment of the loan, when the borrower is repaying the loan with FIAT earned income. The USD/ETH rate is provided by Oraclize.it.
2. New milestone: Instalments – Users can select to pay the loan back in instalments, for example every week, once a month, or other specified frequency. This feature is available for loans that are maximum of 1 year length. Penalty of 2% of the loan capital shall be charged and paid to the lender in case the borrower does not repay accordingly to the instalment plan (Penalties feature is further developed on Q2 2018 accordingly to the roadmap).
3. Basic collateral management – Users must pledge 150% collateral. If the collateral drops in value to 100%, the lender has the option to call (claim) the collateral to further realize it in an exchange to regain any losses. The collateral price function is performed with the use of Oraclize.it.
4. Pre-accepted collateral tokens – Collaterals are limited to top 100 liquid ERC-20 tokens from the coinmarketcap. Therefore, the users do not need to insert token contract address and token name, which makes it more easier to place a loan request and avoid the issues related to placing the wrong address.
5. Reputation based lending and CRE removed until KYC/Civic addon is applied during 2018.
6. Small user experience upgrade – We are removing steps on placing the loan request from 5 steps to 2 steps → Place a loan request and send tokens. Moreover, Auto Refresh function is added where necessary to make the user experience more pleasant.
The loan book became quite active after the token sale. However, to avoid spam loans or unnecessary defaults, ETHLend will provide these updates this month, to make the lending experience more successful for the lenders and borrowers. After these updates, ETHLend is back on mainnet and lending is live.
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