What is ETHLend?
ETHLend is a decentralized lending application (DAPP) running on the Ethereum Network that offers secure, peer to peer lending Smart Contracts. ETHLend strives to democratize the process-heavy lending process by removing power and control held by traditional banks and large financial institutions. Unlike other blockchain loan applications, ETHLend allows a borrower and a lender to decide essential loan details without the need of a middleman. Essentially, this means that a lender and buyer anywhere in the world can create a loan contract on their terms.
Problems Solved by Decentralized Lending
Decentralization can fix many of the innate problems associated with our current centralized borrowing system. Here are the three biggest reasons the decentralization of loans makes sense.
Trust: Decentralization completely removes the need to trust your loan provider and your counterparty. Loan collateral is locked and controlled by Smart Contracts that are broadcasted on the public blockchain.
Transparency: The Ethereum network provides a transparent ledger which is open for inspection. Every transaction is recorded and can be verified. Ethereum’s transparent accounting removes the blind trust required by transactions between two banking institutions.
Access: By utilizing the Ethereum network, ETHLend lenders and borrowers can arrange loan transactions from anywhere in the world. Loan transactions take place from Ethereum address to Ethereum address allowing unrestricted, worldwide access. Unconstrained, both borrowers and lenders can access a much broader pool of loan liquidity.
How does ETHLend lending work?
ETHLend requires borrowers to post ERC-20 compatible tokens or Ethereum Name Service (ENS) domains as collateral against Ethereum Loans in case the borrower defaults. Currently, only borrowers can create loan requests on ETHLend. To place a loan request, a borrower must set data such as the loan’s length, interest premium, and amount of tokens needed for collateral. If a lender agrees to these terms, a loan agreement will be created. Only two scenarios can result from the creation of any loan:
The borrower repays the loan. The lender then receives his or her original principal plus interest. Or
The borrower fails to repay his or her loan. The lender would then receive the borrower’s posted collateral
ETHLend Team & Progress
The ETHLend team is currently comprised of a large group of twenty-two members and six advisors. ETHLend is presently lead by its founder and CEO, Stani Kulechov. Other notable members of ETHLend’s team are Jordan Lazaro Gustave, Head of Management, as well as Martin Wichmann, Head of Token Sale, who raised almost 100% of ETHlend’s ICO goal. Additionally, the ETHLend team has several members entirely focused on marketing and media correspondence. Finally, the team has multiple technical and nontechnical advisors that cover almost any business issue including security, legal, and development concerns.
How to buy sell ETHLend (Lend) directly in INR?
You can buy ETHLend (Lend) from BuyBitcoin. BuyBitcoin is the Indian exchange listing maximum number of cryptocurrencies and with the following features.
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