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LendsBay
Credit Ecosystem
The LendsBay system creates a new approach to loans between people, solving the problems such as: No formal loan records: disputes arise about repayment dates, terms and conditions; no reminders are sent; No contract: there is no mechanism for judicial enforcement of debt repayment; No market-based mechanism for determining interest rates: the market is either larger or smaller than its potential; No tools for risk management: no credit rating, diversification, insurance.
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We offer the following step-by-step solution to the above-mentioned problems: Creating an app to manage loans between relatives, friends and acquaintances: the app is used to find a lender and then to record, document and administer (e.g. send out reminders) the loan; Creating social groups (so-called bays) to pool financial resources through mutual lending, e.g. there are social groups centred around work, universities and social clubs that already have a certain level of trust, common values and a high degree of social control, not to mention little tolerance for irresponsible behaviour; Creating a blockchain to store individuals' credit-rating information (LBR); Using the blockchain for any financial transactions between individuals (non-credit assessment) (LBU); Developing the elements of an ecosystem for financial relations: mutual insurance; purchasing, selling or leasing items; and decision-making systems.
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LendsBay team have already developed a functional and ready-to-use alpha version of the application.
We are constantly borrowing money from our friends or lending money to them. While some people might do this once every few years, others are doing it every month or even every week.
That said, while the essence of debt relations may be more or less clear, there are no commonly accepted social norms or rules of behaviour in informal credit markets between individuals, which can result in any number of problems and unpleasant situations. Nearly everyone knows someone who likes to say "I don't lend money to friends" or someone other people say you shouldn't lend money to; we sometimes help someone out with a loan only to find out later that they have already borrowed from most of their friends. And when it comes time for a loan to be paid back, we can also sometimes encounter problems that should never happen, e.g., when, on the day the money is due, the borrower simply disappears or ignores our calls. And, worst of all, no one has eliminated the risk of loss or fraud.
When we lack information about the borrower or have had unpleasant experiences in the past, this can increase the time needed to decide whether it is worth lending money at all, and it can also rid us of the desire to help even our friends.
At the same time, while there are already various applications in other spheres of our lives that simplify day-to-day activities and reduce the risks that might arise—from buying a used sofa to ordering a taxi— there is not a comprehensive solution to one very important aspect of our lives: financial relations between individuals.
That is why we came up with the idea of developing the Lendsbay application, which is a lending ecosystem where people can give each other loans, the history of which is stored in a blockchain, and the risk that they will not be repaid is assessed through social and bank scoring.
Our solution makes it possible to borrow money very quickly and easily—concluding an agreement in accordance with the laws of a particular country if necessary—to look for investors or borrowers from your own social circles or just to keep track of your debts, while also making it possible to have your accumulated positive credit history in Lendsbay taken into account when obtaining future loans: in case you move to another country or apply for a bank loan.
Board Advisor- Early Adoption and Strategic Partnerships Rated on Jul 16, 2018
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this concept has been tried without success so many times. this is a really bad idea and there will be no viable return to investors in either the short or long term.
the team does not appear to have any real experience in the space.
I highly doubt anyone will trust thier credit history or credit rating.
i do not see this as a good investment.
Kristina ShilovaICO team member replied on 16 Jul 2018
Please provide an example of any project which tried to do exactly what we are trying to do. Zuckerberg also did not have an experience in building a social network before he established one.
Ph.D. | CEO | Investor | FinTech in Stocks | Blockchain in Cryptos | Singapore Rated on Jul 31, 2018
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"The LendsBay system creates a new approach to loans between people, solving the problems such as: No formal loan records: disputes arise about repayment dates, terms and conditions; no reminders are sent; No contract: there is no mechanism for judicial enforcement of debt repayment; No market-based mechanism for determining interest rates: the market is either larger or smaller than its potential; No tools for risk management: no credit rating, diversification, insurance."
This sentence is written poorly. Perhaps you like to rewrite your introduction?
A very unique idea!
I enjoy reading whitepaper for the first time in a long time and read. Its a niche industry, and this project deals with problems that everyone can hardly speak. Necessity to exist reliably.
You need to call a blockchain expert on the team. (I am aware that it is difficult, of course)
What kind of calculation formula is credit scoring?
How is the information accumulated, calculated and reduced?
I want to know this.
Also, I thought that I would like to try MVP, but Im sorry that there is no reply.
If I can try this, I will improve the evaluation of the product if this is wonderful.
Blockchain & ICO Advisor, Investor, Serial Entrepreneur Rated on Jul 9, 2018
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I honestly think this idea is not new and has been already executed by others. Moreover, I don't think there is really a need to use blockchain technology.
Plus, the team doesn't seem to have much experience with blockchain technology. I wish them all the best.
Kristina ShilovaICO team member replied on 9 Jul 2018
Thank you for your comment. There are existing P2P financing platforms (zopa, lending club) where borrowers and lenders typically do not know each other. At the same time there is 1 trillion dollars informal market where people lend to other people whom they know - friends, co-workers, relatives. This market already exists and our platform will service this market. Think of this as facebook or LinkedIn combined with the Lending club. There is no project like that in fiat currencies.
Blockchain technology is used in the project to make all the credit history in both informal and formal markets (not only within the existing national bureaux) transparent, trustworthy and internationally transferable. There are no platforms that have been built to that purpose yet.
Blockchain is a relatively new technology and it is being adopted in many projects by people with no previous experience in blockchain. We are also working on finalizing and announcing a joint venture with a blockchain software company which will be very useful for the development of our platform
Entrepreneur | C-level | ICO Advisor | Blockchain Enthusiast | Ethereum model specialist Rated on Jul 5, 2018 Modified on Jul 5, 2018
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After review profile on linkedin The founder has no entrepreneur experienced. And It so crucial when the project is sold on a promesse like an iCO. No proof on their execution capacity.
Vision, same project has been already developped by many competitors.
No apps available to tested ...
Incoherence into info on the token sale between website and Icobench
Responses
10 000 000 Hardcap website ?
1 500 000 Icobench ?
And I don't see in the entrepreneur experience in your linkedin profile just bank position. Never pass a business 0$ to many millions $
And to finish a founder has just 7 connections on linkedin ....
Kristina ShilovaICO team member replied on 9 Jul 2018
Thank you for your comment. Our founders and advisors have entrepreneurial experience, although admittedly not in creating tech platforms.
There are existing P2P financing platforms (zopa, lending club) where borrowers and lenders typically do not know each other. At the same time there is 1 trillion dollars informal market where people lend to other people whom they know - friends, co-workers, relatives. This market already exists and our platform will service this market. Think of this as facebook or LinkedIn combined with the Lending club. There is no project like that in fiat currencies.
We have tested two prototypes with real users, reflected the users' comments and experience in our new version. We plan to release the first version of the app within 2 months.
ICO bench hardcap is for pre-ICO, ICO soft cap is $10m. Now we are conducting the pre-ICO.
Some of our founders like the privacy and have not used linkedin extensively. We are trying to change that)))
Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
Ratings and ICO analyzer results are being updated (re-calculated) every few hours.
Createding a web prototype.
Market research.
UX testing.
Builtding a financial model.
Developed the server and user part of the application.
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JUNE 2018
Conducting a pre-ICO.
3
JULY 2018
Release of the beta version of the app for Android/iOS.
Developing the legal component (loan agreements, lawsuits, debt collectors).
Establishing ratings and pricing mechanisms.
4
SEPTEMBER 2018
Carrying out an ICO.
Converting tokens, connecting to the app.
Adaptation for Telegram.
Connecting to a credit bureau.
Connecting to telecoms/online credit history providers.
Entry into the UK and US markets.
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MARCH 2019
Creating social groups: Co-workers/University.
Linking to a payment system.
Implementing the social ratings system (proximity rating).
Implementing the behavioural ratings system.
Creating an API.
Entering developing markets.
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SEPTEMBER 2019
Implementing the blockchain ratings system (LBR): distributed accounting and storage of ratings data.
Constructing a ratings model based on multiplicity of data.
Providing the suppliers of goods and services with secure access to the ratings system data to create their own ratings.
Granting financial organisations secure access to ratings data.
7
FEBRUARY 2020
Creating a universal rating for economic relations (LBU).
Creating various ecosystem elements.
Building a consolidated ecosystem of transparent relationships.
