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Milestones 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. ⠀ ⠀ 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. ⠀ LendsBay team have already developed a functional and ready-to-use alpha version of the application.

3.3
5 4 expert ratings
Benchy 4.0
KYC
Experts
2.6
3.1
2.5
Review: coming soon PRO

Ended
Token
LBT
Type
Price in preICO
1 LBt = 0.0007 ETH
Price in ICO
0.2040 USD
Country
Whitelist/KYC
KYC & Whitelist
Restricted areas
USA, China
preICO start
18th Jun 2018
preICO end
29th Jul 2018
ICO start
18th Sep 2018
ICO end
29th Oct 2018
Visit ICO website
Report

Milestones

1
2016-2017

Createding a web prototype.
Market research.
UX testing.
Builtding a financial model.
Developed the server and user part of the application.

2
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.

5
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.

6
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.

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ICO KYC Report
2 members invited
Alexander Koptelov
Passed
Anton Gazizov
Passed
KYC procedure verifies selected/specific team members only. It does not guarantee ICO success nor is a call for investment.
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