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.
Createding a web prototype.<br />
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Market research.<br />
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UX testing.<br />
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Builtding a financial model.<br />
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Developed the server and user part of the application.<br />
JUNE 2018
Conducting a pre-ICO.<br />
JULY 2018
Release of the beta version of the app for Android/iOS.<br />
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Developing the legal component (loan agreements, lawsuits, debt collectors).<br />
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Establishing ratings and pricing mechanisms.<br />
SEPTEMBER 2018
Carrying out an ICO.<br />
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Converting tokens, connecting to the app.<br />
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Adaptation for Telegram.<br />
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Connecting to a credit bureau.<br />
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Connecting to telecoms/online credit history providers.<br />
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Entry into the UK and US markets.<br />
MARCH 2019
Creating social groups: Co-workers/University.<br />
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Linking to a payment system.<br />
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Implementing the social ratings system (proximity rating).<br />
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Implementing the behavioural ratings system.<br />
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Creating an API.<br />
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Entering developing markets.<br />
SEPTEMBER 2019
Implementing the blockchain ratings system (LBR): distributed accounting and storage of ratings data.<br />
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Constructing a ratings model based on multiplicity of data.<br />
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Providing the suppliers of goods and services with secure access to the ratings system data to create their own ratings.<br />
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Granting financial organisations secure access to ratings data.<br />
FEBRUARY 2020
Creating a universal rating for economic relations (LBU).<br />
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Creating various ecosystem elements.<br />
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Building a consolidated ecosystem of transparent relationships.
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