ETHLend is a peer to peer lending services that is fully decentralized. The company offers people secured loans on the Ethereum blockchain. With ETHLend, users can use Ether to borrow ETHLend token. The token can also be used to ensure loan repayment and lenders can lend without losing any capital. ETHLend is a secure lending system that is used by people from Asian countries like China, South Korea, and Japan where Ether currency is widespread. That to the system. People can access Ether from anywhere in the world as a lending tool.
How does it work?
Being a lending system where lenders and borrowers can interact, ETHLend allows for secured lending via the Ethereum blockchain. The lending process is straightforward. When borrowers issue a loan request, the request creates Smart contracts on the Blockchain. It inserts the loan amount, the interest rate and time borrowed. Once the token address and amount are inserted, it is then used as collateral for the loan, after getting all the information the lender can fund the loan.
Decentralized: on the ETHLend no one can stop any lending or borrowing process, not even ETHLend itself. All the lending is done via smart contracts based on the Ethereum blockchain. No kind of asses is held by ETHLend.
Address 2 address: borrowers and lenders don’t need a back to lend and borrow using ETHLend. The network allows loans to be sent with minutes. Only borrowers and lenders participating in a lending process, no middlemen.
Democratizing: ETHLend believes that interest rates value depending on your region. They believe everyone needs to have access to low-interest rates and that’s what they offer.
Transparency: all the transactions on the platform are visible. They are open for block-explorers and you can also follow on what’s happening with your loan using smart contracts.
True market: the interest rate on ETHlend are not determined using economic policies, banks or politics, they are decided by the free market and the people themselves.
ETHLend claims to be the future of finance. In the Q2 of 2017, the ETHlend Alpha was published on the Ethereum main-net, they collateralized lending from ens-domains and released their whitepaper. Q4, 2017, the installation is fiat based loans and settlements and they are planning the inclusion of lending other digital tokens and coins starting 2018.
ETHLend is led by founder Stani Kulechov, a blockchain community members and Jordan Lazaro, the head of management and a skilled entrepreneur.