What Is Depository Network?
Depository Network is a new company that aims to be the world’s first decentralized multi-platform collateral infrastructure. In case you do not know, this means that it will work as a highly technological infrastructure that will be able to let lenders in the whole world accept digital assets as a collateral.
The Depository Network Mission
The company believes that its mission is to create a secure collateral systems for digital assets that can reach the point of mass adoption and enable the customers to trade using a whole new level of quality, safety and speed.
Depository Network plans to solve problems of lack of flexibility of this market and to create more options for decentralization. Also, the borrower and the lender will be more protected by this system and less frauds will be made.
In the best case scenario, the company hopes that even financial institutions will be able to use what it has created. At the moment, the Depository Network is targeting more than 30,000 non-bank lenders that could use this whole new market and about 17,500 banks. Not only them, but hundreds of P2P lending platforms will also be able to beneficiate from this service.
How Depository Network Blockchain Lending Collateral Works
The platform will enable any lenders to use the structure of the platform to build custom depository platforms by using its tokens. This way, they will be able to accept many types of digital assets that are offered as options by the company as collateral. The holders will retain a real ownership of these assets via smart contracts during the entire period of the loan, meaning that they will, in effect, be theirs.
Depository Network will allow any lender to specifically define the terms for their contracts, which will be individually and automatically enforced. This means that different conditions of ownership and time can be met to be adequate to many types of businesses.
Using Depository Network
After creating your account, you will have to find someone who wants to transact with you. Independently on whether you are a lender or a borrower, you will have to sign a contract (created by the lender) to agree on how exactly the transaction will work and how the digital assets will be used as a collateral.
The next step is the deposit. The borrower will deposit DEPO tokens on the lender’s account and the loan will be provided. When the loan is fully repaid, the assets will be given back to their original owner.
Who Is Behind Depository Network?
An entrepreneur called Svetoslav Dimitrov is the current CEO and the founder of the company, together with Dimitar Kostov (board member). Other important members are Martin Kivandjiev, Konstantin Djelebov, Deliyan Nikolov, Guergana Stoichkova, George Spassov, Valeri Valtchev, Petar Markov, Ivo Gueorguiev and Nick Todorov.
The main advisors from the company are Waqas Khan, Filip Lyapov and Dimitar Ivanov.
Depository Network DEPO Token ICO Details
The sale of DEPO tokens will occur soon. The tokens will be used to pay for small fees or, in the case of lenders, to pay for the annual membership on the platform. 1584 billion DEPO tokens will be sold during the ICO, while 1152 billion will be on reserve.
The price of each DEPO token will rise from 0.00001 ETH to 0.00006 ETH during the sale. The price will change when a quantity of tokens will b sold. Soft cap is 4,500 ETH, the “mid cap” is 18,000 ETH and the hard cap is 38,000 ETH. The pre-sale starts on June 22 and the main sale on July 15. You can use ETH to buy DEPO tokens.
Depository Network Conclusion
This looks like an interesting platform that will really value the DEPO tokens, so it can be a good idea to buy them while their price is still low. If you are interested in using the platform, we would suggest that you should buy the DEPO tokens soon as it would be more profitable for you.