What Is EtherLend?
EtherLend is an open-sourced platform that is designed to operate on a P2P network for financial services and built on the Ethereum blockchain.
How EtherLend Ethereum Cryptocurrency Lending Platform Works
The main focus of the company is to create a solid long-term managing and lending platform for users new and old to the marketplace. They have a major vision of creating a stable, long term lending platform that is said to be completely trustworthy to create passive income.
It’s built on the Ethereum blockchain because it has everything needed for the project in terms of scaling and security. The ERC20 standard is used to guarantee the above requirements are met. And since Ethereum is already operational and running smooth, they decided to use it. It has one of the best ecosystems of any platform online in terms of cryptocurrency. And going with an entirely new platform isn’t only dangerous but completely unnecessary.
Attempting to create and complete a new blockchain is very difficult and requires a lot of time. Instead they are using their Ethereum based ELEND tokens as assets to keep the ball rolling smoothly. The future of the platform is said to move fast and have low fees. They have a major goal of disrupting any protocol agendas on a worldwide scale in regard to financial institutions. Apparently, if you seek transparency, this is the company you need to get involved with fast.
There are some other reasons –
- Ethereum can never be shut down, which ensures stability.
- Transactions are customizable with the smart contracts.
- Each transaction is conditioned to the need of the users who participate in it.
- Ethereum naturally has lower fees for transactions and take only 14-15 seconds.
- Each transaction is recorded and verified on Ethereum’s blockchain.
The core of the platform used algorithm-based trading software. It’s the classic trading bot that can do it all. Which basically means you don’t need any skill or experience. This is something that is a red-flag and common across the board with these lending/affiliate platforms. They call them pump and dumps because that’s pretty much all they do. They pump in as many people, take their money, then dump the company.
The lending aspect doesn’t even make sense – why would anyone want to borrow money in the form of tokens that can only be used on the platform. It’s a shady business deal that will likely leave a lot of people high and dry.
The problem is, this is the same formula seen across dozens of other platforms claiming to help people make money without having to invest much or do any work. It’s Ponzi scheme to the core and will likely not be around for very long.
EtherLend ELEND ICO Details
Here is the ICO for the company:
- ICO duration 2/12/2018 – 2/28/2018
- Price of 01 ELEND Token = $ 0.10 USD
- 1 ETH = 10,000 ELEND
- 0.1 ETH = 1,000 ELEND
- 0.01 ETH = 100 ELEND
EtherLend Technical Specifications:
- Type : ERC20 Standard Ethereum Token
- Name : EtherLend
- Decimals : 18
- Symbol : ELEND
- Total supply : 3,000,000
- Crowdsale Supply : 2,000,000
- Reserve Supply : 500,000
- AirDrop Supply : 100,000
- Bounty Supply : 400,000
- HardCap : 100k USD / 100 ETH
The company doesn’t have much to offer other than the lending platform. And they have no information as to why any of this will work or how they are different than any other companies.
Who Is Behind EthereLend?
Here is goes – the biggest red-flag in the industry, there is no disclosure on who the team is behind the platform or where they are located. The company is operating with no transparency and likely under and regulations.
They are a standard Ponzi lending platform focused around cryptocurrency. They have big promises with no credible information backing their claims. Stay away from EtherLend and save yourself the time and pain of getting ripped off.