Traditional banking and finance institutions thrive from interests earned from loans they lend out, along with other investments. You ask for a $100 credit and they gladly issue the amount, but with the condition that you must pay back plus an extra amount on top. They also accept deposits and collectively act as the gatekeepers of a centralized economy.
But while borrowing and lending is part of our lives, Peer to Peer lending hasn’t entirely thrived due to mistrust between the engaging parties. And it is due to this lack of trust that banks came into existence. But owing to the emergence of cryptocurrencies and the blockchain technology, banks risk losing this vital virtue of their existence, and they seemingly can’t do anything about it!
The GN Compass GNCT Business Model
As its Whitepaper expounds, GN Compass is designed to act as a compass and help those who are lost in the current financial system. By utilizing the blockchain technology, it aims to bolster the investments market by creating more liquidity in the ordinarily non-liquid assets. And it’s probably the major reason why banks are wary of the rise of blockchain-based applications in the financial sector!
Ideally, GN Compass offer cryptocurrency-backed loans to spur liquidity in the loans market. It manages to do so by allowing investors to sell off parts of loans from their portfolio so that a new investor reaps the profits of the loan repaid by the borrower. Investors have no legal binding to the terms of the lean and can opt out any time they need to.
GN Compass also allows borrowers to access funds seamlessly and without the usual bottlenecks associated with conventional lending firms, and pay ridiculously lower interest rates. As the founder of this P2P lending platform elaborates, they have their own version of the usual credit score system. Theirs, however, is a bit different in that it does not rely on consumer aggregation alone.
To issue loans, GN Compass will have to evaluate the borrower on such features as social media presence, mobility, and other valuable analytics. Of course, it is a huge step away from what conventional lenders use, and indeed it is excellent given that it takes into consideration what the former does not!
Why GN Compass Will Be a Go-To Lender For Many
Some of the best features of this revolutionary lending platform include:
- Borrowers getting funds faster than how banks and other lending institutions do.
- Though it is backed by blockchain technology, investors and borrowers do not necessarily need to own any cryptocurrencies.
- GNCT is a lot more liquid than fiat currencies and securities.
- Investor funds are 100% safe since they are also cryptocurrency-backed.
- It will be available all over the world.
- Investors will be able to sell loans in the marketplace.
Details of the GN Compass GNCT ICO
GNCT Tokens are available for public as a way of making sure the platform is wholly owned and supported by a community.
- Token symbol – GNCT
- Total ERC20 tokens created – 1,000,000
- Token supply – 100,000
- 1 GNCT = USD $0.14
- 5,000 GNCT = 1ETH
- Token sale rounds:
- 1st round – Jan 29th to Feb 4th; 1GNCT = USD$0.14
- 2nd round – Feb 5th to Feb 11th, 1GNCT = UDS$0.20
- 3rd round – Feb 12th to Feb 28th, 1GNCT = USD$0.25
Is GN Compass GNCT Sustainable?
The simple act of decentralizing the platform makes GN Compass sustainable. Also, since it secure and available globally and all transactions are transparent, there’s little doubt this P2P lending platform will rock!