iP2PGlobal is an online platform which seeks to give a global solution by providing accessible and affordable financing to borrowers and attractive returns that are risk adjusted to its lenders.
The peer to peer platform uses smart contracts and blockchain technology that is referred to as iP2PGlobal personal financing platform or simply platform. The platform aims to bring borrowers and lenders all over the word together and connect them. The platform is expected to provide fast, trusted and easy services to the buyers and lenders.
How The iP2PGlobal TWQ Platform Works
The platform will offer services based on Sharia finance principles. Sharia principles do not accept interest from borrowers, and the users are not expected to involve themselves in some unclear investments such as gambling and the production of impure goods or goods that have no value.
The platform is expected to open the services to Muslim traders and lenders who usually follow the Sharia principles although non-Muslims are also free to use the platform. The platform will first offer unsecured and secured personal financing before diversifying to other products. These two initial products will be based on Tawarrup contracts.
Initial Coin Offer (ICO) For iP2PGlobal TWQ Tokens
The platform is offering its token for sale is referred as TWQ, and it is valued at 1TQW for 47,000 ETH. The pre-ICO will be on 19th February this year. The pre-ICO will close on 15th April this year at 23:59 UTC. The ICO start date will be on 16th April this year, and the ICO will close on 30th April this year.
The tokens will be issued to the buyers within 21 days after the closing date of the ICO. Once the buyer of the TWQ has their tokens, they will be able to apply for personal financing in line with the platform requirements. The application will be listed on the platform and buyers will be able to see it and to choose to finance it or not. The financing given in the platform will be in the form of Ethereum.
The Traditional P2P Lending Platform
The first P2P platform was started in 2005 in the UK. The P2P process lends money to others through online services by matching borrowers to lenders. The traditional P2P model is preferred by many because it has low operational costs compared to the traditional lending platform.
However, despite the tremendous growth that P2P platform enjoys, the current model has some challenges including that the platform is usually localized as the borrowers and lenders are often from the same country.
The high cost of foreign exchange also discourages cross-border use of the platform. Countries that have few lenders cannot meet the needs of the borrowers. The platform also lacks transparency as the transaction are managed by the platform providers.
The iP2PGlobal TWQ Platform
The Ip2pGlobal platform seeks to solve these problems through the following features.
- The use of Ethereum gives a global benchmark rate for each of the borrowers irrespective of where they come from.
- The platform allows unsecured lenders to finance borrowers and be protected in the platform
- The pool matches lenders and borrowers from all over the globe ensuring secure financing
- The system ensures that there are E-financing agreements that are met and in case of default on payments, the recovery process is guaranteed
- The system also assess the borrower credit score using bank-grade credit and social credit score models