Irresident is a Fintech company that aims at decentralizing credit. It uses blockchain to facilitate the exchanging of program and value of the demand mechanics. The system also expresses and launches obligations brought about by contracts among those participating without consulting a legal system.
It has the Prive platform, which works to bring together markets that offer credit in the economy by gathering financial terms driven by the market. The platform also aims at providing specified services to ensure there is free competition among providers. The Prive platform gives support to users for the whole debt life cycle inclusive of cases like trade finance, liquidation of loans that are not performing, and refinancing.
Irresident Accepted tokens
The platform has two tokens the refuel token and the Prive token. The Refuel token has a basis of the Ethereum network. Irresident will sell the refuel tokens for the Prive tokens at a rate that is above 1.0 and thereby redeemable below 1.0. The refuel tokens will have a backing of cash reserves and the assets that dominate the respective fiat currency, hence giving room for unrestricted redemption.
The platform uses the Asset-backed liabilities concept, which allows huge transactions without necessarily converting to Ethereum network currency. Investors can also use the platform when investing in secured loans and in entities that have their operation in the actual economy. Prive also works as a tool that gives individuals an opportunity to exploit new chances in the origination of loans. Besides, banks can use Prive as an innovative model for the creation of fresh income streams, in cost cutting, and risk distribution.
Prive Generation of revenue
The design of the Prive model is such that it leads to the generation of revenue for the users of the platform, mostly those who take a risk to invest in Prive business model. Immediately the users of the platform start gaining revenue when it is in operation, the platform starts charging licensing fees to those using it and thereafter distributes them equally to those having Prive tokens in accordance with their shares. The time taken for distribution is negotiable. The royalties must have dominance in Ethereum principle.
Benefits of The Prive Platform
Decentralization of the supply of credit
The main aim of the Prive platform is to ensure that commercial banks come together with private funds. This in turn allows borrowers to be able to access financial conditions that are favorable and market-driven. It also provides a common ground for providers to compete in a freeway.
Preservation of Value
Prive perfects the credit supply that already exists and thereafter offer a different one that is cost effective the origination of credit.
The main idea is the decentralization of the international effort of Prive platform, which will help users worldwide.