As the blockchain continues to grow and develop, it is of utmost importance to have innovative platforms that can help make monetary transfers within the crypto world absolutely secure and seamless. Valorem is one such venture, that aims to create a “quick, blockchain-verified” platform that makes use of smart contracts to approve all of the transactions that go through within its ecosystem.
It can be used for a wide array of financial services, and can be used by various customer bases for purposes ranging from money procuration (loans), to selling cars, to performing everyday payments.
What Are Some of the Key Uses of Valorem?
Some of the areas where this platform can be utilised with ease include:
(i) Micro Loans:
Through the use of Valorem, microloan acquisitions can become quite easy and straightforward. These loans basically consist of very small amounts of money that are aimed towards borrowers who don't possess large collaterals, steady employment opportunities etc.
Statistically speaking, the microloans market has grown steadily within the past 2 decades, and the repayment rates for such loans have been found to lie in the 95%-98% region.
(ii) Rent Collections:
Another novel use of Valorem lies within the area of rent payments and collections. Through the use of this platform, landlords and tenants can make use of a “blockchain ledger” that will be able to keep track of all transactions made between the two parties.
As a result of this, collection of payments can become easier and participants will be able to make payments via the use of various different alt-currencies. All of the transactions will be processed via the use of smart contracts.
(iii) Car Loans:
According to the company’s official whitepaper, Valorem will offer all of its users with “reasonable financing schemes” that will help them get the car of their dreams. These loans will be fully legal, and will entail the use of ‘local notaries’ so as to ensure that there is no credit risk involved in the entire transaction.
(iv) Student Loans:
Though the use of this platform, customers will be able to procure student loans at an interest rate of 10%. Technically speaking, interest payments will have to be made by users every month before they graduate, and incase a student loses his/her job, payment schemes can be altered accordingly.
Additionally, the Valorem platform will also educate students about ways of paying off loans more quickly and efficiently (as well as inform them about new job opportunities).
Valorem VLR ICO Token Details
In all, there will be a total of 200,000,000 VLR (native currency) that will be created. Out of this figure, only 150,000,000 VLR will be made available to the public, while the rest will be used for the creation of a reserve fund.
In terms of the value of this token, we can see that 1 ETH = 1000 VLR. The sale of the token has already commenced, and is scheduled to end on the 30th of March,
The sale will take place via the use of a various rounds, during whom there will be attractive bonuses and incentives available.
- Stage 1: Starts 15th Dec – 25% Bonus
- Stage 2: Starts 5th Jan – 20% Bonus
- Stage 3: Starts 25th Jan – 15% Bonus
- Stage 4: Starts 15th Feb – 10% Bonus
- Sale Ends on 30 March – 0% Bonus
Budget Allocation Scheme
- 30% of all raised revenue will be used for developing and designing the Valorem platform. There are currently 15 people employed by the company, and thus this money will help pay for their salaries.
- 10% of the funds have been set aside for covering admin costs (accounting, legal, and HR).
- 15% of the money will be used to promote, advertise and market Valorem internationally so as to attract new clients.
- 25% of the revenue pool will be used for further business development.
- 10% of the raised money will be used to pay for the services of contractors that have been hired by Valorem (to help with platform creation).
- The remaining 10% will be used for the creation of a contingency fund.
Who is Behind Valorem VLR?
Valorem is the brainchild of Val Kelyman. Val serves as the company’s CEO and has previously worked at organisations such as Grand Leisure Travels, Rent-A-Car. He holds a degree in Operations Management from Baruch College (New York).
Similarly, Navdeep Garg is the Head of Platform Development. He has been in the crypto domain since 2010, and possess strong knowledge of specialised digital fields such as IOT, Cloud Computing, Machine Learning etc. Navdeep holds a degree in IP Policy/ EPS Solutions from NUS (Singapore).