The revolution in the financial and credit market, kryll
Kryll is a 100% decentralized, peer-to-peer credit platform, a decentralized application (DAPP), developed on the basis of the Kryll network. It is forecasted that the world market of P2P-crediting will grow by an average annual growth rate of 53.06% during 2016–2020, the need for a secure method of lending based on block-earnings is steadily growing. Moreover, it became possible to lend between borrowers and creditors from different parts of the world.
Now, Smart Contracts provide instant and secure instant lending and borrowing, stimulating the creditors and borrowers faster than any known financial institution in the world. Also, it reduces and equalizes interest rates around the world, thereby providing a global pool of liquidity on an equal footing.
The first loan was issued on June 8 and the kryll team is working efficiently to provide decentralized lending opportunities. One of the main advantages of decentralized lending based on blockages is providing access to world capital and reducing dependence on banking procedures and even providing access to banking infrastructure in developing countries.
The process is very simple. Instead of lending fiduciary currencies (FIAT), participants use Ether, which is a crypto currency based on the Ethereum network block. The lending process is completely decentralized, which means that no one, including Kryll, can change, manipulate or influence the lending application and credit — the system is safe in its structure.
Secured loans. The borrower uses ERC-20 tokens, which can be any value as a loan security. Also, the borrower can use the Ethereum Name Service (ENS) as a pledge. At the moment, ERC-20 tokens are estimated at several billion dollars, ENS domains contain an amount of Ether of almost $ 1 billion. All financial indicators are growing at an astronomical rate and the need for decentralized credit credit is growing.
Possibilities of tokenization. In the near future, the borrower will be able to buy real estate in Russia, assess real estate in accordance with the ERC-20 token and mortgage these tokens for a loan to Kryll. Thus, the borrower gets access to investors from around the world, not just local ones and this provides competition at interest rates. Tokenization can be used to finance a solar power plant, real estate, payment for studies or even buying a dog.
Kryll is an international team dedicated to changing public opinion on the availability of loans and micro-loans. The Kryll team seeks to provide more democracy in lending by reducing the difference in lending rates between countries, providing more liquidity where there are excessive barriers to lending.
This single decision made by Satoshi gave rise to cryptocurrency, Even though it is a bit complex and technical, it becomes interesting if you know more about it. In order to realize digital cash, you simply need a payment network that consists of balances, accounts, and transactions which is very easy to understand. Double spending is a major problem that is faced by various networks. It allows certain people to spend the same amount twice with the aid of central balances that takes note of the balances.
This server is not present in a decentralized network and this implies that you need every single entity of the network to perform this job. Every peer in the network is made up of a list that contains all transactions to analyze if future transactions are valid or mere attempt to double spend. The question that arises is how these entities keep a consensus about these records. Cryptocurrencies are part of the solutions that made it fascinating and thrilling and helped it to roll over the world.
More information about the development of Kryllprojects can be found at http://kryll.io
Info site: http://kryll.io
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Author: https://bitcointalk.org/index.php?action=profile;u=1340749