The head of the smart contracts development department at SOFIN blockchain platform tells us about the tokenization model of the project and about the benefits of P2P feature.
Nikita, what are your responsibilities at SOFIN project?
I am a person from crypto world and Trofim invited me to the project. I am responsible for tokenization and integration of crypto tools and for general issues with the smart contracts. At first we planned that I will take an active participation in coding. But now it seems that I am developing the model of SOFIN token and not writing the code myself. Also I am responsible for business development — this includes conferences, communication with marketing experts and promotion.
What have you done before SOFIN?
I am a programmer and I am developing web projects. Also I am interested in business activity and I open businesses very often: I recently had an web store and I own a cafe for three years already. I am in crypto world since 2013; since 2013 I learned about different currencies, was mining, and invested in ICOs.
SOFIN platform is the first project where I am in the team of founders and I put all my forces to its development and promotion.
Please tell us about the SOFIN tokenization model.
We are developing a token based on ERC20 standard. We have one time emission: 90 million of tokens have been issued and there will be no more. It works in this way: the creditor issues the loan in fiat currency and possibly in tokens (up to 20%). The borrower gets only fiat currency — this was done so that agreements were legally binding. The fees of the platform are covered in tokens. This is the main application of our currency, and that is why its price is growing. If a borrower pays the fees in fiat currency, this money will be automatically converted into tokens via the exchange. So the more loans we have at the platform, the more cryptocurrency will be bought. One part of the commission is returned to the creditor as a cashback and the remaining 1% of tokens will be burnt. In this way we reduce the amount of tokens in use, and this affects their price.
What are the other ways of using the tokens in the system?
If a borrower has our tokens, he can use them as a security deposit. In case of loan overdue we cover our losses with the tokens. The transaction with a security deposit becomes less risky, that is why the borrower gets a higher rating score and he can get more competitive offers. If a borrower is a big token holder, he can get lower fees.
What is the benefit of the platform for crypto world?
First of all, when we charge a fee, we convert fiat currency into tokens and increase market capitalization in general. This has a positive effect especially if we consider that this process is made with every loan. Then, when the participants of the platform get their cashback in tokens, we tell them that they can exchange the tokens to real money at the exchange. Thus, even if the people don’t know anything about cryptocurrency, they are getting interested in using it. In other words we attract new people to crypto world.
How to buy SOFIN token?
There are three possibilities now: to buy tokens with Ether, with Bitcoins and with fiat currency. We will be listed at KICKICO platform a little bit later and will accept kickcoin. When a user signs up at the website, he gets a member area. In the member area he can see all the variants of the purchase; he should follow the instructions. There is also a support chat where our staff answers all the questions.
What attracts you in SOFIN?
I like the idea that one can lend the money from each country to another bypassing the banks and without any bureaucracy. That’s really cool when banks and governments cannot dictate their rules and people decide by themselves what is acceptable and what is not. If someone offers too high interest rate, he will be simply ignored. Also SOFIN is a project of a financial social network. We plan to add chats at the platform so that people could consult each other and discuss financial and legal aspects. Our idea is is not really in that someone can earn on the others, but the task is to create a win-win environment and to let anyone receive real help. The future is with P2P platforms, such as BlaBlaCar, AirBnB and Avito.
What do you do at your leisure time?
I like to be active. I go skiing in winter and windsurfing in summer. I like to spend time with my family, to play playstation. Actually in the last months I only work at SOFIN project. We work literally every day, with no weekends.
Feel free to ask any questions in SOFIN Telegram chat:https://t.me/sofin