Relinquishing a 33 trillion dollar mortgage industry worldwide, to the rich with attending flaws is unacceptable. Old way of doing things is always is comfortable for those who gain from it. Even though, such process is not flawless. As expected, people who gain from not flawless system, will not welcome a system that will check their nefarious activities.
What is Block66? Block66 is a platform that puts mortgage industry on blockchain, matching borrowers with lenders, streamling mortgage origination, and securitizing mortgage on its ethereum base blockchain technology. Block66 also ends restriction on geographic lending, that is empowering borrowers and lenders worldwide.
What does Block66 bring to the table that makes it a game changer. Let us get to the meat of the discussion without much ado. Block66 offers a robust pool of vetted borrowers first of it kind where lenders can access mortgage financing. This is a very much automated public, transparent, streamlined lending with lowest risk and cost. In this automated platform every loan is considered as a pool of tokens, which can be bought by investors making available cash for lenders. The capacity to trade fractions of the loans makes it attractive for small investors as well as seasoned investors.
Smart Team behind Block66 harnesses the power of DTF (Digital Trust Fund) to ensure that borrowers keep to agreeded time of mortgage payment. Every loan is represented digital as "Proof of Loan" (Pol) tokens is under the control of Digital Trust Fund as custodian. As custodian Digital Trust Fund hold in trust all loans, repayments and interest accrued. Block66, broker or someone dubious can not access the the Tokens.
Block66 framework runs on Ethereum network will be deployed as decentralized application (dApp). Allowing brokers to enroll client on Block66 platform as lending opportunities, after Block66 must have performed a background check on proof of residence, credit reports, license verification and criminal records. Synergy between proprietary software and network partners will be use to determine who get enrolled. A personal risk/reward ratio generated, base on that lenders can selected investment to add to their portfolio. Brokers will gather informed information from Block66 like interest rates and comparable fees with which they can advise their clients.
Usually, mortgage application and facilitation is companied with heavy documentation and bureaucratic bottleneck, but on Block66 platform operational efficiencies and automating where needed to streamline the whole process. Believe me, it is a welcomed relief. Block66 is a huge fan of technology but some lending issues is better handled by human beings. In such issues, Block66 will deploy a network of virtual underwriters with sole aim to digitally confirm files. By harnessing the power of automation and a team of human underwriters where needed, a world class user experience is guaranteed for all users by Block66.
Checking mortgage fraud is really a difficult task. Block66 has a way of leveraging already existing technologies architecture to auto confirm large volume of application data and documents. Ordinary, due to large volume and time pressure on the side of lenders and underwriters, mortgage fraud is carried out by either brokers or borrowers. Block66 singles out conflicting data for proper scrutiny by virtual underwriters and lenders.
Block66 ethereum blockchain will be storage house of all smart contracts, to check fraudulent activities. As the smart contracts start, the inventory is registered on the ethereum blockchain, the transaction registered is unchangeable.
In Block66 platform, the legal-tender is BNET token. BNET token is use to pay for services such as borrowers background check and credit check fees, and Proof of Loan token modification fees. BNET token is an ERC-20 standard token. Bitcoin, Ethereum and Bitcoin Cash can be use to purchase BNET token. In future Block66 will explore ways to offer participants on the network opportunity to take BNET token out and trade it on on other exchanges.
Presently, $305 million BNET tokens in available. In circulation is $155 million. Block66 holds 40% of BNET token in supply, and developers, advisors, bug bounty and team members holds 10% in supply.
There will be a rare opportunity for people like me (crypto enthusiasts) to get on board through pre-sale and initial coin offering (ICO). 50 million BNET token will be sold while on pre-sale, with 33% discount for users at $0.01 per token for a total of $5 million. During main ICO sell, 105 million BNET tokens will be be purchased, at $0.15 per token without any discount. Lookout for commencement date in the coming days by Block66 team.
Here is road map for sequence of events to come. In forth quarter of 2018, Block66 will start Alpha testing phase. MVP launch will be on by first quarter 2019 according to Block66, first set of on-chain loans will be open to users. Trading and exchanging on chain securities will start by third quarter 2019. Great plans for a laudable project.
For more insight https://block66.io/
White paper https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view
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