The lending is a very juicy area, which few dare enter in. And often the market, pure and simple, doesn’t accept newcomers to this segment, because it considers them at least fraudulent services. Similarly, once they reacted to cryptocurrencies. At the height of growth, financial analysts began talking about bubbles and imminent cryptocurrency crash. And now the third quarter of 2018 is coming to the end, and everything is good for cryptocurrencies. In this review we will talk about the decentralized blockchain platform called BridgeX Network, which has embarked on the integration of blockchain technology and traditional lending systems.
What is the project about?
Almost all of us have ever faced the necessity and the opportunity to take out a loan for the purchase of some expensive thing. And the first thing that this process begins with is a request to the bank for approval of lending. A lot of factors play a role here, and some cases lead to the fact that the bank can refuse you. The BridgeX Network platform is an ideological framework that allows you to use lending services without the intermediation of a bank and thus provide a comfortable use of credit for all users. In addition, the loans of this platform will be issued in cryptocurrency with the possibility of converting to fiat currencies and vice versa. The platform developers promise to provide fast and secure interaction with traditional financial structures.
The structure of the BridgeX Network
The entire architecture of the system includes three principal elements:
- The control core of the platform is called BridgeX Core. This module is the connecting thread and controls the operation of the other modules.
- The module for working with DApps and Apps. Here the main interface of interaction between all components of the system will be placed.
- The systems that somehow integrate the components of the BridgeX Network platform with service providers who work with the platform.
The process of exchange and currency conversion will occur using the BridgePay module, which works with the help of blockchain technology.
Main participant of the BridgeX Network ecosystem
For the normal functioning of the platform, it is necessary to integrate many traditional financial structures with it. The platform team plans to implement this through a variety of smart contracts, in doing so, some of them will be responsible for a specific local area of the system. Platform partners have special algorithms and APIs to enable them to interact with the blockchain structure and ensure the completeness of the data transfer. Also, developers have created a large package of ready-made algorithms based on the ready-made standards of the BridgeX Network platform.
How will the problem of the interaction of fiat-to-crypto be solved?
Since the very beginning of the spread of blockchain technology around the world, there has been the issue of conflict-free interaction between fiat currencies and their digital competitors — cryptocurrencies. To solve this problem, the developers have taken a number of measures, which include:
- Providing holders of cryptocurrency the possibility of using their coins as collateral for the extension of lending packages.
- With the help of borrowing tools, users and holders of tokens and cryptocurrency will be able to access fiat currencies.
- Possibility of easy and fast fiat-to-crypto conversion.
To use the functions of the platform was more convenient and intuitive, the developers have created the BridgePay module, which includes the functions: - Sending fiat assets that are commensurate with the amount of cryptocurrency to all beneficiaries.
- A wide coverage of the possibilities of using the platform in more than one hundred and eighty countries.
- Exclusion of interest rate and low commission for conducting transactions.
- Exclusion of intermediary structures in conducting operations.
A little about platform tokens
The token ticker is BXN. The developers in total will issue 1 billion tokens. 300 million tokens are for sale. Each tokens will have a cost equal to 1 BXN = 0.0006 ETH, or $0.0103. Hardcap is 18 000 ETH.
Tokens will be allocated as follows:
40% of tokens are designed to the public sale
15% of tokens will be reserved in the pool of liquidity
10% of tokens will be used as an investment reserve
15% of tokens will be allocated between the platform partners
20% of tokens will be allocated between the team and the advisors
Allocation of fees after the ICO:
20% of fees will be spent on the ecosystem development and its functions
10% of fees will be spent on marketing and promotion
15% of fees will be used to develop the platform business plan
15% of fees will be to cover the costs of legal support, payment of taxes
30% of fees will be to maintain liquidity
10% of fees will be an investment reserve.
The team of the BridgeX Network
The project team consists of:
Hiroyuki Kiga — one of the main founders of the BridgeX Network project
Jody Ong — CEO
Nicholas Chiu — CMO
Nicholas Foo — Strategic Director
Joseph Lee — CTO
The main advisors of the platform: Leng Hoe Lon, Shaun Djie.
Conclusion
In the near future, the platform developers will be able to create a tool for unimpeded currency conversation with the help of lending. At the moment, the team is actively testing the BridgePay system and other network services. Until the end of 2019, it’s planned to fully launch all platform API, as well as a full functional of the platform.
You can find the more details on the official website of the platform: https://bridgex.network/
Whitepaper: https://bridgex.network/180827%20BridgeX%20Network%20Whitepaper.pdf
Telegram: https://t.me/bridgexnetwork
Аntiplagiat: https://text.ru/antiplagiat/5b9b77fc504d0