In the current market, there are some people who are not able to access the financial services, especially in the case of credit. The bank's infrastructure which is expensive in the present market, because of which some people who live in remote areas and are poor are unable to access its services. This is one of the major problems in the economic development. The problem in accessing the credit for general people are a high cost of the infrastructure of banking, information asymmetry and the high capital cost.
When the comparison is done between the developed countries and underdeveloped countries on the basis of banking structure, the result obtained is the low offering of credit with a higher rate of interest is seen in the region of underdeveloped countries. The unfavourable scenario of the banking sector like lack of liquidity, system inefficiency, complexity in the banking logic, high exchange rate, tax regulation and unwanted risks creates explicit fees which are ultimately experienced by the customers.
Credit is one of the most important features which is involved in the development of any country. Even the big industries go for credit when it comes on the growth of their firms. This feature of the finance industry is playing a role of a backbone in evolution of a developed country. The most of the people in the current market are not getting credit or even if they are getting they are not interested in it due to its high interest and upcoming complexities in the process. For making the nation developed the banking sector have to improve its infrastructure keeping the view of the public while dealing with credit sector so that it can be further reachable to the public.
For helping the people to solve the problem of credit which is associated with the current financial market, the idea of 'SWAPY NETWORK' is developed. Swapy is blockchain based decentralized platform which mainly aims at removing the barrier of the credit industry and making the credit universal access for the general people. This platform will even help the new players to come up in the market, where they will get power and benefit from the finance sector.
Solution offered by Swapy Network
The platform of Swapy network is basically integrated with three main applications which aim at providing the universal access to the credit system. The three main applications are
- Swapy Financial ID
This application will be liable for providing the financial identity to the user of the Swapy network, which will be globally accessible for the use.
2.Swapy Data Market
This application aims at giving the right to individuals for holding their data and managing their platform token. It will even reduce the barrier for the entrance of the new participates in the platform with all new opportunities and benefits for them.
3.Swapy Exchange
This application will connect the smart money with the developing economy. This platform will allow the international investors to offer credit with low interest mainly it will be beneficial for the countries where the interest rates are high and, this will even provide a better outcome to the investors.
The Swapy network will be connecting various groups of people for its proper functionality like data providers, data producers, data consumers, insurers, creditors, borrowers etc. With the help of this platform, the individuals or company will be able to offer or get financial services with all feasible features for the borrowers, which will even initiate the entry of new players in the financial market.
The following are the feature of the Swapy network
- This platform encourages for better information and lower cost capital which will reduce the barrier to the emergence of the new companies in the current marketplace.
- It will offer credit relatively at a lower rate of interest.
- It will provide a better quality of data so that the decision-making process for the lenders will be a bit easier for grasping good customers with a low rate of interest.
- It eliminates the problem of information asymmetry with commonly shared and updated data network.
ICO details for Swapy Network
The symbol of token which is associated with Swapy network platform is 'SWAPY'. the total supply of token will be 100,000,000 SWAPY. The ICO hard cap is $30,000,000 USD. Initially, the price of SWAPY token is $0.65 USD. The currency which will be accepted for purchase of SWAPY is ETH.
Conclusion
In the current marketplace with the increasing demand for credit, the financial market has developed many new innovative ideas to come up and help them in getting the best solution for it. Thus one of the great solutions is the platform of Swapy network which will be equally beneficial for the borrower and the lenders. With low-interest rate, the customer will be able to enjoy the facility of the finance industry which will further help in the growth of any nation. Hence, with all new features and technology, the Swapy Network is a boon credit industry.
Important links
Website : https://swapy.network/
Whitepaper : https://www.swapy.network/SwapyNetworkWhitePaper-English.pdf
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