About SIOFIN
SOFIN (social financial network) —P2P-lending online service. It is a marketplace platform which brings together creditors and borrowers.
- Creditor — private individuals, banks, microfinance organizations and funds.
- Borrowers — private individuals, individual entrepreneurs and organizations.
Loans are issued in the fiat currency of the country where the borrower resides. This allows the currency to be exchanged through the SOFIN token if the creditor and the borrower are from different countries.
What we have achieved so far :
- A fully developed financial model.
- A package of legal documents to issue loans is established.
- The design of the interface is elaborated.
- App domain logic is implemented on 45%.
How does it work?
Smart contract based on the ERC20 protocol
Creditor from Germany
Give 1000 EUR at 10% annual
Creditor from the USA
Give 500 USD at 12% annual
Creditor from Japan
Give 750 JPY at 14% annual
Borrower from Russia
Want 30000 RUB at 13% annual
Borrower from Ghana
Want 1000 USD at 12% annual
Borrower from India
Want 25000 INR at 11% annual
We take 9% of the loan amount transparently without hidden fee
What is our aim?
We believe that every person in any country should be able to obtain money in order to improve the quality of his/her life. And on the terms that a person chooses, the SOFIN aim is to remove barriers and borders, to give the access to financial resources to the people of less developed countries. We will address the daily needs of ordinary people and entrepreneurs, opening up decentralized access to finance on terms convenient to the both parties, not to the bank or any other mediator.
• The population consumes what it needs.
• Trade and manufacture turnover grows.
• New jobs are created.
Solution
Selecting the best terms of a loan, creating a legal package, and getting money online from any device!
SOFIN token
The system uses the Ethereum ERC 20 platform. The SOFIN token performs many functions on the system. Encouragement of participants in a transaction to increase the number and quality of transactions in the system. The more turnover of issued loans is in the system, the higher the cost of the token, since the entire fee will be taken in SOFIN — they will be automatically bought out from the exchanges to repay the fee. The history of all transactions will be stored in blockchain. Up to 20% of the loan will be available to be given in the SOFIN tokens. SOFIN will also be an intermediary between the exchanging of one fiat currency to another. Let’s look at all of these features in detail.
Why do we need blockchain?
- Transparency of all transactions performed on the platform. All system reporting can be verified.
- Automation of processes through smart contracts.
- It becomes convenient to work with cryptocurrencies on Ethereum ERC 20.
- Integration with other projects on blockchain (registers, scoring, statistical services).
- Reliability and fault tolerance.
- Part of the loan (up to 20%) can be issued with the SOFIN tokens that the system will automatically buy at a profitable rate and transfer to fiat for the borrower. The integration of other cryptocurrencies with the possibility of issuing loans up to 100% will be pursued.
- Tokens can be used as an intermediate link in exchange of one fiat currency to another to issue loans in the currency of the borrower.
- Large token holders will be flagged as trusted members of the system. They will have more profitable loan terms (if necessary). Such holders will receive a bonus: a two-fold fee of the system to make a loan for their tokens. The system will provide a guarantee for such borrowers and, in case of default, cover the loan instantaneously from its money, in the future by covering the delay by buying the mortgage tokens from the borrower. These borrowers will thus have the highest ranking in the system and, as a result, will be able to attract funds on the most profitable terms, as the investor will ask for a minimum low rate of risk at almost zero.
- Token holders will receive some advantages over the system’s common users (external differences in the service interface, more profitable bonus terms, etc.).
- Tokens can be bought/sold on the exchanges. A direct correlation between the volume of exchange transactions and the token rate, as the entire fee is paid for with SOFIN, automatically repurchased from the exchanges when the loan is pursued.
Ditribution Tokens
Road map
- 2010 year
Creation of the structure that allows entrepreneurs to obtain the necessary funding through the fund's surety.In three years, the amount of bail was $51 million. - 2011 year
Opening the network of microloan points where the verification of the borrower (private individual), the legal basis and the highly profitable financial model were obtained. The business was successfully sold. - 2012 year
The company provides legal support for construction and investment projects, including foreign investment. The Verum ( verum-law.ru ) team of seven persons forms the Legal Service of the SOFIN company. - 2013 year
Creation of own mining rigs. Extensive experience in cryptocurrencies trade, investing in cryptoprojects. - 2013 year
Formation of a team with experience in the development of international-level Internet projects, including the creation of MVP for startups. There are 16 programmers now who will be working on the SOFIN platform after the TGE implementation - 2014 year
Since 2014 and to the present day, a successful experience of connecting people who have money and legal persons who need credit. The interest rate allows each party to earn. To date, there have been no returns. Currently, the loan portfolio exceeds $1.5 million. - August 2016
The idea of creating marketplace financial resources on a single window system where individuals and companies can get loans from any people,MFOs, banks. With a minimum and transparent rate in auction mode. - August 2016
Building a loan and verification system for borrowers online ( clubzaimov.ru ). Development of scoring software, integration with credit history systems and online processing. Gaining experience of attracting borrowers on the Internet. In this project, we've worked out all the important elements of a future P2P platform, and there are 14 people working in the company. - July 2017 - to date
Definition of the development financial model. Designation of the technical part of the platform, the interface design, and programming of business logic. - November, 6 2017
Fundraising on completing the platform, the SOFIN token output on TGE, the white paper and business model adjustment based on feedback from participants and cryptocommunity. - January, 15 2018
Fundraising on development of the platform, the token output on exchanges, the establishment of the Guarantee Fund and international expansion. - Q1 2018
The SOFIN token public offering on the cryptocurrency exchanges for free bidding. Implementation of the token-support strategy and increase it to $10. The direct correlation between the rate growth and the repayment of loans on the platform is achieved through the return of the SOFIN tokens for the transaction bonus payments laid down in the platform. - Q1-Q2 2018
The first issue of loans through the SOFIN platform from the MFOs partners, early followers, and our own funds. Once the guarantee fund has been launched and the risk of repayment has been reduced, it is planned to attract a large number of creditors. - Q3-Q4 2018
Issuing loans in Russian-speaking countries, starting with Georgia and Kazakhstan and the next step in Ukraine and Belarus. In each country where we will issue loans, a local office will be opened to interact with the verification, scoring and credit history systems for the country. 100% legal purity, which is a distinctive feature of our platform, will be provided. In the same way, local partners in every country are planned for loans . The target of 2018 - 1$ million. - 2019 year
Great promise and growing market for P2P lending are concentrated in the regions: Asia, Africa and Latin America. The first countries outside the CIS in which we start lending will be Myanmar and Cambodia.
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Author : catur123
Eth : 0x6b85eA6ed28A887798D75DE9c4Db61479422C9E9
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