General Idea
DecentraLend, as the name indicates, is a decentralized platform, which wants to make it easier for users to lend and borrow cryptocurrencies in a peer to peer way. The possibly biggest of feature of the platform, which can make it stand out from similar competition is the fact that there are no hidden fees and it’s completely free.
They have created a special dedicated token for the platform to make the lending easier and more efficient. However, apart from lending and borrowing their dedicated DecentraLend cryptocurrency, users will be also able to use currently the most popular currency, which is Bitcoin.
Peer-to-peer lending
An interesting approach to creating a lending platform is to use the peer to peer system, which means there is no one centralized lender and all of the transactions are taking place between the users. This means, everyone can become a lender and earn profits from the additional percentages and interests, which user can determine himself. This percentage and total funds borrowed will be paid to the lender by the borrower when the duration is over.
The decentralization and p2p approach allow the lending system to work much easier, as it is not monitored by any company or financial institution. There won’t be any problems with getting a loan as long as you have enough funds to use as collateral. Currently, with most of the mainstream platforms and banks, a potential borrower needs to undergo security and financial background checks. He waits for the decision and acceptance, which means the whole process of getting the money takes a lot of time.
Escrow System
To ensure the safety and eliminate potential disputes, there will be an escrow system to secure the payback of the loan. Moreover, a borrow won’t be able to to borrow more than 30% of his account balance, also his account will be frozen for the duration of the loan, in order to provide potential refund to the lender in case of any problems. Once the loan is paid back, the account is activated again.
Earning by lending
An owner of any amount of DLD tokens will be able to actively lend them to others. One of the interesting features of the platform is that the percentage and interest is completely set by the users, which will create a potential competitive lending market, with the users proposing the cheapest loans. It can be a great alternative to an already existing and established mainstream lending platforms and institutions.
The Token
DLD tokens, as most of popular ICO tokens, are Ethereum-based with the ERC-20 standard, which means you can store them in most of the popular Ethereum Wallets.
The tokens will be used as the primary currency for the DecentraLend platform. The loans will be issued mostly in DLD tokens and the users will have an opportunity to multiply their coins, through loans and additional percentages from them.
Apart from the crowdsale, some of the tokens will also be released as an Airdrop, which recently has been popular with more and more projects, as a good marketing strategy to showcase the token and its features.
ICO Phase
The first initial pre-ICO phase starts on the 2nd of April, 2018 and ends on the 10th of April. The sale is limited only to 500,000 tokens at the price of $0.5 per DLD token. The funds raised during the pre-sale will be used mostly for the advertisement campaign and a preparation for the main phase.
The main ICO will run from 20th to 30th of April. Every four days a new batch of tokens will be released for sale. The price of the DLD token will be set at $1 and will increase by $0.5 after each round.
The Team
The team behind DecentraLand is relatively small, however they managed to split the roles effectively. There are people responsible for advertising and running marketing campaigns, as well as community managers, who stay in touch with the users and potential token buyers. There also developers responsible for the technical part of the platform and the blockchain technology. Their socialmedia pages and LinkedIn accounts are available to check.
Final Thoughts
To sum up, the overall of project looks quite promising and at a decent level of quality. Some people may have concerns with the lack of extended information in the whitepapers, however the team explains that they want to focus on finishing the smaller milestones on their roadmap and devote all of their time and skills to them, instead of promising a lot of features from the very beginning and not deliver them that efficiently, which is a reasonable reason and shows that the developers don’t want to let down their supporters and users. The detailed information will be published and updated as each of phase is completed.
