Bitcoin Forum

Economy => Lending => Topic started by: michwill on November 08, 2014, 08:47:21 PM

Title: LoanCoin - lending network on blockchain. Does it make sense?
Post by: michwill on November 08, 2014, 08:47:21 PM
Hi bitcointalk lenders / borrowers!

We’re (michwill and maclane) working on a decentralized crowdlending network called LoanCoin:

  • As a saver, you buy LoanCoin, a crytpoasset giving you a claim on a portfolio of loans. Interest and principal repaments are reinvested into new loans with the goal of generating consistent and stable increases in value.
  • When you borrow money, you can collateralize your loan with digital assets (loancoin or bitcoin for now, more exotic smart property in the future). This collateral can be posted by you or co-signers (people or groups who trust you).
  • Loan officers are individuals or groups responsible for finding borrowers and selecting who will receive loans from the capital pool. They’re savvy lenders who have the time and expertise to identify good loans.
  • If a borrower does not have appropriate digital collateral, loan officers can either vouch/cosign for the borrower or take possession of physical collateral from said borrower and post digital collateral as a proxy.

The final goal is to make credit scalable without spending tons of money on “bank branches”. Anybody can be a “branch” and make money on it, without any one node having the ability to systematically defraud the system.

We have some more info on our website: (
A white paper: (
And a high-level infographic: (

Do you guys think something like this could work? What problems/obstacles do you see? For those of you who are active lenders on here, would you be interested in being a loan officer by coinvesting LoanCoin capital along with your existing funds?