This will never work, you can't secure a loan without centralization.
Our platform has both centralized and decentralized portions. Two types of data will be centralized: 1. Fast and mission-critical structured data, especially data that requires guarantee that two or more updates either succeed or fail as an atomic unit; 2. Dynamic unstructured data such as personalization, user profile management, big data, interacting with internet of things (IoT), etc. The automated administration and legal obligations of each borrower contract, together with all associated documentations for that contract will be decentralized. Thus, each borrowing contract will be transparent, open-source, and most importantly, due to our unique method of coding (see this blog post), the smart contract becomes a binding agreement between the participants - unambiguous, immutable, and no arbitration required. We are very confident in our ability to handle atomic transactions and maintain integrity of financing, as we have been developing software for securitizers for the last 20 years and are currently managing 4billion dollars of assets.
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Which range of loan amounts will be supported?
you mean min max? yes, that's exactly what I was asking for. I want to know what is the minimum and maximum invest. min and max invest or loan to give/ take? For the platform, you can accredited investors/financial institutions can invest the amount they please within their parameters. Usually, this would have no upper limit, but for accredited investors, the minimum could be $150,000 - $1M depending on region. For the token sale, the min. investment amount is 0.1 ETH. Hope this answers your questions!
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You have a strong org behind you. So what are your advantages over SALT or other p2p borrowing system?
Hi Cuenzy, SALT lends in fiat currencies. It is a centralized loans platform for loans amount higher than US$5,000. It uses the smart contract only for depositing crypto currency as collateral. Their target market is borrowers with crypto currencies who don’t want to liquidate into fiat. Only Accredited Investors and qualified financial institutions can become lenders on SALT. As mentioned previously, we focus on unsecured loans in any currency (fiat, crypto, etc.) We use credit enhancing tools such as over-collateralization, guarantors, cross-collateralization, and 5% of all FTX tokens to neutralize risk for lenders. On top of that, we focus on SMEs (small businesses) and especially startups. It can be difficult for startups to secure funding at the moment because no one is lending to them - not without huge interest rates. We are changing that by offering the simplest loan for the lowest interest rates to these companies that need funding and cashflow without breaking the bank. Which range of loan amounts will be supported?
On our current model, borrowers can borrow up to $300,000 US on 3-24 month terms. The project is still alive?
And very much so! Have a look at their site and twitters/Facebook ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Also feel free to join us on Telegram! We would love to talk to you on a more personal level and answer any burning questions you may have.
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What risk do you take securing the unsecure loans?
Great question. There is no risk involved in our part, since we are not using our own money to lend or to cover loans. We are simply using securitization principles that are generally reserved for large bulk funding and implementing them for all unsecured loans to SMEs, especially startups. We can do this because of our expertise in serving the securitization sector for 20 years, and superior technology in a no-code development platform which allows us to generate an individual program per each contract. An unsecured loan is a loan that is not protected or secured by any asset. In this case the lender is taking a lot more risk and would likely charge a higher interest rate. The riskier the loan, the more expensive it will be. We are going to change that. The credit enhancers are as follows: 1. Over-collateralization acting as additional security; and if it fails to cover all losses arising from the same borrower, 2. Third-party guarantors take care of the overflow losses from the above for the selected loans; and if it still fails, 3. Cross-collateralization pool provides additional insurance; and if it still fails, 4. Five (5)% of all FTX Tokens has been reserved to cover any losses incurred by lenders. In essence, we make borrowing and lending a no brainer for both borrowers and investors. Investors enjoy a very safe low-risk loan for a traditionally high-risk venture, and borrowers benefit from low interest rates that result with low-risk.
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Which countries can clients be from?
Our clients will be worldwide, depending on the agencies we enlist. We are doing our initial launch in Canada and Singapore. where are you guys from?
Our development team is located in Canada, but our partners are global. We are building a global P2P lending ecosystem. What will be the requirements for API access?
The only requirement for API access is payment in FTX tokens. This ensures that our ecosystem (which thrives on our utility token) will remain healthy and sustainable.
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Why you have so long pre-sale and crowdsale? (3 weeks + 4 weeks and 2 month delay between them). Good project raising money in a week or so ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) Good projects take time. I've seen many failed ICOs lately because they rushed things and didnt manage to reach their targets. It takes time to build a good project and to attract investors so my opinion is that FintruX made the right decision. Yes, same thoughts. More time is more possibilities of reaching the best investors. And to get the media attention. Is that a bad thing? I think it's only positive for them ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) We want to demonstrate to our investors that we are putting their funds from the presale to good use - we are aiming for the draft prototype to be completed for the pre-sale, and for the prototype to be fully deployed by the token sale. Our team is dedicated to transparency and want to prove to the world that we are more than just an idea, and have the expertise to execute our vision.
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We are hosting a TedX style talk at VanFunding 2017 on Nov 28th to demonstrate how we are changing the landscape of unsecured loans. Hope to see our supporters there!![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FmHwLLnD.png&t=665&c=qGD1ACudy9KG9g)
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That's an awesome summary. How are the bonus distribution dates spread over time?
Please see the below for our bonus spread during the token sale. Please be advised that you will get the best bonus (10%) by participating in the presale! Make sure you are registered on our mailing list to be the first to sign up for the whitelist. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F1Qsh3tR.png&t=665&c=UemC2G9rlowdjw)
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A well-known review community has created a coin brief highlighting our strengths and why you should be interested! Take a look below:![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FMBj4ybY.jpg&t=665&c=vt63XjlPTGEAAQ)
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Why so long delay between pre-sale and crowdsale (almost 3 month) ? What you will doing between this time?
There will be 2 months between the presale and the crowdsale where we will be working on finalizing the prototype, as well as making key hires to advance our project depending on the amount raised in the presale. You dont have demo version of MVP right now? It would be nice, if you will have demo before pre-sale ... We do have a wireframe! Please take a look at https://www.fintrux.com/demo/login.html and create an account to try it out.
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Why so long delay between pre-sale and crowdsale (almost 3 month) ? What you will doing between this time?
There will be 2 months between the presale and the crowdsale where we will be working on finalizing the prototype, as well as making key hires to advance our project depending on the amount raised in the presale.
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Hi everybody, week 11 bounty spreadsheet has been updated. Thank you for all the ongoing support! As usual, if you do not find your contribution listed correctly, please ensure that you have updated your contribution on the the Bitcointalk bounty thread ( https://bitcointalk.org/index.php?topic=2101606.60) and send me a PM on gitter to verify and update.
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About 1 month to the presale. Do you guys know when the ICO will take place?
The crowdsale will be Feb 7 - 28, 2018. Please see the chart below for additional details! We hope to see all our supporters sign up for the presale so they can take advantage of our 10% bonus (: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F6JHPuGt.png&t=665&c=yF-3I8ZLr43L_A)
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Can someone explain what is going to happen with the remaining tokens not being sold?
The remaining tokens not sold will be burned, meaning that investors who are holding FTX will have their portion weighed significantly more
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Would you also earn from API transactions?
Participants will contribute to our platform at funding and for each action as it is being performed on the network. This includes lenders, borrowers, guarantors, agencies, etc. Does Smb knows, whether this team has experience?
Did you check Nelson Lin's experience? It's overwhelming. Thank you! We are also in the process of signing advisers that have huge influence in the blockchain space. Details to come between now and Dec. Look forward to the exciting news!
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I must say it does make sense. That way users will only pay for the gas actually needed for their part of the smart contract, not for the whole network contract.
Is generating a new smart contract expensive?
Generating each new smart contract is not expensive at all, simply because the smart contract will be very small as it is customized for their needs. On top of that, FintruX Network will be paying all the gas fees involved, up to a minimum. :DMAKING UNSECURE LOANS HIGHLY SECURE - a really nice credo ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) but what about airdrop and bounty details? I don't think there's an airdrop? No, I don't think so. We are in the talks to partner with other successful ICOs to have an airdrop for our lovely supporters! Will announce when everything is set up and ready.
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i read your blog post at https://medium.com/breathe-publication/how-we-make-smart-contracts-smarter-e0ea9176f4cd and if i understood properly from the following sentence : By utilizing our low-code and no-code development platform, we generate one unique program (“Smart Contract”) for each customer contract to be deployed at real-time on the blockchain via a configurable interface. By generating a new contract for each individual use case, each program is in its simplest form — no more if-then-else statements, everything can be specific and hard-coded. is it reasonable to read it as a contract will be actually deployed for each customer ? i mean, actually in the ethereum blockchain , a new contract ? Thank you for your great question! This is one of the major points that we vary greatly from the competition - Traditional automation is one system for all varieties of transactions – lots of “if-then-else” statements, very complicated. We are shifting the programming paradigm with FintruX Network. We generate one unique program (“Smart Contract”) for each borrower contract to be deployed at real-time on the blockchain via a configurable interface. By generating a new contract for each individual use case, each program is in its simplest form, no more if-then-else statements. This means that all the code is specifically catered for one fully customized event. Smaller programs lead to lower gas fees and faster transactions. This is only possible with our generation platform Rintagi - by specializing in this vertical space, we utilize it to generate simple and efficient smart contracts simply through point&click, drag&drop.
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The atomic unit management is really better centralized. There's no way to decentralize it properly and centralization is needed in that case.
Yes, and smart contracts for actual contract / agreements tracking. It would open up the market really. Also I guess it would be much more transparent than current solutions.
Depends on which parts is the blockchain used for. I'm glad this was brought up! Two types of data will be centralized: 1. Fast and mission-critical structured data, especially data that requires guarantee that two or more updates either succeed or fail as an atomic unit; 2. Dynamic unstructured data such as personalization, user profile management, big data, interacting with internet of things (IoT), etc. The automated administration and legal obligations of each borrower contract, together with all associated documentations for that contract will be decentralized. Thus, each borrowing contract will be transparent, open-source, and most importantly, due to our unique method of coding (see this blog post), the smart contract becomes a binding agreement between the participants - unambiguous, immutable, and no arbitration required. Will borrowing contracts be open source? 100%. We are making the contracts simple enough that anybody can read the code, and instantly understand exactly the nature of the loan, the self-service options (prepayment, refinance, etc.), amount owed, etc. The participants can even choose to release the code out for a third party auditor to check that it is all above board. We are promoting a trustless financing marketplace.
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