[ANN] TIMEREUM (TME) VERSION 2.0: "ELIXIR" (ELIX) RELEASED (NEW THREAD)

Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service.

2. The case of non-repayment of credit is not clear. This gives rise to the idea that the lending mechanism will in fact be used to generate coins by the owner of the addresses, and not for lending between lenders and borrowers. Now, if there was any mechanism of collateral in the ETH, with the mortgage automatically returned to the borrower when the loan is returned. After that, the creditor and the borrower received remuneration under the contract in TME. Moreover, the pledge of ETH for the time of the loan would have been frozen at the creditor's address, so the lender could not make transactions with collateral coins. If the borrower does not return the loan at all, the mortgage is forever frozen for both the lender and the borrower. As soon as the overdue loan is repaid, the pledge is returned to the borrower who receives the TME reward, and the borrower does not receive anything for the delay. In such a scheme, the borrower is interested in repaying the loan on time to receive the reward and return the collateral. The lender is more confident in repaying the loan, at the same time he can not steal the pledge, since the ETH pledge is frozen. In a pair, a parent-child coin generates a transaction of any size. In the credit pairs of addresses, the contract will be executed only with a full repayment of the amount? And how then to be with the repayment of the loan in installments, in installments? This situation can arise if the borrower simply returns part of the loan. Will the loan agreement be considered fulfilled and generate a reward to the creditor? And if the borrower took 1000TME, returned 100TME, did not receive a reward, but remained with 900TME profit. And the creditor received a small reward, which does not cover 900 loss coins? I believe that in the scheme with the ETH mortgage it is possible to take into account the contract executed only with full repayment of the amount, including by installments. Consider the possibility of implementing a scheme with a mortgage if at all possible?

TimereumDev - Is it possible to implement a mechanism of collateral within the Timereum contract, as described above, which seems essential to the lending economy.

Totally agree with you. I guess mechanism of collateral is quite important for spreading this idea among ordinary users. Though I know dev said "Punishment or recourse would likely be dictated by the lender, as is often the case already. This new currency will have a competitive advantage because it will further incentivize a borrower (beyond any legal ramifications) to play by the rules, and a lender to adopt this new currency."