[ANN] Anonymous Lending Protocol [AL] token

[AL_dev]

Idea

What we want to create is a possibility to access credit in completely anonymous new economy by providing it purely on the basis of only a wallet address.

Inspiration

Conservative banking loan system is painfully accepting any novelties, they will just explode when blockchain knocks at their doors. All the valuable services banks provide, should be thought from a completely different angle, while porting it to the new era economy. From the last technology outbreaks, Bankor has become our guiding star in building up thoughts on our idea.

Project details

The core idea on top of which everything else will be built - is credit protocol with [AL] token (for now let's assume fueled by Ethereum) as your share in the project. Major portion of accumulated funds will form a Liquidity Pool. Smart contract system will serve the following purposes:

* evaluate wallet's credibility and reliability by finding out its dependencies and activities in the blockchain and assigning credit score
* allow wallets with higher ranks guarantee some other wallet, therefore improving its score and allowing it to take credit
* providing credit to users who make a request
* control fulfillment of the contract agreements
* burning corresponding amount of the AL tokens in order to compensate current shareholders for the value not returned by unreliable debtors
* mark unreliable accounts and constantly improve the credit score of any other wallet which had relations to the defaulted one

So, Liquidity Pool mentioned above serves 2 purposes: to provide money to wallets requesting it (after checking up with scoring model); and to burn reserve tokens in case loan has not been repaid.

There is no controlling over the users paying back. The beauty of the system is that we base it on scoring and trust, and by the time we stabilize our scoring models and learn to link potential fraud wallets through the whole . Why we think this is going to stop fraudsters from stealing money from the fund? We will set up high entry barrier and the effort spent to qualify for even first $10 loan will not justify time and gas spend on transactions to build up proper wallet profile.

For now the product line will be micro-lending only (loans of $10-$100 with short duration but high %), because it lets acquire cheaper data, in bigger scale, and shorter maturity.

I understand how this must be unclear now. But it is hard for me to formulate it in an universally intuitive way, without any feedback. This is not the last version of course. When I see that project causes some reflections in the community, I will start shaping it up and structuring in a better way.

Where we stand now?

We have come up with idea, possible implementations, and why we think this is exactly how the future of credit on demand will look like.
At the moment we are building economic models trying to understand the corner cases and sustainability of the project in the hardships and storm of current crypto-market situation.
I am writing this post in order to understand if community will show us support, or point out some obvious underwater stones we do not see being blinded by the excitement to the possibility we are keen on providing.

All in all we might need up to 2 000 ETH of Pre-ICO funds to secure software/business development, marketing and PR expenses.

Roadmap

Aug 2017 - Wrap up project ideas, purposes into a Whitepaper
Sep 2017 - Conduct ICO, prepare alpha users launch
Oct - Dec 2017 - First 1k alpha users to participate in the launch of protocol. Distribute dividends to AL holders
Jan 2018 - Other 1-5k users/wallets allowed to utilize services. Distribute dividends to AL holders
Feb 2018 - Update Roadmap

Scoring models, together with business models will be constantly recalculated and monitored in order to show indicators of sustainability, and tuned accordingly if needed.

What we need money for?

In order to bring project to live in short term and best quality we need time and human resources. This requires both me and my current partner quit our jobs and devote ourselves full-time to very hard work and sleepless nights.
On top of that we will need to hire professionals who can build pretty site to host white paper, and to conduct ICO, and SCOs.
Of course we will need side consultancy from experienced economists and data scientists in order to verify our models.
Apart from that, smart contracts we write will not only need to go through bug bounty phase, but be checked by independent Solidity developers as well.
I find it vital to visit key conferences in order to popularize the idea, and find allies.

As mentioned above 2 000 ETH as a starting point is enough for Pre-ICO, and then ICO structure will be designed the way to reward all people involved in the project by any means.

Who we are?

? ? - software developer from one of the biggest lending platforms in Germany
? ? - business developer with reach experience in banking industry in Russia

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[dinda22]

any bounty for translation?

[adarwis]

What is the total coin or token that will be made and how many premises? And what about bounty campaign if there is a plan for it? I hope there will be airdrop for this project, please more detail

[lodasama]

Looks like I see your project very promising for it, and I will be waiting for update details in your project.

[Savi50]

Hi! nice project. might have bright future. will follow for updates

[Savi50]

any bounty for translation?

I think Bounty is implied in any company. But is it necessary to immediately translate into Indonesian
But this is only my opinion, no offense

[Savi50]

And I also think that you can raise the amount from 10-100 dollars to 10-500

[Israfel7]

What platform will your tokens be on? ethereum, waves, or other? Will be looking forward to updated information, good luck with ICO.

[obszoenling]

Are there already other blockchain projects concerning a lending platform?

[larks500]

I like it as Idea. But most important question - debt collection, How do you plan realise it in frame of anonimity?

[Savi50]

I like it as Idea. But most important question - debt collection, How do you plan realise it in frame of anonimity?

I think there should be some wallet's scoring in this system

[Antona]

Reserve Indonesian translation sir
thank you

[Duchess]

I like it as Idea. But most important question - debt collection, How do you plan realise it in frame of anonimity?

The anonymity is so that the guy taking out the loan can disappear with the money without being traced.

[AL_dev]

any bounty for translation?

yes there will be bounty for translation. but there is no whitepaper yet, so subscribe to post, and stay tuned

What is the total coin or token that will be made and how many premises? And what about bounty campaign if there is a plan for it? I hope there will be airdrop for this project, please more detail

Total token supply is to be calculated later on. I do not want to do that now to avoid speculative attention. The only thing about token that I can say for sure, is that I want it to be fixed dollar value at the ICO.

What platform will your tokens be on? ethereum, waves, or other? Will be looking forward to updated information, good luck with ICO.

I am not sure yet. We are considering ETH, QTUM, or WAVES at the moment. Maybe we conduct a vote with early supporters, on the platform of their preference. We start alpha-developments and test on Ethereum.

Are there already other blockchain projects concerning a lending platform?

Yes, there are already projects which commit to building p2p lending platform (i.e. Polibius). But what we suggest is fully automated system which will not put people at the possibility of funding risky investment, rather we write algorithms that scores wallets itself and reduces total supply of the coin when fraud occurs.

I like it as Idea. But most important question - debt collection, How do you plan realise it in frame of anonimity?

The anonymity is so that the guy taking out the loan can disappear with the money without being traced.

Completely right. We are not planning to do any debt collection. We can eliminate incentive to cheat by setting up certain requirements to be able to get a credit, and by making fraudsters' lives hard.

What I would propose as requirements:
  - completely new wallets with no txes are not allowed to take credit at all
  - wallets with txes on them should qualify by the amount of gas spent for transactions, amount of money transferred, total quantity of transactions, and transactions to other real people's wallets

What I would propose as punishment to fraudsters:
  - co-operate with major exchanges and conversion services (i.e. Shapeshift), and report people to any ICO holders
  - in general evolve into something like credit scoring agency for a new era economy

Thus we will create a service based on trust, reliable and yet saving net anonymity.

We will soon come up with some graphics, fill project with details. The only thing we need is your support!