Thank you of notifying me on this thread!
I already answered these, so I will just shamelessly copy-paste!
I am CO-founder of WELLTRADO (
www.welltrado.io)
1. Are they real? - LinkedIn, etc.
Tomas Medeckis CEO, Co-founder -
https://linkedin.com/in/tomas-medeckis-0a237585MEEE!!!CDO, Co-founder -
https://www.linkedin.com/in/kim-nielsen-89545331Arturas Svirskis, CBDO, Co-founder -
https://www.linkedin.com/in/arturassvirskisZygimantas Stancelis, CTO, Co-founder -
https://linkedin.com/in/%C5%BEygimantas-stancelis-6725b265Etc.
2. Independent verification - award-shows etc. Don't matter if they actually win anything. Just that they are outthere.
- Double goldwinner at D10e. The largest ICO pitch competition. Both winner of jury and audience award.
https://www.welltrado.io/welltrado-wins-d10-the-biggest-ico-pitch-competion-both-jury-audience-award- Also 2nd place at Rietumu Fintech, before ICO. This company is years old. Rietumu Banks Fintech challenge – the biggest competition in Baltics for fintech companies.
3. Business model - can it live outside of crypto (CRUCIAL!)
Our business model is to connect thousands of P2P lending networks into a large marketplace. Like Amazon. (Amazon connects merchants, that sell products) (Welltrado connect P2P lending platforms, that sell loans)
Investors who invest into P2P loans exists primarily outside the crypto-space. However we want crypto to have the ability to easily invest into over 1 million PRE-existing loans aswell.
What do I mean with pre-existing? We are NOT a P2P lending platform. We are working with a multitude of p2p lending platforms. All with many years in the business, and well-developed loan origination network and procedures. The loans are already outthere. We are just connecting them to crypto in a platform. Not rocket science.
4. Are they "chaaanging the world" - then you are out. get out. I want ICOs that actually happen. Not elephants in space.
We are not changing the world at
www.welltrado.io Maybe that is why the project can seem a bit boring. We are basically just connecting the dots between two different industries.
At it's core Welltrado is about "diversification". Plain and simple.
if we look at the deep systemic problems in crypto, diversification is a major issue. Because while we have over 1500 ALTs, their value closely mirror the movements of BTC and ETH. HODL all you want, your ALTs are married to an extremely volatile market. A market not just for tech geeks anymore, but a market played by whales and market makers.
The unfortunate reality is that majority of cryptocurrency investors are first time investors. Of all types of investors, these especially need to pay attention to diversification. Welltrados main proposition is to take your crypto, and then give you an easy way to diversify your 1 ETH into … about 340 different loans. (2 ETH= 640 loans and so on)
Anyway. We give you the ability to place your 1 ETH on many different lending platforms. Across many different countries, and in wildly different things. 0.002 ETH on a Business Loan, 0.002 ETH on someones Mortgage, 0.002 ETH on some risky loan in Georgia. etc. etc. This can be done manually (remember loans are already there! Or through a fund structure)
The boring parts:
1. Most P2P lending platforms only takes FIAT.
2. This means that when you put your 1 ETH into loans - the backend with convert it to FIAT. Invest in the loans. The loan amount+returns are then in FIAT.
3. When the loan is done. Amount+returns are returned in FIAT. Only then converted back to your crypto of choice.
The good parts:
1. YOU ARE SAFE. By using FIAT we are effectively removing the insane fluctuations and instability of crypto. This means when the market takes it's nosedive you won't be fucked. At all.
2. The returns are in traditional standards very good. Ranging from 6% - 35%. However YOU pick the loans, or setup your automation criteria. This is not necessarily some closed fund that takes the decisions.
3. We have many partners already. The P2P lending world lacks investors, and crypto-investors are tech savvy and not averse of risk. This makes you guys very good prospective investors for them!
4. Real Diversification. Millions of loans, from many different countries in wildly different industries. Never put all your eggs in one basket ladies & gentlemen
5. Does the token model insure that I will make money?
Welltrado's token is called =WTL.
Remember how I said that the Crypto will be exchanged to FIAT? Well that costs something. However instead of charging upfront we have decided to work with another model.
We charge 5% only when the investor receives profit. Every time a person gets returns on successful investments, a fee equal to 5% of the profit in WTL is taken from the WTL token
holder’s account and is burnt partially as fuel for the service. Ownership of WTL creates a reserve that can be used as the fuel for future services.
Welltrado recieves about 0.5% - 2% from every investment made on network directly from the P2P lending platforms. As you can imagine this will create a very nice profit stream for
the company. After all we take none of the risk of defaults etc. We can operate with a small team.
We have decided to distribute this income stream in 3 different ways:
1. 30% of all income goes BACK to the investors for making transactions. The more tokens you own, the more you get.
1. 30% of all income gets used for buying/burning WTLs. To insure scarcity and value.
1. 40% of all income goes to Welltrado development.
6. How is the ICO using blockchain? First. Educate yourself on how the blockchain works, and the current limitations! Often ICOs want to use the Blockchain for an insane amount of transactions. Or put things on the Blockchain which really should not go there.. However it sounds "cool" and "crypto" friendly.
So lets’s talk blockchain. In an ideal world blockchain would help to verify the client by supplying credit scoring information from blockchain-based registries, with smart contracts taking care of loan repayments. In the real world, regulated lending platforms must ensure the individual borrower’s identity is verified, a credit check is done, money is transferred and, in the case of a default, there is clear process of litigation and/or debt collection. Welltrado's use of the blockchain is quite unglamorous.We are using it to track our connected platforms.We are tracking their loans. How many goes bad. How many are late. We are giving scores on everything. - and this is what goes on the blockchain. This is what is needed on the blockchain. Not only for regular investors - but because we are playing a much larger game here.
You see. P2P lending platforms in general has problems with legitimacy. The P2P lending platforms are decentralized, independent and without third party supervision, and they actually suffer from that. Big institutional investors stay away, due to lack of immutable proof of conduct. We will be able to deliver that through the blockchain. This in turn will attract big money to our platform, and our business will explode.
7. I disagree about the apparent consensus that an ICO project should use the Blockchain for something crucial. That seems to be a rule made by crypto-evangelists, not business oriented people.
I kindof disagree with that. I mean I think our use of blockchain is pretty important. At least it is a stepping stone.
But I do agree that there is many many unfortunate misunderstandings. This idea that full disclosure/pseudo anonymity. Like if I paid back my friend for some lemonade, I would thus let him know everything about my finances. That's not so smart. Some disclosure may be tolerable for individuals, but it is deadly for companies. All of their contracting parties, sales, customers, account amounts, and every other little, petty detail would all become public. Financial transparency is perhaps one of the largest disadvantages of blockchain in general. Some may disagree with that ofcourse
8. Check if the project is backed by VC. Check if the VCs have legitimate business outside the ICO industry.
Our main VC is
http://goldfishfund.com/portfolio/ Owner of Cili Holdings which operates a largest restaurant chain in Baltics, with ±100 restaurants. It operates restaurants “Cili Pica”, “SOYA”, food manufacturing unit “Maisto Namai” and food delivery system 1822.
Also. Again. We ARE NOT A crypto- P2P lending platform.
Salt Lending, Coinloan, Celcius are crypto P2P marketplaces. In it is awesome and entrepreneurial. But extremely risky, no amount of blockchain can hide that. Using crypto as collateral for loans, is mad. The day cryptomarket takes a real nosedive, the collateral will similarly plummet. If the borrower doesnt’ pay back the loan, the lender wil be in a position where he can only recoup some semi-worthless crypto collateral. Or worse bankruptcy or closing of the platform with huge losses. (if the crypto-platform holds the collateral)
Investors using Welltrado, will not be at risk. Because the loans+interest will be in FIAT. You are secure. You will not stand in some messy situation. Where there is no clear process to get debt collected etc. You are not victim to insane crypto market fluctuations, and you still have a very good return rate.
10. Hype is cool. But a good business model, and an idea that can survive outside of crypto because it was born outside crypto, is preferable.
We have been in this business since 2016. Our MVP is operating on
www.welltrado.com - We love crypto. But our platform will go beyond crypto. This is simply necessary - to scale.
.....AND Kim OUT!! I hope to read other founders - answering these!!
Please if you guys have questions, you can always catch me on Telegram:
https://t.me/welltrado
