LendChain ICO Review
LendChain is a distributed digital asset financial services platform based on the GXChain, providing digital asset holders with various financing services like investment opportunities, loans, insurance and many others. They aim to become in a way all in one platform to provide everything a cryptocurrency enthusiast would need in this digital world and bring there solutions and ideas known from fiat-ruled world.
The developers have noticed that there were many attempts by various blockchain-based projects and other ICOs to provide such cryptocurrency-based financial services, however they struggled a lot, as either the projects weren't prepared properly or the market and the community weren't simply ready for such platforms. LendChain aspires to build the world's first distributed digital asset financial service platform. Moreover, they will also become the first commercialized application developer on the public credit chain, through the cooperation with Public Credit Treasure on technology and operation, user credit grade and many more.
Before establishing their own credit reputation and in order to provide the users with the lowest risk financial products, the first type of loans will be based on mortgage. As a digital asset financial service platform, LendChain will implement a financing platform that uses digital currency as a collateral. The entire lending process will take place within the blockchain, which is a way to secure the transaction and make sure that it's transparent and none of the sides is scammed. It will include the lock-up of mortgage assets, borrowing targets, user investment, repayment due, overdue delivery and the rest of needed information. The whole process will be executed through smart contracts.
The next phases include features and products like credit loans, bonds, stocks, equity, futures and many more to come. While giving the Credit loans, they want to benefit from the experts from GXS, which is a well-known credit data transaction platform in the blockchain industry, which has an experience in handling such services.
The tokens will be mostly used in the fee system, as well for the discounts for services and the transactions within the platform. It will also be possible to buy investment VIP member features. The initial token price is set at $0.032. The first token sale is scheduled to be running from June 16th to June 20th, 2018.
The team behind LendChain isn't too big, however it consists of all needed members to assure the proper development of such project. There are blockchain developers and architects with years of experience and contribution to large projects. The programmers have deep understanding of Ethereum smart contract and data security. While the advisory board consists of people related with Bee Token, which is the first decentralized home-sharing network. Their understanding and experience in creating ICO project will help Lendchain run their own coin offering and deliver the promises about the platform. There are also members from GXS, which is also the main investor in the project, alongside GXChain Capital, PreAngel, Fission, Bitpie and Boundary Capital.
The whitepapers could provide more extensive information, while these 25 pages give a feeling of being more of a promotional and first-contact papers rather than full explanation of LendChain development and its possibilities.
However, it appears that the limited content only applies to the English version of the site, as the project is focused on Chinese investors. It's hard to evaluate properly therefore the details, however there is much more content to find and even though it's understandable that at the early stage proper and detailed translations aren't available, it would be good if foreign investors had a chance to research the project with more English resources.
Overall, even though the idea of offering financial services in the cryptocurrency world isn't new, LendChain has noticed that not many projects before managed to succeed and they want to use their experience and learn on their mistakes. With the rapid development and adaptation of blockchain technology in the mainstream world, one day such services and platforms will be needed. Therefore, if they deliver a good working platform, they may find the customers and users, especially as the loans and investments are also popular topics and services among many people. The project seems to be focused more on the Chinese market.
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