Swapy Network project offers a new solution for the credit industry, improving current services through decentralization and blockchain.
The credit market is full of flaws. From high interest rates to the difficulty of accessing funds. For example, residents of developed countries receive loans with an interest rate of up to 3-5% per year, and in the developing and third world — more than 15-20% per year. In addition, people without personal funds need loans, and pledge, document collection and a good credit history cut a large sample of those who wish.
The Swapy Network project creates a new distributed network for loans, combining three main areas within one ecosystem. The system finds investors from countries with relatively low credit rates and offers them higher returns when they invest in developing countries. And clients, in turn, receive more available credit capital for business development. Financial ID from Swapy Network is one of the types of financial identity required to empower borrowers. Such an ID will work in the global market, allowing users to maintain and easily transfer credit history to the digital industry.
Swapy Network is a decentralized Protocol that brings together all the members of the credit ecosystem within a single platform: borrowers, lenders, insurers, data providers and consumer data. Thanks to a decentralized ecosystem and reducing the cost of interaction between the individual elements of the credit system, Swapy Network will provide benefit to all of them.
The main goal of Swapy Network is to create easy access to credit, providing business with affordable capital. In addition, the project does not forget about investors who will be rewarded for the relevant risks.
As expected, the project releases its own cryptocurrency SWAPY based on the ERC20 standard, which will become the main functional unit of the platform. The functional swapy token is required to pay for user information, access to the Swapy Network services (assessing the borrower's creditworthiness), as well as for financial security of the loan.
- The name of the token: SWAPY.
- Token standard: ERC20.
- ICO dates: 19 March - 26 May 2018.
- Price: 1 SWAPY = $0,65.
- Hard cap: $30,000,000.
- Accepted currencies: ETH.
- 50% — public offer of coins (investors);
- 15% — contribution to the development of the company;
- 15% — team and early investors;
- 10% — project partners and advisory;
- 10% — fund to attract third-party developers.