Decentralized Lending Network Announces Litepaper for Zero Percent Interest Micro-loans Aimed at Ending Global Financial Slavery
Decentralized Lending Network launches the first network to initiate free micro-loans backed by one's social reputation as collateral
NASHVILLE, Tenn., Oct. 22, 2020 /PRNewswire-PRWeb/ -- Decentralized Lending Network (DLN) today announced the launch of their novel concept for executing a no-fee, zero percent interest micro-loans network aimed at democratizing the traditional banking system by leveraging one's social reputation as collateral.
By putting one's own reputation on the line, a backer collection decides to back a borrower's proposal by providing the assets required for the borrower to receive the loan. DLN is on a mission to create a decentralized lending network protocol supported by a decentralized autonomous organization (DAO) that will allow micro-lending without any fees, interest or collateral from the borrower while still providing rewards to the backer through an innovative social staking contract.
The social staking contract allows the close friends of the borrower to take a chance on the borrower by backing the borrower proposal. It is this backing that de-risks the borrowing process and creates a Backed Collateral Debt Position (BCDP) that is enforced by the social relation between the backer and the borrower.
Dr. Adel ElMessiry, Co-Founder of DLN, said, "Blockchain in its essence is by, and for the community, it has undergone two evolutions, the first was digital asset creation while the second is DeFi. Both fell short of addressing the needs of the global underbanked community."
The longstanding award-winning AI and blockchain academic and serial entrepreneur added, "This is the vision for DLN-DAO, a decentralized autonomous organization created by and for the community with a mission to launch a decentralized financial network and flips traditional microloan industry on its head."
To read and contribute to the litepaper, or to learn more about DLN, please visit: https://www.dln.org.
SOURCE Decentralized Lending Network
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