This article was first published on Stories by NULS on Medium
NULS/NerveNetwork is happy to announce a new collaboration with Cobalt Lend, a company specializing in cryptocurrency and credit card processing. Both companies are fintech based startups.
Launched in late 2020, Cobalt Lend is a community-based lending platform on the blockchain driven by community vote. The company is developing a software suite that enables credit card and cryptocurrency processing together in one free mobile Dapp. They are also going to offer “community member to community member” lending and borrowing, which will be built out on our platform (NULS). Both parties earn rewards in Cobalt tokens for participation. The main aim is to replace big banks by being cheaper and faster.
One of the main aspects of Cobalt Lend is community voting. Members submit their loan proposals. Next, the proposals are vetted by Cobalt Lend, ensuring all documents are correct and accurate. All loans must meet community standards before being offered to the community.
Once vetted, the proposals are put forward for the community. The community is then able to vote through the user portal dashboard. The foundation then supplies the borrower with a contract address for collateral. The collateral is locked in until the loan is fulfilled or denied by the community.
Each vote cast for a particular loan costs the member 1 Cobalt (CBLT) Token. All of the members that voted on proposals are entitled to the interest earned from a positive performance. The system ensures that both (yes and no) parties have equal votes to protect the treasury.
If the community approves the funding, the funds disperse from the treasury to the borrower. The loan is then repaid over time, depending on the agreed upon terms. The interest is divided among the treasury and the original wallet addresses that voted on the proposal.
Cobalt Lend also has proposals for ...
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Stories by NULS on Medium