WP Update: Introducing new features for the roadmap and new utility functions for the LEND tokenETHLend is expanding to other blockchain platforms with complete focus on user adoptionETHLend has added a new brief ensuring easier information delivery for the ETHLend community
We have added a brief of all the important functions that are demonstrated within the white paper to ensure easier readability and understanding. We are aware that reading close to 60 pages of technical focused material might not be so easy to absorb, therefore the brief covers key points and will help our community members quickly grasp what we are focusing on throughout the further development of ETHLend.
The ETHLend token sale starts on the 25th November 2017 and ends on 27th December 2017We have allowed a whole month for the token sale to follow the industry medium.
In addition to the roadmap: Competitive bidding on interest rates between lendersWe will develop an auction-like bidding function for the decentralized application to provide the best market rate on interest rates for the borrowers. The interest rate bidding auction is a reverse auction where the lenders place bid offers for a loan interest rate. The lowest bid on the interest rate will win the auction and the smart contract will accept that particular lender as the funder of that loan via smart contract. Such bidding would provide the most competitive interest rate for the borrowers since anyone from any part of the world can participate and bid on the loans.
In addition to the roadmap: Expanding Decentralized Lending and Decentralized Credit Rating beyond the Ethereum networkAn overall project is nothing without an extensive plan. ETHLend is planning to expand the decentralized lending application to other blockchain networks well beyond Ethereum. We have researched and found different blockchain networks have their own capabilities and the users are divided between these different blockchains. ETHLend plans to be accessible beyond Ethereum by providing similar lending functions on other blockchain networks as well.
Additionally, we are going to create a function to broadcast the data from our decentralized credit rating to other blockchain platforms. By compiling such data, the borrower can use his well-earned credit score on other applications in other blockchains.
ETHLend’s plan on expanding to other blockchain networks is developing as the last milestone within our immediate roadmap. ETHLend requires a fully functional application on the Ethereum network and we need to wait for other blockchain networks to mature along with the growth of the decentralized lending market before we can expand our development to these new networks.
ETHLend has added a reward program: Rewarding introductions with LEND (New utility function)We will purchase additional amounts of LEND tokens (Amount to be decided during Q1 2018) so as to reward both lenders, borrowers and third parties who introduce new participants to the decentralized lending platform. The introductions will be rewarded with a stake of the purchased LEND that is dedicated for the introduction program. Full details of the introduction program shall be disclosed during Q1 2018.
Adding Featured functions that are accessible only with LEND tokens (New utility function)We will provide further functions that are only accessible with the use of LEND. These featured functions will include Featured loan listings.
Featured listings are where the loan request is placed in the top of the search and/or listing results to speed the lending process for both borrowers and lenders who require a faster lending experience within ETHLend. An email marketing campaign for new loan requests- Such a marketing campaign might be beneficial for large loans.
ETHLend reserves the right to provide more additional featured functions for the LEND users.
Change: Lenders and Borrowers can alternatively sell their airdropped LEND instead of using it on ETHLend (New utility function)We added the capability to sell the LEND that is rewarded for both the active lenders and borrowers. Such is convenient when a lender or borrower is leaving the application.
5% is allocated from core development to marketing and promotionsWe have chosen to allocate 5% of the overall Lend to marketing from the core development. ETHLend believes that a strong promotions and marketing campaign is a must to succeed in the global lending market. Since ETHLend has already a functioning prototype of the decentralized application, we are far ahead of most of the lending ventures that are aiming to use blockchain technology within lending. Therefore, we shall increase the marketing allocation with 5%. After the change, the funds allocation is the following where 50% of the raised funds are dedicated to further quality assurance and development:
30% on core development
20% on user experience development
20% on management & legal
20% on promotions & marketing
10% on unexpected costs
Added the Advisory board to the White PaperWe have added the complete list of advisory board to the White Paper. We have updated the Advisors of ETHLend to correspond with our growing team.
Changing months to Q’s (Quarter) on roadmapWe have changed the format used on the roadmap. Instead of providing the month when a function will be deployed, we are now providing the Quarter of the year when such function shall be deployed. Therefore, we have more flexibility for Quality Assurance, testing and perfecting the code before deployment on the main Ethereum network.
6-month Cliff period added for team members that join ETHLend after the token sale periodFor all new team members who join ETHLend after the token sale period (From 2018 onwards) and are subject to the vesting model, a 6-month cliff-period is added. This means that if the person leaves before 6 month from the starting point, the ETHLend member is not entitled to the vested tokens.
With these additions and modifications, we are proceeding with the upcoming token sale on the 25th November.
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