Topic: Trustless Lending - an alternative to BTCJam - page 2. (Read 2669 times)
What would be considered a valid collateral? And how will that collateral be held in escrow while the loan is still active?
I am currently working on a lending platform that is less open as Bitcointalk and provides less leverage to scammers like BTCJam. The site will offer escrow service, as well as having more strict rules than BTCJam. For example, BTCJam does not have a rule about collateral as Bitcointalk does. In addition, I plan on programming in options to sell debts if they are left unpaid. For example, a lender in Europe who made a loan to a user based in the USA could sell their loan to another user who is more local to the lender and collect the loan. I hope to solve as much as I possibly can provide a service that has enough precautions in place to prevent as much scamming as possible.
I am developing the website using the CakePHP framework. The only issues I have with the website is to make it a trusted P2P Bitcoin lending site. I figure that if I am able to interest trusted escrows from other websites to get involved with my project. I could program in a fee structure in where the lender putting up their collateral has to pay the escrow's fee. Given the site's community-based orientation. I am anticipating it will take a while until the site gets enough trusted users before it becomes a usable site.
From what I outlined, do you have any suggestions to my project? I want to outdo BTCJam, and I would appreciate any feedback in regards to implementing the scamming deterrents outlined above.
EDIT Site demo: http://cake-tmwdca.rhcloud.com/
Also due to the recent escrow scams scene on this site (3/1/2016) I will be coding in a built in escrow service. Hopefully, when I'm done with my other projects, I can resume building this project. I've already been PM'd by other Bitcoiners wanting to partner with me.
I am developing the website using the CakePHP framework. The only issues I have with the website is to make it a trusted P2P Bitcoin lending site. I figure that if I am able to interest trusted escrows from other websites to get involved with my project. I could program in a fee structure in where the lender putting up their collateral has to pay the escrow's fee. Given the site's community-based orientation. I am anticipating it will take a while until the site gets enough trusted users before it becomes a usable site.
From what I outlined, do you have any suggestions to my project? I want to outdo BTCJam, and I would appreciate any feedback in regards to implementing the scamming deterrents outlined above.
EDIT Site demo: http://cake-tmwdca.rhcloud.com/
Also due to the recent escrow scams scene on this site (3/1/2016) I will be coding in a built in escrow service. Hopefully, when I'm done with my other projects, I can resume building this project. I've already been PM'd by other Bitcoiners wanting to partner with me.
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