We are going have a run at creating a P2P Lending DAC based on the Bitshares platform - let's call it Bitshares Lending for now.
I am a serial entrepreneur and crypto/fiat investor. We are building a team and have programming/coding gurus on-board.
We wish to solicit Community input on the proposed social contract and receive feedback on the business model:
The Social Contract:
Total of 4,000,000 LND shares distributed as follows:
The Business Model:
Revenue will be generated per BTS; LND will be destroyed continuously as transaction fees between borrower/lender.
100% of revenue will be paid to shareholders via monthly distributions.
The distribution mechanism will be a monthly split.
Shareholders will receive dividends in LND on the first of every month; the total number of shares will reset to 4MM on the first of every month.
Loans can be secured with any bitAsset.
No minimum collateral requirements/LTV ratios; completely free market lending.
Credit rating and reputation will be tied to Keyhotee ID.
This is the simplest and most robust model I can contrive - no middlemen/loan officers/arbitrators/ID verification etc.
Input from the Community on any aspect of our proposal is both welcome and wanted. Please, give us your opinion!
Also, any advice from Invictus or other devs on nuts and bolts and how-tos of building a DAC would be greatly appreciated.
Not sure how we make this official, but this is where it starts.