Any credit or back institution will first require a borrower to pledge a valuable asset of his as collateral before giving out loans to him. The collateral is usually any other object that can be liquidated. The market capitalization of digital assets is gradually increasing meanwhile institutions and individuals who offer lending services use depository services for only real asset collateral but no such services exist for digital assets. What this implies is that, there is going to be a locked financial value for a market with such huge capitalization which is not healthy for the economy.
DEPO will provide a decentralized platform that allows any lending institution to build an independent depository within the system. The DEPO network allows different and independent Depository platforms to be built by only certified credit or bank institutions. The use of cryptographically secured multi-signature wallets to store the digital assets used for the collateral gives our system a better security. The borrower, lender and DEPO are all key holders so that no single entity can manipulate the system.
There are many peer-to-peer lending platforms out there which accept certain types of digital assets, usually Bitcoin and Ethereum, as collaterals for loans but their system is different from what the DEPO network is bringing on board. While they are working either as a market place to connect lenders with borrowers or providing lending services themselves, DEPO network will not provide loans but rather enable lenders to integrate with Depository network and use it to accept digital assets as collateral. While those platforms bear the entire risk for KYC and personal identification, DEPO network has left this part in the hands of the lenders themselves. The Depository network has the banks, non-bank lenders and the numerous peer-to-peer lending platforms as their target users.
Some of the benefits on the Depository network are as follows:
It is quick to start up and flexible to operate.
It saves time and tax.
Introduction of collateral smart contracts, especially the multi-signature collateral contracts
The borrower still owns his asset so continue to benefit from any future value increase.
INITIAL COIN OFFERING
A total of 3 billion DEPO tokens will be supplied.
1.5 billion DEPO tokens can be sold during the token sale.
360 million will be allocated to the team and founders.
780 million will be retained by the DEPO reserved.
360 million tokens will be used for bounties, airdrops, advisors and ICO marketing.
USE OF FUNDS
We have a very strong team which comprises Svetoslav Dimitrov as the Chief Executive Officer & Co-Founder, Deliyan Nikolov as the Co-Founder & Chief Strategy Officer, Valeri Valtchev who is also a Co-Founder & Business Development, HK Seol is the Community Manager / Security Advisor, Guergana Stoichkova – Chief Operations Officer, Petar Markov – Co-Founder and in charge of Marketing. George Spassov – Blockchain Architect Dimitar Kostov as a Technology Board Member and Investor. You can read about these and the other members on our website
The following are useful links that can help you read more about this wonderful project
My Bountyhive username: Dacosta