Surletly is developing its international crowd-vouching platform on the Blockchain. This is an innovative way for users of the platform to make money by “vouching” for borrowers and guaranteeing a portion of the loan. The system is similar to peer-to-peer lending but the lenders do not actually lay out the money for the borrowers but they vouch for the borrower who applies for a loan through lending partners.
The initial platform is set up for small, short-term loans such as payday loans but can be extended to cover larger loans as well.
Suretly & Crowd Vouching
Suretly defines crowd vouching as follows:
Crowdvouching is the practice of financially securing a loan repayment by vouching monetary contributions from a large number of people.
As mentioned above, as opposed to P2P lending, vouchers do not put up any money but vouch for borrowers and guarantee their percentage of the total vouched for the specific loan. The limits for a specific “vouch” under the initial platform is from $2 to $10. So if someone is looking for a short-term loan of $500 they would need at least 50 vouchers of $10 or any combination of vouchers that get them to the $500. Once the whole amount is vouched for, the loan can be approved and the borrower will receive the funds requested. The vouchers receive rewards for participating in the specific crowd vouch.
Suretly Crowdvouching Benefits
There are numerous benefits to the system set up by Suretly that include:
- No Cost To Investors – Better said, no cost to the vouchers. Obviously, the lender has to put out the cash for the loan, but the guarantors, or vouchers, do not need to pay anything at the time of the loan.
- Distribution of Risk – Due to the fact that there are numerous vouchers on each loan, the risk for any particular loan is maxed at $10. This allows vouchers to build a portfolio of different loans to participate, which even lowers the risk overall.
- Quick Return on Investments – The vouchers are paid their rewards as soon as the loan is issued. They do not have to wait for the loan to be repaid for their compensation.
- Lower Borrowing Rates – Due to the fact that the loans have guarantors, the lending institutions have incentives to use lower rates as they are protected from almost all the risk of default.
- Anonymity – One of the most interesting factors, that have not yet been discussed is that the vouchers do not know the name of the borrowers. They are given a risk profile and determine based on that data to participate in a loan or not. This keeps the identity safe for the borrower.
Suretly goes through the explanation of the cycle of borrower requesting a loan through the process of being turned down or approved. They also describe test markets and the results that they have had that show that there is an interest in crowdvouching. You can see the details in the whitepaper if you are interested through the link provided in the Resource section below.
Suretly ICO Details (taken from whitepaper)
One important note added is that the Suretly system is having difficulties as the ICO has started. We will keep you informed of any progress. The best place for information now is theur bitcointalk thread or their slack channel.
Date of ICO start: July 11, 2017
Date of ICO end: August 11, 2017 I
nvestor dashboard: https://secure.suretly.com
Suretly is planning to raise between $1.5 – $10 million USD in the next round of financing by selling 15% of its shares. This money will help to accelerate penetration into new markets and countries. A major investor
A major investor of this round will be a Singapore company “SURcoin pte.ltd” which will get options to buy 15% of Suretly’s shares and will initiate tokens issue. SURcoin pte. Ltd will issue SUR-tokens which will be offered for a crowdsale to all willing parties in exchange for different cryptocurrencies: Ether, BTC, LTC and Waves. The initial exchange rate for 1 SUR token will be 0.1ETH or equivalent in bitcoin,
The initial exchange rate for 1 SUR token will be 0.1ETH or equivalent in bitcoin, litecoin or waves. All investors who will purchase SUR-tokens during the first hour after the ICO start will receive 70% bonus, which means that each ETH token will be exchanged for 17 SUR tokens. After that, all investors who will purchase SURtokens during the next 23 hours will receive 50% bonus. In the future, the bonus will decrease in a linear progression every day, until it reaches zero. The creation of new tokens will stop after an equivalent of $10 million USD is raised or after the ICO expiration date. If the campaign is successful, an additional 10% will be issued to the option pool for rewarding current and future employees. These tokens cannot be sold for the next 12 month period. Also, 2% bounty will be issued for rewarding people who help us with
All investors who will purchase SUR-tokens during the first hour after the ICO start will receive 70% bonus, which means that each ETH token will be exchanged for 17 SUR tokens. After that, all investors who will purchase SURtokens during the next 23 hours will receive 50% bonus. In the future, the bonus will decrease in a linear progression every day, until it reaches zero. The creation of new tokens will stop after an equivalent of $10 million USD is raised or after the ICO expiration date. If the campaign is successful, an additional 10% will be issued to the option pool for rewarding current and future employees. These tokens cannot be sold for the next 12 month period. Also, 2% bounty will be issued for rewarding people who help us with
The creation of new tokens will stop after an equivalent of $10 million USD is raised or after the ICO expiration date.
If the campaign is successful, an additional 10% will be issued to the option pool for rewarding current and future employees. These tokens cannot be sold for the next 12 month period. Also, 2% bounty will be issued for rewarding people who help us with marketing campaign. No new tokens will be created after ICO.
All funds raised via ICO will be exchanged for 15% of Suretly, Inc.’s shares. There will be two types of tokens available based on Ethereum and Waves. Each investor will personally determine which type of token he wants to get.
There will be a possibility to use all issued SUR-tokens as a method of ensuring guarantee on a granted surety in the Suretly app.
Suretly PreSale Tokens
During pre-sale campaign on 16th May 2017 we issued 50 741 preSUR tokens and attracted:
– ETH 1612,21;
– BTC 65,22; – LTC 340,73;
– Waves 1652,36.
275 investors participated in the pre-ICO.
All 50,741 preSUR tokens will be converted into SUR tokens at a 1 to 2 rate.
Resources
Email: info@suretly.com
Suretly website: https://suretly.com
Whitepaper: https://suretly.com/docs/Suretly_whitepaper_v1.2.pdf
ICO website: https://www.ico.suretly.com
Forum: https://bitcointalk.org/index.php?topic=1879035.0
Facebook: https://www.facebook.com/suretly/
Twitter: https://twitter.com/suretly_com
LinkedIn: https://www.linkedin.com/company-beta/17951587/
Slack: https://suretly.herokuapp.com
iOS app: https://itunes.apple.com/ru/app/suretly/id1145003569
Android app: https://play.google.com/store/apps/details?id=com.suretly.app