Additionally, we now have smart contracts completed that successfully carry out the following functionalities of the lending service MVP:

1. Allow borrowers to request a loan from a lender

2. Allow a lender to accept a request, thus beginning the loan period.

3. Allow borrowers to pay back a loan within a time specified by the lender, thus beginning the holding period.

4. Allow rewards to be claimed at the end of a holding period.

5. Prevent lenders from breaking holding periods.

6. Allow borrowers to cancel requests before loans have been confirmed.

7. Allow lenders to cancel active loans before a holding period has begun.

We will continue to test these contracts as we move forward. Linking our custom contract functions to the front end of the app will also provide us with a better testing interface. We have already successfully linked the wallet page and anticipate beginning this process of linking other contract functions over the next few days.

Currently in our MVP contracts, reward is set to a constant value that is proportional to both the lending amount and holding period. In the future, this variable can be set a polynomial function that depends upon the state of the smart contracts and/or possibly the current block number.