GetLine is an Ethereum-based, peer-to-peer, lending platform that allows for trustless credit scoring, accessible borrowing, and effortless lending. Peer-to-peer (p2p) lending is a method of debt financing that offers individuals or businesses the abilities to borrow or lend money via online services, excluding the need for a legacy financial institution. It eliminates middlemen from the process. This type of service has seen rapid growth in recent years.

Our GetLine protocol brings an opportunity for borrowers to build credit and earn an online reputation on and off of our platform. It enables p2p value transfers without the need for a bank or any other middleman, thus producing simplicity in the financial world.

We’re based in Warsaw, Poland, and were founded in 2015 by Kacper Wikiel (a Bitcoin evangelist and entrepreneur). Olaf Tomalka is CTO, in charge of our talented technology team, and will be helping to launch the new version of the GetLine Network.

At GetLine, we’re all about bridging the gap between lenders and borrowers from different social networks, and lowering the risk of defaulting on a loan within these classes. Our platform can open new opportunities by extending crowdsourcing to unfamiliar borrowers and lenders. We aim to scale up and decentralize the p2p lending market.

Since our original platform began in 2015 our user base has grown to 7,800.

Using Our GetLine Platform

The old GetLine p2p lending site offered credit lines backed by investors who put their Bitcoins in the hands of a specific borrower. However, the new and decentralized GetLine Network will be operating on the Ethereum platform, to take advantage of their smart contracts. We’re creating a new digital token called the GET token, which will act as collateral from the borrowers, and as fraud protection against Attestors of Risk Assessment attempting malpractice. The GET token will help the platform run smoothly. The loans themselves can be funded in fiat or cryptocurrency. Investors wishing to fund a loan request will bid for the lowest interest rate. In the current model, loans must be paid back in a single repayment during the payback period.

Investing is as simple as browsing the loan request list, viewing the borrowers’ profiles, analyzing their backgrounds and history, and making an interest rate bid.

GetLine P2P lending offers individuals funds that they likely would not have been able to acquire from legacy financial intermediaries.

How GetLine Works:

We offer a smart contract layer. The lending contract is safely performed and settled in accordance to set regulations for both parties.

GetLine has a very easy and user friendly browser that enables borrowers to apply for a credit score and then later for a loan, in addition to giving investors a forum to fund those loans.

GetLine has a network that scores credit risk. This network is made up of entities called Attesters of Risk Assessment. They provide risk evaluation of the credibility of borrowers and effectively form a prediction market. The ARAs also play the role of Legal Compliance Agents where they assess and ensure the viability of every lending contract in accordance to applicable jurisdictions.

Attesters of Risk Assessment (ARAs) are given scores by GetLine, based on the accuracy of their past scores given to borrowers (in relation to their chances of defaulting on a loan), which is provided for the purpose of fostering competition among ARAs, and assessing the trustworthiness of the credibility of the credit scores awarded to previous borrowers.

There is the provision of the GET token, that is for the purpose of aligning incentives in the network.

The centralized traditional methods of financing have failed credit borrowers with problems like high interest rates, SME funding gaps, and poor capital access in developing nations.

Blockchain technology has created a platform for moving funds around the globe. GetLine aims to use the same concept to enable an individual to access, store, and transmit credit. We’ve chosen the Ethereum blockchain to help us with this task.

The GetLine Network will be created and built up with the help of our GET token ICO crowdsale event. The ultimate shape of the network will be determined based on the amount of funds raised.

This network is on the path of completely decentralizing cryptocurrency lending. Our aim is to make this service available worldwide, and to make it compliant and stable. It features a credit scoring market that will have credit bureaus competing for credit assessment prices and for the highest accuracy.

Conclusion

A trillion dollars was paid in credit card interests to banks in the 2000’s (In the US alone) where banks and other credit and financial institutions acted as the middlemen between lenders and borrowers, and capitalized on interest rates at the expense of the real economy. Due to this fact, it felt imperative to give people control over their spending and leisure without the setbacks of having to undergo long, tedious, and expensive financial decisions.

The P2P market has been expanding exponentially with an expected annual growth rate of 51%. A borrower with a slightly off-putting credit score than most financial institutions would allow, can still gain access to financial funding from these platforms.

At GetLine, we’ve brought forth a quick and easy platform to link businesses and individuals looking to make sound investments or gain funding anywhere in the world. With time, we believe it will lead to the disintermediation of the financial system and enhance the globalization of e-commerce.

Many unbanked individuals and those who cannot access funds due to low credit scores are largely disadvantaged as far as borrowing is concerned. The development of our p2p platform has given impetus to the ideals of achieving socioeconomic goals for everyone.