As promised before, in this final part of our review we shall cover the inner mechanics of eCoinomic.net platform. This solution is aimed and confidence and trust between lenders and borrowers.

As we recall, the primary mission of eCoinomic.net is to prove that crypto assets can be used as collateral for fiat loans in a reliable and successful way. Along with that, the system shall encapsulate crypto asset management tools.

Smart contract as a middleman

So, let’s connect the dots. The platform shall connect two kinds of customers: lenders (financial institutions, banks, funds, etc) and borrowers — crypto owners. As mentioned before, the latter can pledge his crypto assets — one of 10 major currencies or CNC tokens. These are available for purchase during the token sale, after which their price will gain 20%.

All loan fees can only be paid with CNC tokens and are reliant on loam amount. The fees are indicated in USD as shown below.

The smart contract, that handles loan processing, has a simple design. A user, willing to get a loan, has to transfer a certain amount of crypto, that is registered and locked by the smart contract. The fiat loan is instantly issued and placed on the user’s bank account. Further progress may vary, depending on the loan settlement.

The collateral is returned to the customer in full upon successful, full and punctual repayment. If such a thing doesn’t happen, crypto assets locked as collateral can be sold to fulfill the obligations to lenders.

The crypto collateral is exchanged automatically to the desired fiat currency, needed for loan repayment. Should there be any surplus, it will be returned to the borrower.

This pattern ensures the success, convenience and security of loan issuance, processing and closing and attest to the effectiveness of crypto collateral. The platform is to build up confidence among lenders and borrowers, as none of the parties can ever be scammed.

Glimpse into the future

We’ve already said enough on the project’s perspectives and its determination towards global recognition of crypto assets as an adequate collateral type.

eCoinomic.net token sale takes place from 1 May to 1 August 2018. The tokens sold are a means of payment for the platform’s services.

The eCoinomic.net platform will be available for early users on November, and the public release is planned for December. Nevertheless, the team will continuously develop and improve he product, adding new advanced features, making eCoinomic.net a sought-after service within the crypto market.