Crowd-Genie, one of the four Asian peer-to-peer digital lending platform accredited by the Monetary Authority of Singapore (MAS), has been chosen by the token holders of the ICOs platform as the most promising project to date.
Crowd Genie is not a start-up, but a lending platform that has already been operating for 12 months. Its team has an ambitious plan: building a pan-Asian token-based platform.
According to its white paper, Crowd Genie intends to solve some key problems like:
- limited capital access;
- lack of credible chain-based customer authentification;
- inefficient to trade small fragments of assets;
- expensive “boutique” approach.
The project will feature an identity management system based on blockchain technology, more than 40 KYC (Know Your Customer) processes, and a decentralized digital asset trading platform.
Crowd Genie will develop a digital passport for each client − for both lenders and borrowers − based on KYC-compliant verification processes. The platform will also ensure that the profile of its clients is in line with the provisions to combat money laundering and terrorist financing, while providing a high level of security, and ensuring the confidentiality of user data.
Thanks to the blockchain technology they rely on, smart contracts can enable previously accredited users to make transactions instantly, at much lower prices.
The project will rely on an algorithm based on an artificial intelligence system, which will assess the creditworthiness of borrowers (credit scoring) with the documents they have sent. This algorithm can be adjusted constantly thanks to artificial intelligence, as and when new data is added, through reassessments and retrospective controls.
“We believe that driving an ICO, while we already have a well-established company, has many advantages,” said Akshay Mehra, founder of Crowd Genie. “We have had time to develop our platform to offer the most complete solution on the market. It is the only platform to support the entire borrowing process, from KYC audits to asset lending. No other startup can claim it.”
The public ICO will begin January 15, 2018, and will run until February 15, 2018. On Crowd Genie’s offer will be 50 million CGCOINs that can be used to trade on their platform. Every time a lender will initiate a transaction, he will have the possibility to purchase, in CGCOINs, the corresponding amount, and transfer them to the borrower. The latter may exchange these tokens for fiduciary money, or choose to keep them, which will ensure a natural demand for CGCOIN tokens.
Borrowers will also receive incentives when they pay their loan instalments on time. For each payment, they will thus be granted credits CGCOIN, assets that can be added to their digital portfolio. These credits will be visible to all and will improve the reputation of the borrower in the system, by offering him the opportunity to benefit from larger loans, or granted at lower rates.
“This is a very promising project,” said Nick Evdokimov, co-founder of ICOBox. “The fact that Crowd Genie is already an established company is a real asset. The use of new blockchain technologies will make the platform more reliable, less expensive and faster. We are delighted that the token owners have been able to see the value of this project, and we expect a successful ICO.”
Through this fundraiser Crowd Genie wants to raise 100,000 Ethers. The price is fixed at 1 ETH for 400 tokens and all unsold tokens will be destroyed.