Datarius’ Uniquely Social Banking

HappyMod Blockchain Community & Marketing

Datarius’ Uniquely Social Banking

Datarius’ Uniquely Social Banking

Our partner Datarius plans on shaking up the financial world with their uniquely social vision of the future of banking. For those unfamiliar, Datarius is the world’s first social peer-to-peer cryptocurrency bank. Their project marries the best components of traditional banking products with the benefits and principles of a decentralized system. Their approach is exciting and unique for a number of reasons.

The explosion of cryptocurrencies over the last few years has brought about a paradigm shift in the way the world thinks about finance by creating greater freedom and independence from third parties around the globe. In this same vein, Datarius’ peer-to-peer ecosystem allows lenders and borrowers to circumvent said third parties, such as banks, and engage in more immediate transactions with one another. This also drastically reduces fees for everyone involved. Utilizing blockchain technology and a host of tools and technologies offered in the platform, Datarius presents a reliable, fast, and transparent way for users to lend and borrow on their own terms.

With the open social orientation, users are capable of setting their own terms using any number of parameters. When a user registers on the platform, they receive a rating, and, depending on what it is, will allow them to try themselves as borrowers or investors, as well as place funds at any deposit to accumulate interest. Thanks to blockchain technology, operation histories, credit check results, and user scoring can be recorded in data chains, impervious to outside manipulation. This approach protects customers’ personal data and records, but also provides lenders with the necessary information for setting terms when offering loans.

Using this information, lenders are capable of adjusting their own “trust limits,” meaning, they are able to set conditions for specific users or entire groups based on parameters of their choosing. They are also able to select a “trust manager” from the list of users and permit them to manage their finances based on a set of personally set rules and restrictions. Both of these options are completely unique to Datarius and provide users with a truly social fintech network with seemingly endless possibilities.

The lending procedure would occur as follows: first, participating parties enter a legally binding agreement electronically (loans can be requested in fiat or cryptocurrency.) The creditor sends assets to a transitory loan account, which is labeled with a unique contract number. The smart contract analyzes payment label orders and automatically sends the assets from the loan account to the borrower’s account. The granting of the loan is then registered on the blockchain. The borrower makes monthly payments, which are labeled with the contract number by the smart contract and also recorded on the blockchain. When the payments have been made in full, completion of the transaction is recorded on to the blockchain, and the user rating is updated.

To facilitate the application selection and assist with creating optimal financial terms for borrowers and lenders, applications are divided up into 3 different listings. The core listing is comprised of the least risky mid-and-long-term applications with the highest ratings. Each of these applications are individually examined by the Datarius Risk Department, and the loans are insured by partner companies. Listing 2 is also made up of mid-and-long-term applications, but these are not examined by the Datarius Risk Department but are instead verified using a unique algorithm that determines user credibility based on their profile, interest rate, terms, and other loan parameters. Insurance for these loans can be obtained by agreeing to additional terms from a partner insurance company. Listing 3 contains ranked applications from all borrowers. A great variety of tools and enhanced verification procedures will be provided to ensure to most comprehensive information on the applicant and potential risks involved in order for the lender to make sound decisions for each application. All applications of listings 2 and 3 have the potential to be transferred to the core listing once they have been reviewed by the Datarius Risk Department.

Combining the transparency of blockchain technology, the immediacy and freedom of peer-to-peer lending, and a wide range of financial services and tools for platform users, Datarius presents an incredibly unique chance for consumers to lend and borrow on their own terms, but still receive the information and assurance that one would expect to get from a traditional bank. Their ideas could shape the future of banking, and change the way the world thinks about traditional banking institutions’ roles in their lives. It has been a pleasure thus far to put our team to work growing and managing their community, and we very much look forward to using our signature skills to continue to advance their groundbreaking platform!

The Datarius token sale is live at the time of writing, so there is still time to get in early on this exciting project!








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