Meet the new paradigm – Gelios
Gelios is a cryptocurrency lending marketplace. The mission of the Gelios platform is to provide a whole new level of flexibility to the lending industry. Gelios utilizes a decentralized credit bureau built using the Hyperledger Fabric blockchain infrastructure to allow people from all over the world to receive capital.
This capital may be used for various purposes. These may include personal finance, SME financing, or long-term loans. Gelios aims to provide a “pure platform” approach, that enables different parties to interact, communicate. This approach will lead to synergy in work and a better credit process.
The main operative function of the Gelios platform is to bring potential creditors and borrowers together by way of a matching mechanism. This mechanism helps both parties reach a consensus on the period of the loan, the interest rate, and the identification and validation procedure. This will make the borrowing process fast, easy, and available online to anyone, anywhere.
The key elements of Gelios ecosystem are:
- A decentralized credit bureau, built using the Hyperledger Fabric blockchain infrastructure.
- A user-friendly mobile application and web portal.
- The Gelios token
- The KYC-marketplace
- A marketplace for risk-algorithms
How the blockchain makes the lending process more flexible:
- By being accessible to everyone. Each and every risk-analyst on the platform is able to download the desktop application, which enables them to access impersonal information about the loans. He or she may create his or her own algorithm, and may submit it to the platform so that lenders may choose it. The algorithm will enable lenders to be matched with borrowers at a reduced risk of loan default.
- Unlike traditional lending platforms, the risk-analyst has the ability to choose a KYC provider from the Gelios marketplace, making sure that the selected method of identification is suitable to the borrowers’ geographic location.
- Risk-analysts may choose the most suitable KYC provider for the “profile” of their risk-algorithm. If the profile is a riskier one, the KYC process identification may include video stream. If the risk level is lower, a more conservative approach can be taken. In these cases, governmental methods of identification may be used, or a face-to-face meeting may be set as a requirement for the loan.
- At the end of the day, lenders have a lot of different risk algorithms to choose from, depending on their openness to risk and expectations regarding yield. As statistics about each risk-algorithm, borrower, and KYC provider get recorded into blockchain, participants are given added security, ensuring that they see the real track record of other users.