Revolutionary DeFi BankSocial launches on Ethereum Blockchain

By Pavithra R

BankSocial, a peer-to-peer social consensus lending platform that aims to revolutionize the way the blockchain is used for lending, has unveiled its first peer-to-peer social consensus lending platform to be secured by the Ethereum blockchain.

BankSocial’s community-driven approach to borrowing aims to replace antiquated lending practices by rewarding staked community members for financing loans. Utilizing advancements in blockchain technology, itss peer-to-peer lending platform aims to begin issuing loans in 2022.

BankSocial’s innovative funding network continually creates value for its members, known as token holders, and utilizes BLOCKSCORE technology to determine borrower creditworthiness. A borrower’s BLOCKSCORE will be used to determine their eligibility to receive asset-backed loans for home mortgages, automobiles, small-businesses, real estate, and other collateralized lending products. Its token holders will approve loan requests through a next-generation tokening consensus system, truly decentralizing the lending system.

Enabled by true decentralization, BankSocial token holders will serve as lenders and will receive monetary disbursements from the interest paid on loans by borrowers proportional to the number of tokens they hold. Additionally, token holders are rewarded for remaining in the BankSocial community by receiving a fractional distribution of all token purchases and sales.

“We intend to change the landscape of how lending works. As a community-driven organization, BankSocial is charting the path for blockchain secured decentralized lending, which will yield benefits for our $BSOCIAL token holders and our borrowers. While we work towards full implementation of our lending system, individuals can join the BankSocial community as self-management and community consensus protocols are finalized. We’re turning lending upside down, it’s evolutionary,” said John Wingate, the CEO of BankSocial.

BankSocial is the first and only decentralized banking and finance platform built from the ground up on the Blockchain, that pays the banks members for holding tokens to fund loans. The company is currently developing an app for the community to make BankSocial easier for their investors to keep track of their assets.