Re: [ANN][Pre-TGE]🌐👥🌌Crypt-ON - Multipurpose blockchain platform🌌👥🌐
Greetings Crypt-On. I see the concept and the idea of the project, but can you provide me more details on P2P? I mean the P2P concept is quite undiscovered by me...
Hello mate. Well, basically, P2P lending or peer-to-peer lending or crowdlending is a type of contractual loan relations, which excludes intermediaries in the face of banks and other financial institutions, charging a fee for the transaction. The main idea reflected in the name P2P it also means "person-to-person"
Ok, pretty got the idea.. But what about commission rates in such deals?
All interaction based on competition for the lowest interest rate. P2P lending looks more profitable than traditional regarding saving time and additional costs for intermediaries fees. Because of this, it has become quite widespread with the development of the Internet!
Wow, this sounds bold. And they are also implementing a DAO, right??
Yep, right
Can you share more about the concept, please?
Sure. The DAO abbreviation means Decentralized Autonomous Organization. Based on the name, it can be understood that such organizations differ from the usual in autonomy and lack of centralized management. In such a system there is no vertical of power, there are no such institutions as the Board of Directors or the company owner. The power divided between all participants of the platform; in fact, there is a horizontal distribution of influence
Is that a know-how?
Well, this distribution becomes possible thanks to the development of blockchain technologies, which makes it possible to record all participants in a single open register, which is a guarantee of transparency of the processes taking place
Seems that the implementation may be quite beneficial, kinda more possibilities to users. And is the concept applicable to traditional organizations?
Well, it is, but the complicity may vary from organization to organization. It is easier to be implemented in companies, where it is possible to replace the vertical structure of any Department
Can you give an example of how the concept may be implemented?