CrowdLending

Blockchain based Crowd Lending and Borrowing Platform for Individuals, ICO's, Governments etc

Problem Statement

Creditors Perspective

• There is no platform for Financiers to Crowdlend loans at global level.

Debitors Perspective

• There is no platform for Corporate Bonds, IDO's, Individuals to get loans from multiple lenders.
• There is no platform to raise initial capital for Companies, ICO's for small duration of time without giving stake

Solution

We have built a Crowdlend Platform on top of Dharma Protocol where

• Debitors Can request loans specifiying Principal Amount, Interest Rate, Duration etc.
• Multiple Lenders can lend money in small amount for small duration and gain interests on lent money.

Challenges Faced

We faced few challenges in design and implementation phase like

• how multiple lenders can lend a loan request?
• How repayments will happen?
• how to optimize number of transactions that takes place? etc.

How Challenges are Solved

• We came up with a solution where when multiple lenders lend money, Lender will be allocated ERC20 tokens proportional to their lent amount plus interest rate.
• When Debitor repays, lenders will be repaid proportional to ERC20 token they posses.

Future Prospects

• Add Collateral which should be split in proportion to lenders amount.
• Support for Various Interest Rates.
• Optimize number of transactions takes place in whole process.
• ERC20 tokens issued to lenders can be used as a token to trade in secondary markets.

Steps to run CrowdLending Platform Locally

• clone the repo.
• cd CrowdLending/dapp/
• npm run blockchain - Run local Blockchain
• cd node_modules/@dharmaprotocol/contracts
• ./scripts/deploy_development.sh - Run script to compile, migrate, link, build, generate artifacts
• Modifify scripts/prepare_dist.sh according to path of tsc
• ./scripts/prepare_dist.sh - Run script to prepare dist folder which will be picked by dharma.js
• cd CrowdLending/dapp/
• npm start - run this command to bring up the ui at 3000 port.