BLOCK66 — BUILDING A NEW BLOCKCHAIN-ENABLED MARKETPLACE FOR MORTGAGES.

INTRODUCTION

Block66 is building another blockchain-empowered commercial center for contracts. Institutional and private banks can utilize the support of offer advances to an extensive variety of borrowers, presented by Block66 dealer accomplices. Through the viable utilization of smart contracts, advances can be taken from beginning to assistance, rapidly and productively. All advances are additionally spoken to as tradable tokenized securities, giving a liquidity system as standard. The capacity to exchange divisions of credits, and decreased request and issuing charges makes contributing more comprehensive, giving an appealing venture vehicle to all way of financial specialists.

Block66 wipes out the requirement for a financial balance, beats geological loaning confinements and diminishes counterparty hazard to unimportant minutes. For borrowers, the straightforward and aggressive nature of the commercial center will profit the customer and give them certainty that they’re getting close enough the best offer achievable.

MISSION

To shake up the home loan loaning scene by building the world’s first blockchain empowered home loan loaning system. The system will traverse outskirts, interfacing private and institutional moneylenders with borrowers around the world. All home loans will be issued and overseen on the blockchain.

PROBLEMS

The home loan showcase in the USA is $9.9 trillion dollars, $32.9 trillion around the world, and developing however hazard disinclined organizations are hesitant to loan to numerous financially sound buyers. Willing little loan specialists battle to enter the space at scale. Existing procedures and innovation are bulky and siloed, exacerbating the issue for borrowers.

SOLUTIONS

Block66 streamlines the whole home loan programming and tasks stack. For expedites, a one-stop-shop, including credit scoring, property evaluations and moneylender coordinating. For banks everything being equal, a maintainable advance pipeline, reviewing apparatus and home loan securitization platform. For borrowers, a snappy, bother free approach to get to the best credit openings.

FEATURES

BLOCK66 network tokens

These are the tokens that will circle in the platform for the borrowers, leasers, private loan specialists, and institutional moneylenders will utilize and procure or pay in the platform.

Virtual checkers or financiers and specialists

They were entrusted by the Block 66 group to have the designation of checking the direct archives and confirmations of the borrowers and for the endorsement of the loan specialists.

HOW DOES BLOCK WORKS

a. THE BROKER AND CLIENT PERSPECTIVE

i. Information gathering: The broker guides their client through the information gathering stage of the application. The dApp prompts the borrower for specifics around their borrowing needs and aspirations. Borrowers will be prompted to enter affordability data such as short and long-term credit balances, monthly expenses, regular income, and dependents.
ii. Identity checks: The platform uses third party APIs to carry out identity checks (KYC) to confirm the borrower identity, and to help brokers meet their regulatory requirements and detect fraud.
iii. Credit checks: Where possible, the system will perform cross-checks of affordability data by querying credit rating agency APIs and, in time, bank feeds to check income and monthly expenditure.
iv. Create crypto/fiat exchange account: Block66 will create accounts for all borrowers with a Block66-approved crypto exchange. This account will be used for loan repayments by the borrower after the mortgage is issued, and will act as a bridge between the conventional fiat banking system and the Ethereum/Block66 ecosystem.
v. Virtual underwriters: The system will refer an application to a virtual underwriter in the event it is unable to build a sound borrower file automatically. The broker, or their client, pay the virtual underwriter’s fees in Ether (ETH).
vi. Application published: Once the system or virtual underwriter have signed off on a borrower file then the application will be made available to the matching engine.
vii. Matched: Matched when a borrower and lender(s) accept a pairing, and when sufficient lender capital has been matched to fulfill the applicant’s borrowing needs, then the mortgage is ready to be funded.
viii. PoL contract funded: The lender(s) transfers the necessary ether (ETH) to the designated smart contract address.
ix. Repayments: The borrower sets up a standing order to a Block66 approved crypto exchange account, set up for the borrower during onboarding. When the system detects that funds have arrived, it automatically places a trade between the appropriate FIAT/ETH currency pair. Once the trade is filled, the system transfers the Ether (ETH) to the relevant PoL contract.

b. THE LENDER [INVESTOR] PERSPECTIVE FOR NEW MORTGAGES

i. Registration: Lenders [investors] register with the dApp at which point Block66’s creates an account for the lender and makes a note of the Ethereum public key they wish to use.
ii. KYC: The platform carries out identity checks and enhanced due diligence on the lender and, if successful, flags the account as having passed KYC checks.
iii. Criteria: The platform prompts the lender to add their lending criteria before storing the result, before making it available to the matching engine.
iv. Approved: Once approved, a lender will begin receiving notifications whenever a match occurs. If the lender responds they will be invited to approve/reject a match.
v. Matched: Once a lender accepts a matching and the mortgage is fully funded, then a PoL contract will be created to reflect the loan agreement.
vi. Wait for remaining parties: Both parties must wait for their respective solicitors [lawyers] to confirm any additional conditions have been satisfied before the mortgage can progress.
vii. Contract funded: Lender transfers in ETH the correct dollar amount to the smart contract representing the mortgage.
viii. Loan repayment: As the borrower makes repayments, the PoL contract handles the distribution of funds to the respective lenders

TOKEN DETAILS

Ticker — B66

PreICO — Price 1 B66 = 0.10 USD

Cost — 1 B66 = 0.15 USD

Stage — Ethereum

Tolerating — ETH

Delicate top — 3,000,000 USD

Hard top — 20,750,000 USD

Nation — Singapore

Whitelist/KYC — KYC

Confined zones — USA, Canada, China, Iran, North Korea

Token and Budget Allocation

ROADMAP

Q1 2017

Origin

Block66 is considered. Work starts on drafting the whitepaper and contact is made with some early guides and colleagues.

Q4 2017

WORK BEGINS

Arranging work starts on the Block66 stage. Client travels and working streams are intended for the coordinating motor.

Q2 2018

TOKEN GENERATION EVENT (TGE)

TGE dispatch just around the corner. Office work out starts. Wireframing and models of stage created

Q3 2018

Outline AND DISTRIBUTION PHASE

Increase promoting and business advancement endeavors. Frame “Block66 Alliance” of clients. Move forcefully into item arranging and outline.

Q4 2018

Fabricate PHASE

Alpha testing stage with first clients utilizing the stage. First “Block66 Alliance” report.

Q1 2019

Discharge PHASE I

MVP Launch, with first cluster of on-chain credits supported and conveyed by means of the system.

Q3 2019

Discharge PHASE II

Credit tokenisation. System clients can exchange on-chain securities on a fragmentary premise, with savvy contracts guaranteeing that credit reimbursements are appropriated to every single token holder.

Group

For more details, if you don’t mind visit:
Website => https://block66.io
Whitepaper=> https://drive.google.com/file/d/11ZevZaCwYSG_0iv8On810w3Sjj2E5FLq/view?usp=sharing
Facebook => https://www.facebook.com/Block66Official
Twitter => https://twitter.com/Block66_io
Linkedln => https://www.linkedin.com/company/block66/
Reddit => https://www.reddit.com/r/Block66/
Youtube => https://www.youtube.com/channel/UCHBDzsJ5aKcYr02lrDVxoag?view_as=subscriber
Medium => https://medium.com/@block66
Telegram => https://t.me/block66_Official

Written by: Juliet Smith

Bounty0x Username =>eni198881