Artem Finance – A Blockchain Based Crypto Assets Lending Platform

hobo66 (42)in #defi • 4 years ago (edited)

Preface

Traditional financial institutions have been around for decades now. They have been widely used by the world to remove financial hurdles in their way to a better future. These institutions, hardly, paid or pay any interest to their investors or the owners of the assets kept in their wallets/accounts, nor any benefits for the borrowers. Instead, the borrowers would always need to go through a very time consuming and frustrating process in order to get the funds they need.
Therefore, these entities have now realized that there is no good in the traditional financial systems anymore. And when that happens, a group, or a company would always come up with a something that can tackle those problems and provide a better platform for those entities, so that they can continue to achieve what they want to.

Artem Image 1

Introduction

Artem Finance is the solution to the problems I’ve just mentioned above. Based on blockchain technology, Artem Finance is a DeFi crypto assets lending platform that aims to provide a financial system to the world which would be beneficial for both lenders and borrowers, without any complexities and time consumption.
The platform would allow investors to either lend their crypto assets or physical assets.
Some of the crypto assets that the platform accepts from the lenders are:
ETH, USDC, USDT, BAK etc.
And some of the physical or real world assets accepted are:
Artwork, antiques, real-estate etc.

What is DeFi?

DeFi stands for Decentralized Finance, which basically means a financial system that operates without the interference of a central institution. Instead, it runs on blockchain smart contracts containing algorithms to execute every single operation.

Managed by the Artem Foundation (A Decentralized Autonomous Organization), Artem operates on Ethereum public chain utilizing different smart contracts.

Smart Contracts Utilization

The ecosystem operates mainly on four main smart contracts to process every input and output of the platform.
Ethereum Smart Contract

It utilizes Ethereum Smart Contract to evaluate and execute lending and borrowing of Ethereum based tokens and assets on the platform.

* Blockchain Oracle

A Blockchain Oracle is used to feed data or information from outside of the chain into the blockchain, since a smart contract or a blockchain cannot access any data the outside of its network. So, when a physical asset is lent on the platform, the oracle will keep feeding the information regarding that asset to the blockchain to keep it updated.

* Bacon Crypto Asset Protocol

Bacon Crypto Asset Protocol generates Bacon Asset Tokens (BAT) upon conversion of a physical lending asset. The user then can use BATs to select their desired crypto assets to lend and earn interest based on that.

* Compound Lending Agreement

Upon conversion of a physical asset to an encrypted crypto asset, a complete and decentralized lending agreement is generated using Compound Lending Agreement’s protocol.
It automatically calculates the interest rate according to the asset selected, and provides instant interests and loan repayment for the lender.

Artem Governance Token (ARTT)

ARTT is the token created for the purpose of decentralized governance of the platform. The aim is to let the users participate in decision making, like voting on proposals etc. and in return, get ARTT tokens. This way, the ecosystem would be totally decentralized, and there would not be a single entity behind the decisions of the platform.
Users can also get ARTT tokens by just lending or borrowing assets on the platform.
For each confirmed transaction, 0.5 ARTT is equally shared between the lender and the borrower, getting 0.25 ARTT (50%) each.
Artem Token 1

Total Supply of ARTT tokens is 4,204,800 and they are all allocated to be distributed among the users of the platform as per the rules described above.