SOFIN - INTERNATIONAL FIAT PLATFORM FOR P2P LOANS BASED ON BLOCKCHAIN

SOFIN is a new unique P2P-online service. The platform serves creditors and borrowers, using fiat and this allows the currency to be exchanged through the SOFIN token among creditors and borrowers from different countries, and working on the basis of blockchain technology.
The creditors include, individuals, banks, microfinance organizations and funds; and while borrowers includes, individuals, entrepreneurs, and organizations.

The service will work on the principle of the auction, but with full-fledged scoring and verification systems, as well as dispute resolution, in case of delay or non-refund of loan funds.
SOFIN aim is to remove barriers and borders, to give the access to financial resources to the people of less developed countries. It deals with the aim of investment profitability for Creditors by moving theirinvestment to other corners of the world through the SOFIN platform.

The SOFIN PLATFORM has acheived alot and these acheivements include;
• A fully developed financial model;
• A package of legal documents to issue loans is established;
• The design of the interface is elaborated;
• App domain logic is implemented on 45%.

HOW IT WORKS ?
The borrower creates an application, indicating the amount of the loan, the repayment period and the desired percentage. Lenders can leave feedback on applications, indicating their terms and rates. Next, the borrower chooses the appropriate option. The service will have a full scoring system, built on the basis of artificial intelligence and machine learning. The system requests a transaction history from the blocked account. Blockchain keeps a credit history and all transactions for smart contracts. Borrowers are assigned an individual credit rating, on the basis of which the creditors decide on the terms of the loan.
Further, the creditor transfers the money, and up to 20% of the amount can be added to SOFIN tokens, automatically redeemed by the system.

In the future, developers plan to implement the support of other crypto-currencies. As part of a smart contract, funds are credited to the borrower’s account, a commission of the system is charged at a rate of 9%, documents for the transaction are automatically generated for the parties. Then the funds are withdrawn to the card or the borrower’s account. Under the terms of the system, the funds will be provided to the borrower only in a fiat currency. According to the developers, this is necessary for the transaction to have legal effect and it was possible to generate all the necessary documents, including for the court.

For the provision of the loan, the creditor will be given bonus tokens in the form of 1.5% of the amount.

The borrower will be able to refund the funds in part or in full while receiving bonus tokens in the equivalent of 1.5% of the amount. The lender receives the body of the loan in a fiat currency. Interest can be obtained with fiat money or with SOFIN cryptocurrency. In the first case, you must pay income tax, in the second there is no such need.
All operations will be recorded in the block with automatic generation of documents for the parties.

TOKEN AND TGE INFORMATION

Token name/ symbol: SOFIN
Total suppy: 450million SOFIN
The system uses the Ethereum ERC 20 platform.

The SOFIN token performs many functions on the system. Such as encouraging clients perform transactions to increase the number and quality of transactions in the system. The transaction history will be recorded and stored in blockchain. Up to 20% of the loans will be available in SOFIN tokens. SOFIN will also be the mediator between the flat rate currency conversions and exchanges.

How Tokens will be used on the platform:
The creditor (or a pool of creditors in one transaction) and the borrower shall use the same fiat currency. The creditor will be able to exchange one fiat currency to another using our tokens in the system.

The entire loan amount is issued in fiat. If a part of the loan is in cryptocurrency, the system automatically converts the loan to the fiat currency of the borrower. The borrower pays a percentage to the system before receiving credit (up to 5% of the amount in the SOFIN tokens that will be automatically purchased from the exchanges). This is the main income of the service: these funds are used to pay the bonuses and cashback in SOFIN (1.5% to the borrower and 1.5% to the creditor), and 1% of the tokens will be burnt.

Then the borrower returns the funds. The creditor will have a choice: get the entire income in fiat or take a part of it with tokens. Also a part of the loan amount (1.5% to the creditor and1.5% to the borrower) will return with tokens as cashback.

The purpose of pre-TGE is to obtain $350,000 USD. During the pre-TGE phase, preliminary SOFIN will be implemented and exchanged to the main tokens during the TGE 1-5 phase. They will continue to participate in the P2P system and bargain on the exchanges. During the pre-TGE up to 10.7 million tokens will be available for sale at different prices depending on the number of to-date sold coins:

A complete buy-out of the dedicated phase tokens would be a successful pre-TGE. The first 700,000 SOFIN of $0.5 (soft cap — $100 000), after 10 million SOFIN of $0.8

TGE phase will begin approximately 1 month after end of pre-TGE. In this period of time, we will redesign the product and prepare for TGE. The purpose of TGE is to collect $9.5 million. In TGE phase it will be possible to
purchase up to 400 million tokens at different prices, depending on the number of sold to-date tokens:

For more information please visit the links below;

Website: https://sofin.io/
Ann Thread: https://bitcointalk.org/index.php?topic=2256941
Whitepaper: https://sofin.io/docs/whitepaper/en
Telegram: https://t.me/sofin
Facebook: https://www.facebook.com/sofinplatform/
Twitter: https://twitter.com/sofinplatform

Author: BrainerdPaul
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409