Loan Or Lease review

The idea of Loan Or Lease is basically building a pure peer to peer network world-wide that will then create a decentralized lending platform on that network. That network will primarily be ran by masternodes, which ensure the stability and connection of the network. LOL will be a cryptocurrency lending platform only (no fiat) and there is no middle man, central party, or centralized server. They do not control the funds or will they be able to tamper with them at all. The main concept behind this platform is that the lender and borrower will set the terms that they both agree to and lock them into a smart contract.

Some of these parameters would include: type of cryptocurrency, percent interest, and the time frame to pay back the loan by. This means that the users of this medium have complete power to control what terms they want to use and accept. There are no regulations by third parties, though Loan Or Lease will offer the option of providing an authenticator to look over the smart contract for any flaws or potential problems.

It seems that blockchain technology and smart contracts are paving the way for the future. These types of tech have really promoted and encouraged a decentralized and transparent revolution. In the future, it is likely that many of the methods we use today will be ran by smart contracts. With projects like Quantstamp really helping to step up security and also do rigorous testing for flaws or bugs in the smart contracts, it seems that this is only the beginning of the evolution of smart contracts.

By utilizing both the blockchain and smart contracts, Loan Or Lease is essentially almost making banks obsolete. There are some people that prefer to use banks for loans because they trust the third party, but for many people, they are tired of these third parties taking advantage of them and having ridiculously large interest rates and fees. By removing the third party from the equation, each person has the ability to find a suitable lender or borrower that fits their requirements or interests.

What problems does Loan Or Lease solve?

The biggest problem that they are solving is the lack of accountability, trust, and transparency with third parties. By utilizing the system of loaning or leasing, but modifying it to fit the blockchain and being able to have individuals create their own terms, they promote the freedom to choose, instead of a one size fits all model, and it helps people find suitable terms for their situation.

One lender may not be looking for much interest, but may just want to help someone and could offer a lower rate for someone in need. A borrower that needed cryptocurrency quickly could set a higher interest rate if they knew they were going to be able to return it within a week or quick time frame. This is encouraging connection across the globe and finding ways for people to find situations and opportunities that will benefit them more.

LOL will run their network on a series of masternodes. There are many benefits of this decision that effect all parties. Firstly, their masternodes offer a way for people to earn rewards just by leaving these nodes running. By running these masternodes, it is keeping the network online. For most of the big companies around the world like Amazon, Google, and cloud services they have these huge centralized servers to store all the data. Well, if that data was ever hacked or breached, it is essentially compromised. So, their networks would be temporarily down and people could be effected in a very negative way.

By having a peer to peer network run on masternodes that is backed by rewarding incentives, there is no way to compromise the network. If there was a natural disaster in the area and it affected all of the masternodes in that area, nothing would change for the network. It would still be up and running efficiently. These types of networks, run by nodes, are truly putting to shame the current models of technology that the mainstream and big corporations are using. It is safe to say, within the next decade, nodes and masternodes will be running all of the technology we use today.

Team

The team behind this project is currently anonymous. They have stated the fact that although they appear as anonymous, that is not necessarily their intention. The founder, by the username Cryptology, and co-founder (YuurinBee) had both met on a social media website for cryptocurrency by the name of InvestFeed. They shared similar ideas and visions for the project and decided that they wanted to honor the way that they met, which was by their usernames. If we look at how Bitcoin was created, it is not that much different, people coming together to use their skills and understanding to develop something that could have a positive impact on the world.

The founder of the project has said that they are open-minded and certainly open to the possibility of sharing their identities with the public in the future, if it calls for it. Cryptology’s skills include over 10 years of coding in various languages and YuurinBee’s skills including over 9 years of graphic design and branding. It is not clear what other skills they have based on the information provided or what other projects they have worked on before.

The rest of their core team is comprised of a marketing manager, crypto expert, and financial advisor mentioned on their WhitePaper and website. It seems they have the basic elements of the team together and, as the project is new, will continue to expand and develop the team. From looking at their coin distribution chart, 10% (290,000 out of the 2,900,000+ circulating supply of LOL) is dedicated for team development.

Medias

Loan Or Lease is most active on their Discord channel. Many crypto project team members are using platforms such as Telegram, Slack, and Discord. Discord was originally used more for gamers, but has become quite popular in the last few months for many cryptocurrency endeavors. The lead developer and designer are both active daily on Discord and have mentioned that they recommend people to join their Discord community to really get a good idea of what the project is about.

Their Discord channel currently has over 120 members. They are also using Twitter, Facebook, Medium, Investfeed, and Github. Their social media presence is rather small at the moment, as it looks like this project just started in the middle of November and officially went live on December 1st.

Bounty Program:

At the moment, it looks as if they are preparing several bounty programs. The only one that is currently available at this time is the translation bounty program. They are offering bounty rewards for people who can translate the official bitcointalk.org ann thread and their WhitePaper v1.0. It doesn’t say that they have specified what languages they will exclude, which makes it look like they are open to every language at the moment.

LOL mentioned they would have a bitcointalk.org avatar and signature bounty and also one for all social medias. Lastly, LOL will have a creative medias bounty program which will reward people for creating unique content in the form of blogs, articles, videos, or other ideas. They have not posted when their full bounty program will be released yet.

LOL Roadmap:

Looking at the Loan Or Lease Roadmap v1.0, it seems to be a very general roadmap and goals they plan to achieve until the end of 2018. Since they have it labeled v1.0, one could assume they may be releasing other versions of the roadmap with more specific details in the future. Their roadmap states that in Q4 of 2017 they plan to be listed on Exchanges and also develop the macOS wallet.

In 2018, Loan Or Lease will be developing their Decentralized Lending Network.  Also, in the beginning of 2018 for Q1, they will be setting up their masternode network and shipping out all of the masternodes to the purchasers of their promotional package. They have a special promotion for 100 individuals to purchase 5,000 LOL and it will include a Raspberry Pi 3 as a gift, which they will ship world-wide by the end of Q1 2018. In Q2, LOL will have a 10% Coin Burn (290,000 LOL) and will begin testing and developing their smart contracts for the DLN. In Quarter 3 of 2018, there are plans for the mobile app development and also a switch from the Scrypt algorithm to ERC-20. Lastly, in Q4, the mobile app and network alpha version will be released.

It looks as if the Loan Or Lease team will be developing the decentralized lending platform on top of their network for most of 2018. If they are able to update a Roadmap in the near future with some more specific details, it would really help to build confidence for investors to know exactly what to expect and when.

Security

There has not been too much information shared yet with this project other than the fact they plan to use smart contracts for their lending network. It will certainly be in their best interest to take the appropriate steps to ensure the safety of the lenders and borrowers.

Pros and Cons

Pros:

  • There is already a coin and wallet setup to build the network and for investors to begin staking
  • This platform encourages safe peer to peer transactions and trades
  • There is a recent popular trending with lending platforms
  • Users of this platform can set their own terms for lending and loaning

Cons:

  • Social media presence is small and does not have a big following yet
  • The Roadmap is quite vague and doesn’t have many details
  • The team is anonymous and may be a turn off for many investors
  • They are currently only listed on one exchange (unofficially)
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