Given the recent update that FintruX will get listed on an exchange this weekend, I thought it would be a great idea to update this project’s research paper.
You can find out all the updated information about FintruX in the post below:
Information About FintruX
FintruX is a revolutionary new lending platform that incorporates blockchain to provide a fast and safe way of obtaining an affordable unsecure loan. By creating a decentralized platform where lenders can be matched, utilizing existing technology, with borrowers in a transparent manner that guarantees security for both parties FintruX aims to disrupt the way in which loans are originated and administered.
Unsecured loans, a loan that is not protected by any asset, are typically an expensive way to borrow money, however many are left without a choice and must resort to paying these higher interest fees. FintruX utilizes blockchain and smart contracts to execute transactions without middlemen, therefore reducing the fees, which can result in lower interest.
FintruX also applies principles of credit enhancement to reduce the high interest of unsecured loans. Since unsecured loans are riskier for the lender, interest rates are often raised to reflect the additional risk factor. The riskier the loan, the more expensive the interest will be. The revolutionary credit enhancement process implemented by the network reduces the credit risk, and default risk of a debt, which in turn improves overall credit rating and lowering interest rates.
The FintruX Network will facilitate marketplace lending in a true peer-to-peer manner whilst addressing transparency, risk & rate reduction, and ease & speed of funding issues often associated with borrowing from banks, private lenders, or marketplace lenders.
Useful Links For FintruX
Webpage: https://www.fintrux.com/
Coin Name : FintruX (FTX)
Total Supply : — 100,000,000 FTX
Pre Ico Price : — 1 ETH = 1,650 FTX
Ico Price : — 1 ETH = 1,500 FTX
Tokens/Money Raised Through ICO : — TOKEN SALE: 7 FEB — 28 FEB; $25,000,000 (100%)
White Paper : — https://www.fintrux.com/home/doc/whitepaper.pdf
Token Type : — ERC20
How Does FintruX Work?
Those looking to borrow money may use the FintruX platform to search for the lender. The network helps simplify this process with its instant matching feature, which assists with browsing the network for a suitable lender and connects the two parties. Lenders deposit funds and select a credit decision package provided by rated agencies including fraud, identity, and credit scoring.
By applying credit enhancements, the credit risk of the loan can be greatly reduced for the borrower. This helps reassured the lender that the borrower will honor the obligation. In return, the low transaction fees enable the lender to gain a better ROI.
The network provides four levels of risk reduction to provide security for the loan:
1. Over-collateralization for additional security (10% of every loan); and in the event that the amount does not cover all losses then,
2. Third-party guarantors may handle overflow losses; and should this still not cover all losses then,
3. A cross-collateralization pool provides additional insurance; and should this also fail to cover all losses then,
4. A pool of 5% of all FTX Tokens has been reserved to cover any remaining losses.
All loans are written into smart contracts, which act as binding agreements. These contracts provide an immutable and transparent record of the agreement that requires no manual arbitration. Once created, smart contracts can not be manipulated, censored, or modified and anyway, and since they remain transparent at all times, both parties have fully access to all details and information involved in the agreement.
Each smart contract is customizable and the terms are generated and simplified using the Transitioning Robocoders Low-Code Development Platform, which removes all confusing legal jargon and statements such as “if…. then … etc”. This eliminates human error, and also creates shorter contracts that cost less Gas on the Ehthereum blockchain.
Each transaction contributes to a borrower’s credit score, which in turn improves their credit rating and further lower interest fees through the credit enhancement process. In return, borrowers may also rate their lenders to help build their reliability reputation.
All transactions in FintruX are tokenized and paid in FTX Tokens. FintruX also rewards users for certain actions performed on the network. Rewards are paid in FTX tokens and are issued for good behavior, providing information
performing mantainence tasks on the platform. Conversly charges are levied for being late and tokens are docked for bad behavior. This helps the network stay clean, healthy and self sufficient. All rewards are based
What problems does FintruX solve?
Obtaining an unsecure loan from the bank or credit union can be a lengthy process, which is why many often turn to peer-to-peer lending platforms that offer faster processing times. But whilst these platforms may approve loans in a shorter amount of time, they charge a much higher interest rate, sometimes astronomical. FintruX solves both of these problems by speeding up the process of sourcing the loan, and then using credit enhancement to reduce the risk factors involved and in turn lower the cost of interest.
FintruX also removes geographic limitations that apply to almost anyone seeking a loan. Even though the Internet has made the world a smaller place, currency is far from borderless. Using FintruX and the FTX token, borrows are able to take out loans from lenders anywhere in the world.
Blockchain technology boasts many other benefits to the platform such extremely low transaction fees, transparency, trustworthiness, faster transaction times and self-service processing for the borrower. As well as reduced risk, greater returns and access to the network agencies such as fraud, identity, credit score and credit decision services.
Furthermore, the trusted ratings and reviews on the blockchain provides both borrows and lenders honest feedback about a user. This helps all participants select the most suitable users to work with.
Technology Behind FintruX
The backend of the network consists of three databases, the Ethereum blockchain, MSSQL and Firebase.
FintruX leverage the transparency, security and shared nature of the Ethereum blockchain and its smart contracts. The decentralized platform offers trustless interaction between all parties and eliminates the need for expensive middlemen.
Many of the transactions carried out on FintruX will require private and confidential information to be assessed. This information is securely saved in an SQL database with multiple levels of security, external authentication and strong usage profiling. The SQL database also handles mission-critical structure data, especially that which requires updates. The NoSQL database handles dynamic unstructured data such as user profile management, big data, and interacts with the Internet of things.
The user interface is implemented using Angular 4, which provides a fast, smooth user experience computers and mobile devices.
FintruX will be available to fraud and identity service agents, credit scoring and decision agents, wallets, exchanges, banks, asset managers, insurance companies and technology companies to offer its services and encourage the development of new tools for use on the network. These partners may connect with users in the marketplace, and/or utilize the automated administration tools to develop financing portfolios.
FintruX will partner with rated agencies such as identity, KYC/AML, credit scoring, credit model, and payments in order to offer the widest variety of options to adjudicate loans.
All transactions are conducted in the FTX token. Fees will be charges for the following transactions and services on the network:
· Instant matching of borrowers and lenders
· Fee per-service
· Gas charge for deployment of smart contracts on the Ethereum network
To learn more about the utility of the FTX token, see:
https://medium.com/fintrux/ftx-tokenomics-the-fuel-behind-the-fintrux-ecosystem-caa3c6f2221f
The FintruX Roadmap
See the actual road map on FintruX official website.
The concept of the FintruX network, developed by Nelson Lin was thought up before the technology even existed to make it. However, the introduction of the Ethereum Virtual Machine (EVM) and its automated smart contracts allowed for the integration of pre-existing risk-reduction mechanisms to create a trustless and transparent platform for borrowing and lending.
Lin’s previous experience is highly relative, which strategically positions his team has ideal developers for such a project. Lin has invented several other successful applications such as the Asynchronous Call, the first online credit adjudication in Canada, lending origintation systems in client/server and browser-based technologies and full ERP systems on low- code platform. He is also part of Open-Sourced Rintagi & ERP as global collaborative projects and delivered the Innovated Credit- Enhanced Unsecured Loan Product FintruX.
The FintruX website is already up and running, the prototype and open source mart contracts have developed, and the crowdsale has been successfully completed. Alpha Tests will begin in Q2, with the first customers following shortly after. Q3 will see more network development and a big marketing campaign before going to market come Q4.
Social Media Information :
URL : — https://www.facebook.com/FintruX/
Likes : 1624 likes and 1742 followers
How Many Posts / Updates In The Last 7 Days : 8 posts
URL : — https://twitter.com/fintrux
Followers : 3433 followers
How Many Tweets / Retweets In The Last 7 Days : 8 posts
Telegram
URL : — https://t.me/FintruX
Users : 13,509 members
URL : — https://www.reddit.com/r/FintruX/
Readers : 163 readers
Youtube
URL : — https://www.youtube.com/channel/UCl6fxREMFahDNNixg4leUig
Subscribers : — subscribers
Medium
URL : — https://medium.com/fintrux
Followers : — followers
How Many Updates In The Last 7 Days : 3 posts
URL : — https://www.linkedin.com/company/fintrux/
Followers : 67 followers
How Many Updates In The Last 7 Days : — posts
GitHub
URL : — https://github.com/FintruX
Extra Social Media Links
Kakao Talk
URL: https://open.kakao.com/o/gb3Ja0E
Gitter
URL: https://gitter.im/FintruX
People: 882
If you find more social media platforms or chats or other links please put them here.
FintruX Staff / Team Info :
Name: Nelson Lin
Title: FOUNDER & CEO
Bio: Nelson pioneered online credit adjudication for the asset-based finance and leasing industry in Canada as mentioned in the book ‘Unstoppable’ published 2014 by Beth Parker and endorsed by the Canadian Finance and Leasing Association (CFLA). He has over thirty years of experience delivering numerous custom enterprise applications to global organizations such as J.P. Morgan, AT&T Capital, etc.
Linkedin: https://www.linkedin.com/in/nelson-lin-058337b
Other links: https://github.com/linnelson
Name: Conrad Lin
Title: CO-FOUNDER & CMO
Bio: Completing a degree specializing in Neuroscience and Psychology from the University of Toronto, Conrad is deeply in tune with social marketing and outreach. He defines long-term marketing goals and short-term tactics, builds key customer relationships, identifies business opportunities, negotiates and closes business deals, and maintains extensive knowledge of current market conditions.
Linkedin: https://www.linkedin.com/in/conradlin
Other links: https://github.com/fintrux-team
Name: Ng Eng Ho
Title: PRESIDENT
Bio: Eng Ho is the Chairman of Zweec Analytics and is also a director of China Taisan Technology and TNG (Asia) Limited. He has served in top management positions in large corporations including Singapore Technologies Telmedia, PT Indosat Tbk, and Keppel Telecommunications and Transportation Ltd. He was director of Alvarion Ltd and Mencast Holdings. His extensive network creates long term shareholder value.
Linkedin: http://www.zweec.com/desktop-20150702-9.html
Name: Yew Poh Leong
Title: CHAIRMAN OF THE BOARD
Bio: YP grew Dun & Bradstreet Software from 15 to over 250 employees as a managing director in Asia. He has provided business solutions and services to well-known corporations including Telekom Malaysia, Hong Kong Telecom, PLDT, Communications Authority of Thailand, Shell, Prudential, AIG, Starwood, Minolta, National Panasonic, Sony, Aiwa, Standard Chartered Bank, Malayan Banking, Bank of China, etc.
Linkedin: https://www.linkedin.com/in/yew-poh-leong-61a80a4/
Name: Gary Ng
Title: CTO
Bio: Gary is a veteran in software development and has been a seasoned architect in the financial sector for the past 25 years, including some of the top global banks. He is skilled in all major programming languages and computing platforms. He has been instrumental in turning our low-code development platform into a no-code generator for smart contracts. Scalability and security is his main focus.
Linkedin: https://www.linkedin.com/in/gary-ng-8526668b/
Other links: https://github.com/fintrux-team
Name: Aaron Xu
Title: FRONT END DEVELOPER
Bio: User experience has been Aaron’s forte for the last 8 years. He has formal education and practical training in web development and digital design. He designs visually stunning user interfaces that integrates well with all other software. Aaron is adept at generating responsive mission-critical applications with low-code technology and designing easy to use apps.
Linkedin: https://www.linkedin.com/in/aaron-xu-4264513b/
Other links: https://github.com/fintrux-team
Name: Douglas Thiessen
Title: BLOCKCHAIN DEVELOPER
Bio: Douglas is a full stack developer on a wide variety of computing languages for 12 years, including a full suite of blockchain technology and Smart Contracts with Solidity. Passionate on security and quality, he tests his code extensively by applying Scrum methodology. Douglas’ technical expertise enables him to evaluate and tackle complex programming challenges.
Linkedin: https://www.linkedin.com/in/douglas-thiessen-8a031a28/
Other links: https://github.com/fintrux-team
Name: Philemon Selvaraj
Title: DATA ANALYST
Bio: Philemon’s passion and expertise is in data analysis, machine learning, AI, and business intelligence. He brings with him 13 years of analyst programming experience in the accounting and financial sectors, including mission-critical systems for large fortune 500 companies. He has both MBA and engineering degrees and international experience.
Linkedin: https://www.linkedin.com/in/philemonlloyd/
Other links: https://github.com/fintrux-team
Name: Brinden Anandakumar
Title: SINGAPOREAN LEGAL COUNSEL
Bio: Brinden graduated from the University of Nottingham with LLB (Hons) and was admitted as an Advocate and Solicitor of the Supreme Court of Singapore in 2015. He is currently engaged in civil and commercial litigation. He also has experience in corporate and advisory matters.
Linkedin:
Other links: http://www.ylp.com.sg/lawyers
Name: Alixe Cormick
Title: CANADIAN LEGAL COUNSEL
Bio: Alixe Cormick is the founder of Venture Law Corporation in Vancouver, British Columbia and a member of Commercialization Advisory Board of the Life Science Institute at the University of British Columbia, the Advisory Board of the National Crowdfunding Association and two private tech companies.
Linkedin: http://venturelawcorp.com/alixe_cormick/
Name: Dr. Jonathan Calof
Title: INTELLIGENCE ADVISOR
Bio: Dr. Calof has received Frost and Sullivan’s award in competitive intelligence, and others. He has given over 1000 speeches, seminars and keynote around the world. With over 150 publications, his extensive and successful track record has allowed him to combine research and consulting in competitive intelligence, technical foresight and business analytics to help develop key insights on its competitive environment.
Linkedin: https://www.linkedin.com/in/jonathan-calof-467761/
Name: Yash Mody
Title: BUSINESS ADVISOR
Bio: Yash co-founded and built Orchid Leasing to finance transportation and equipment leases. He implemented real-time decision and predictive analytics software at Fortune 500 companies which helped him design a proprietary end-to-end lease portfolio management and collections tracking system. With his technical knowledge and financial entrepreneurship, he is a great resource to Network.
Linkedin: https://www.linkedin.com/in/yashmody/
Name: Hussein Hallak
Title: STRATEGIC ADVISOR
Bio: Hussein is a serial entrepreneur, speaker, startup advisor and investor. Building over 20 startups, he has mentored and trained 1000+ entrepreneurs. Featured in Forbes, BBC, Entrepreneur, DailyHive (VancityBuzz), Business In Vancouver, Roundhouse Radio, and Vancouver Courier. He brings extensive knowledge of startups, innovation, strategy, growth, marketing, and social media to Network.
Linkedin: https://www.linkedin.com/in/husseinhallak/
Name: Binh Vu
Title: LEGAL ADVISOR
Bio: Binh is a lawyer practicing in the area of corporate finance and securities law. Binh practiced law for 10 years in Toronto at WeirFoulds LLP and as partner at Aird & Berlis LLP before becoming corporate counsel and advisor for start-ups. He holds LL.B and BSc. (Neuroscience) degrees. Binh is an active member of the Law of Society of Upper Canada and provides legal guidance to Network.
Linkedin: https://www.linkedin.com/in/binh-vu/
Name: Victor Yuen
Title: FINANCIAL ADVISOR
Bio: Victor is CFO of ZWEEC Analytic. Armed with over 10 years in the finance and accounting profession, he was managing partner specializing in audit, tax, insolvency, corporate secretarial, accounting and business advisory. Victor is a Fellow of the Association of Chartered Certified Accountants (FCCA) and an Accredited Tax Practitioner. His extensive financial experience is a great asset to Network.
Linkedin: http://zweec.com/wp/index.php/about-team/?id=500
Name: Dan Poh
Title: COMPLIANCE ADVISOR
Bio: Dan has 6 years of experience in Financial Sector including being part of Tier 1 Investment Bank & Private Wealth Management such as JP Morgan, Deutsche Bank & Bank of America. His last few roles with the financial firms covers mainly Regulatory, Risk, Compliance as well as FICC Support. Dan is currently a director at Cynopsis Solutions. He brings sales strategy, client servicing and compliance to Network.
Linkedin: https://www.linkedin.com/in/dan-poh-13713433/
Name: Elie Galam
Title: ADVISOR
Bio: A mathematician and alternative investments expert, Elie was a Portfolio Manager for Two Sigma investments, a 40 Billion dollars quantitative hedge fund. Elie received a Masters in Applied Mathematics from Harvard University and a Masters in Engineering from Ecole Centrale Paris. He is passionate about bringing blockchain, digital assets, and cryptocurrencies to the financial ecosystem of Network.
Linkedin: https://www.linkedin.com/in/elie-galam-85414b3/
Name: Abhijith Naraparaju
Title: BLOCKCHAIN ADVISOR
Bio: Abhijith is a blockchain solution architect, with official degrees in Electronics and Communication Engineering. Having worked at Syntel (Nasdaq:SYNT), he currently holds a position as Region Head at Blockchain Education Network. Abhijith is confident and dedicated to drive Network’s success, starting with its smart contract technology.
Linkedin: https://www.linkedin.com/in/abhijith-naraparaju-b517006a/
Name: Jure Soklic
Title: BANKING ADVISOR
Bio: CO-Founder and CEO / Hive project. Jure is an executive and consultant with extensive experience in the international financial industry. He is an expert in eCommerce, digital marketing, omnichannel, retail, business development and start-ups, and has strong track record in the field of finance, consumer durables and marketplaces. As a true believer in a decentralized economy, he works with to serve the underserved.
Linkedin: https://www.linkedin.com/in/juresoklic/
Company Address :
Singapore