Place/Date: - February 15th, 2018 at 11:13 am UTC · 5 min read
Contact: Artem Zhilin, Source: Gelios
Becoming a creditor is always a matter of managing risk. Think about it. You’re literally giving your hard-earned money to someone else with usually little more than their word to hold them to their obligations. In a best case scenario perhaps there is substantial collateral on the line, but this has become increasingly rare over the last few decades, and even if there is collateral on the line it is usually only a fraction of the value of the loan. Were it more than a fraction, it would no longer be collateral rather it would be a pawn. So, creditors are starting out on what could be described on somewhat predictable earthquake terrain. It only gets more complicated when these loans start happening across international lines.
For the global elite, sure international loans are no big deal because the costs of the army of lawyers (that oversee the transfer itself and legality of it), is little more than a footnote compared to the sums involved. For those who cannot count on the lawyers version of justice league to oversee everything, then international loans are actually quite complicated and difficult, especially when the loans are between non-related individuals. For example, for people trying to help others around the world start business or develop their region. These kinds of loans tend to get caught in the net of red tape and both sides suffer for it.
Gelios tackles this problem with state of the art cryptocurrency technology. But how does it work and how does it limit risk to creditors?
This is the signature feature of cryptocurrencies and the Gelios token is no different. The entire system is built from the ground up to be completely secure. One of the problems normal transactions run into (especially outside of Europe and North America) is the risk of the wrong person ending up with your money. If you want to help X person start a business, but there is risk that the transfer will be held by the government or could end up in the hands of the wrong person, then you probably won’t be making that transfer. But with the advent of cryptocurrency, you can be sure that the guy at the other end is the guy you want to be there to receive the money.
The decentralization of currency is a key part of the value of cryptocurrency and Gelios. Decentralization is more than what most people make it out to be. Often, it is made out to be little more than the lack of a central structure directing and routing payments. But it is more than that, it is the lack of a central structure regulating and deciding the value of the currency itself. With national fiat currencies, the government is literally the only thing assuring you of the value of the money.
With cryptocurrency and Gelios, the value that tokens are assigned comes not from a central power structure telling you that it has value (and then insisting on seeing the transaction, etc), no, the value comes rather from a decentralized network of users providing demand that in turn creates the values itself. This is extremely important when working with many nations around the world that have fragile currencies or currencies that have disadvantaged trading factors. Cryptocurrency, being completely borderless, has none of these issues.Furthermore, there are no transaction fees or difficulties with the exchange of certain currencies.
Going hand in hand with decentralization and security is the new expectation of privacy that exists with cryptocurrency. When the world ran on cash and coin (as in real coins), the vast majority of transactions were totally private. There was no one butting in, no one reading the transcript, and no one calculating how much you have earned, borrowed, loaned, and made this year. Nowadays most transactions occur online or via a network (or several) and they are recorded by many government, businesses, and third parties. With Gelios and crypto you have complete control and privacy.
These are just some of the ways that Gelios technology is using cryptocurrency to help bring international P2P loans to the masses. Gelios also includes a litany of features that ought to be very interesting to our readers. The first being Smart contracts – our contract system is based on smart contracts which gives you innumerable benefits. We call this system Gelios Smart Contract Governance. Even better, with Gelios Customer Risk Analysis you will be able to judge the potential risk and upside of your Gelios loan! With smart contracts, risk analysis, and other innovative features, Gelios is leveraging the best of cryptocurrency with innovative technologies and procedures.
If you are worried about potential late payments, Gelios has your back with hardcore protection. This protection is called Gelios Collection Market. Gelios offer a service that lets you use soft collection tools to recover money from reticent borrowers. All this to make international P2P loans accessible to all and making sure creditors know where their money is going and when they’ll be getting it back.
Gelios are currently holding a token generation event (TGE) which started on the 21st of January, and ends on the 21th of February. Each token (GLS) is equivalent to 1 USD and in return for early contribution they are offering a 100% bonus. The soft cap is $150,000 Pre-TGE and $500,000 thereafter. The hard cap has been set at $7,000,000. There is a total token supply of 16,808,824 of which, 8 572 500 will be made available for the community. All unsold tokens will be burnt in accordance with smart contract rules.