Coyne123
New Contributor
- Joined
- Jun 22, 2023
- Messages
- 2
Rep Bank
$65
$65
User Power: 150%
My patented invention is a groundbreaking automated peer-to-peer lending system. It's a digital platform, hosted on the cloud, where users deposit funds into individual accounts. These accounts are interconnected, creating a community fund pool, from which any user can borrow instantly when making a purchase.
Here's how it works: When a user decides to buy something, funds are automatically deducted from all the other users' accounts to cover the purchase. The amount taken from each user's account is proportionate to their contribution to the community fund. After the purchase, the borrowing user reimburses everyone by depositing back the borrowed amount into the fund. If they take a while to pay back, interest is charged, incentivizing prompt repayment.
The beauty of this system is that it democratizes lending, making it possible for any transaction to be funded by peers instantly, without disclosing the purchaser's identity. Users who contribute more to the community fund are given the opportunity to loan more and potentially earn more interest.
My system offers an innovative and sustainable alternative to traditional credit systems, providing a decentralized, egalitarian and efficient approach to lending.
Here's how it works: When a user decides to buy something, funds are automatically deducted from all the other users' accounts to cover the purchase. The amount taken from each user's account is proportionate to their contribution to the community fund. After the purchase, the borrowing user reimburses everyone by depositing back the borrowed amount into the fund. If they take a while to pay back, interest is charged, incentivizing prompt repayment.
The beauty of this system is that it democratizes lending, making it possible for any transaction to be funded by peers instantly, without disclosing the purchaser's identity. Users who contribute more to the community fund are given the opportunity to loan more and potentially earn more interest.
My system offers an innovative and sustainable alternative to traditional credit systems, providing a decentralized, egalitarian and efficient approach to lending.
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