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SOFIN (social financial network)
SOFIN (social financial network) —P2P-lending online service.
It is a marketplace platform which brings together creditors and borrowers:
• Creditor — private individuals, banks, microfinance organizations and funds;
• Borrowers — private individuals, individual entrepreneurs and organizations.
P2P-lending is a financial instrument with great development potential today. According to the study by the PricewaterhouseCoopers, in the next 5 years, eight out of ten banks expect to create strategic partnerships with P2P services and digital money transfer platforms. The Foundation Capital predicts that the volume of the world market of P2P-lending will reach $ 1 trillion by the year 2025. This promises great prospects for the development of entrepreneurship, in particular, for small and medium-sized businesses.
Loans are issued in the fiat currency of the country where the borrower resides. This allows the currency to be exchanged through the SOFIN token if the creditor and the borrower are from different countries.
What they have achieved so far:
• 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%

SOFIN Platform

They believe that every person in any country should be able to obtain money in order to improve the quality of his/her life. And on the terms that a person chooses, the SOFIN aim is to remove barriers and borders, to give the access to financial resources to the people of less developed countries. They will address the daily needs of ordinary people and entrepreneurs, opening up decentralized access to finance on terms convenient to the both parties, not to the bank or any other mediator.
A lot of challenges facing society are being solved like that:
• The population consumes what it needs;
• Trade and manufacture turnover grows;
• New jobs are created.

Guarantee Fund

To encourage the operation of the service and to attract potential Creditors, the Guarantee Fund will be established on the website. Its aim is to cover the losses of Creditors in case of default of the Borrower.
The Fund’s services are available to both Borrowers and Creditors. Any of them may request a guarantee (surety) on the loan. However, this will be available for the Borrowers with high credit ranking and full verification.
There are three levels of guarantee:
  • The first guarantee level is 100% of the loan amount. The system reimburses 100% of the loan amount within 7 days of the date on which the Creditor’s claim has been received;
  • The second guarantee level is 75% of the loan amount. The system reimburses 75% of the loan amount within 14 days of the date on which the Creditor’s claim has been received;
  • The third guarantee level 50% of the loan amount. The system reimburses 50% of the loan amount within 30 days of the date on which the Creditor’s claim has been received.

About token

The system uses the Ethereum ERC 20 platform. The SOFIN token performs many functions on the system. Encouragement of participants in a transaction to increase the number and quality of transactions in the system. The more turnover of issued loans is in the system, the higher the cost of the token, since the entire fee will be taken in SOFIN — they will be automatically bought out from the exchanges to repay the fee. The history of all transactions will be stored in blockchain. Up to 20% of the loan will be available to be given
in the SOFIN tokens. SOFIN will also be an intermediary between the exchanging of one fiat currency to another. Let’s look at all of these features in detail.

Legal aspects of the SOFIN token

  • Token buyers are members of the SOFIN project and are not investors
  • Collecting money for a project is not an investment because a token buyer is a member of a project that will need to attract creditors/borrowers to participate in the project and receive a fee, or use acquired tokens when issuing a loan at the SOFIN site;
  • The project does not guarantee the participants’ income;
  • Tokens are not securities according to the legal acts of all countries over the world;
  • The SOFIN token is the utility token. By buying a token, you acquire the access key to the product of the SOFIN platform. The number of acquired tokens depends on the scope of access and work on the SOFIN platform;
  • SOFIN holders are not limited to prohibitions on the sale/transfer of tokens to third parties;


If you want more information, visit the WEBSITE and read the WHITEPAPER.

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