Money can be a serious force in driving apart friendships, family relationships or any type of relationship. We’ve all lost a few things because we decided to lend something to someone and it never got returned. And if we’re being honest, it can make us hesitant to lend out anything, especially money.
WHAT IS LENDSBAY
LENDSBAY is a lending ecosystem where people can give each other loans, the history of which is stored in a blockchain, and the risk that they will not be repaid is assessed through social and bank scoring. It develops a unique system for rating users that combines all the latest developments in the banking sector, social scoring (proximity), the benefits of blockchain technology and artificial intelligence.
THE PROBLEM
Currently, there is a grey segment of the global lending market that lacks transparency, i.e., lending between individuals (usually relatives, friends and acquaintances). The main problems of the informal market are as follows: there are no formal loan records, therefore disputes arise about repayment dates, terms and conditions; there is no contract, no mechanism for judicial enforcement of debt repayment, no credit history, no market-based mechanism for determining interest rates; the market is smaller than its potential and there is no mechanisms for reducing risk. Normalizing this lending market would reduce the risks for lenders and improve the terms for borrowers.
THE SOLUTION
LENDSBAY’s solution makes it possible to borrow money very quickly and easily—concluding an agreement in accordance with the laws of a particular country if necessary—to look for investors or borrowers from your own social circles or just to keep track of your debts, while also making it possible to have your accumulated positive credit history in Lendsbay taken into account when obtaining future loans: in case you move to another country or apply for a bank loan.
The Lendsbay application was designed for interaction between users. One of the main purposes of the application is to streamline and secure the informal financial market, as well as to simplify the procedure for finding partners and completing transactions. This is what its main functionality was designed for, which includes: simple and easy-to-understand debt management , notification of current and upcoming events (payments), user-friendly search function for borrowers/lenders, a tool for assessing the borrower’s level of risk, the creation of social groups (bays), loans in bays (co-workers, friends, classmates), a blockchain-based credit history, preparation of court documents in the event that a borrower refuses to repay their loan, the work of bailiffs for court-ordered debt collection and resale of distressed debt to third parties or collectors.
Based on a balance between transparency and the degree of social control, the plan is to emphasise the following main social groups in the app: friends – close acquaintances with a history of mutual relations and/or common interests; work – groups of employees within an organisation; university – a group of people associated with one institution.
Lendsbay already has a functional, working app (beta version), prior to their ICO, which is pretty rare, and it can be accessed on their website.
THE TOKEN
The Lendsbay project is in Pre-ICO stage, for another 15 days. LBT – their tokens – will be released on the Ethereum platform and will fully comply with the ERC20 standard, which guarantees the compatibility of the token with third-party services and also ensures ease of integration.
LBT tokens are not limited to use on the ecosystem platform. After the platform is launched, LBTs token will be available for purchase/sale on cryptocurrency exchanges. At this moment, one LTB can be purchased at the price of 0.32 $. The pre-Ico has a soft cap of 250.000 $, while the ICO’s soft cap has been set to 10.000.000 $.
A total of 100 million LBTs are available. Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed.
THE TEAM
Behind this project we can find a team with extensive experience in banking in such areas as investment business, retail risks, corporate finance and derivatives. In particular, in the area of risk, team members have successfully managed retail risks at leading Russian banks and have an understanding of how to build effective scoring/ratings models for assessing the creditworthiness of borrowers and how they can be improved. The IT division of the team is engaged in the development of complex high-load production software solutions on various scales, including using blockchain technologies for distributed storage of information.
ALEXANDER KOPTELOV (Founder, CEO) graduated from the Department of Computational Mathematics and Cybernetics at Lomonosov Moscow State University, Master’s in Finance from the New Economic School in Moscow. Banking experience includes seven-plus years in market risk, three-plus years in IT and four-plus years in corporate finance at Zerich Bank, Alfa Bank and Raiffeisen Bank. He is also associate director of Sberbank CIB.
ANTON GAZIZOV (Founder, CFO/IR) graduated from Cambridge University with a degree in Economics. Has extensive experience in corporate finance at a number of major global banks and investment companies, such as Goldman Sachs, Rothschild Investment Corporation, Deutsche Bank and VTB Capital. He is Managing Director of Sberbank CIB.
ANDREY CHEREMKHIN (Founder, COO) Graduated from the Law Faculty at Moscow State Pedagogical University with a degree in Civil Law. More than 10 years’ experience in the legal profession, including in the fields of intellectual property and IT, extensive judicial practice in courts of various instances. Entrepreneur.
LYUDMILA LUKASHOVA (Founder, CRO) graduated from the Faculty of Mathematical Methods in Economics at the Financial University under the Government of the Russian Federation. She has more than 10 years’ experience in retail risk at top-three Russian banks, as Chief Risk Manager.
CONCLUSION
LENDSBAY is system for trusted financial transactions between people based on transparency and blockchain technology. The core of the system is the unique Lendsbay ratings system for users of the Lendsbay ecosystem, which combines all the latest developments in the banking sector, the use of credit bureaus, as well as a proximity rating, self-learning models (artificial intelligence), and the recording and storage of ratings in a blockchain. An important advantage of this rating for users is that it reflects a user’s entire history of financial relationships in a format that the parties can easily understand, which is necessary to make the right decision when granting a loan.
For further infomation about this project, you can read their Whitepaper and visit their website https://lendsbay.io
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2. Make an Informed Decision 
3. Platform or Tokens 
