New Project NEL – Offering A Blockchain based secure and transparent Microfinance solution Blog Review

Hello everybody. how are you all? meet me again powerman001 in our favorite blog hardycorps.co.id.
Well, on this occasion I will discuss about one of the ICOs that have recently been launched, namely nel.network.

 

What is nel.network?

Nel is a project that represents the general ecosystem of investors, supporting microfinance institutions with the help of blockchain technology. Anyone who wants to participate in the ecosystem can easily get a loan, risk free and with a motivating interest rate. Loans will be made in stable cryptocurrency pegged to the dollar, both lenders and borrowers against market volatility that characterizes general cryptocurrency. That is, this project wants to help start-UPS to get loans for developing their business ideas and plans. Nel will use blockchain. Blockchain ensures transparency and integrity of all information. All information is sent accurately, correctly, with full accuracy. This is the reason why blockchain usage will significantly improve the financial sector, where information is still very difficult to obtain. The possibility of application is very broad in the microfinance sector. A large number of players are ready to show that they respect their obligations to the community, cannot prove it. Blockchain is ideal for meeting these needs.

 

About NEL

Banking and financial services are quintessential to progress and development, however, despite efforts of providing mainstream financial services to communities in developing economies the recent findex reports present disappointing figures. With over 2 billion people — mostly in developing countries — with no access to any form of financial or banking services financially empowering rural and semi-urban communities in developing economies yet remains a challenge; not to mention the fact that such acute lack of financial services is an impediment to growth diminishing effective production.

The absence of any regulated or quality financial institution in communities allows unauthorized lending sharks to exploit those in need by levying exorbitantly high-interest rates. NEL identifies the problems facing such communities including the issues that limit the extent and reach of financial institutions in such communities.

Addressing these issues, the NEL promises operating with comparatively much better interest rates for borrowers and also provides exclusive benefits to the lenders. By creating a robust, intuitive and interactive ecosystem leveraging the blockchain technology it ensures elimination of unnecessary costs incurred on ledger upkeeping, account maintenance, and sums lost to transaction processing and third-party intermediaries.

Built on the NEM blockchain technology the NEL platform will be powered by unique ‘NEL tokens’ which have multiple functions on the platform like allowing members to receive privileges on the allocation of smart contracts, the payment of interest by borrowers, receiving profits on the funds loaned and more. The NEL tokens initially valuing 1 NEM are to be developed as dedicated tokens and will be exchangeable and tradable in the open market.

The platform will also feature a unique NEL USD token which will be pegged to the fiat currency; 1 NEL USD valuing $1 USD. While the NEL USD will protect borrowers from market volatility as the contracts and lending will be carried out in NEL USD.

NEL platform will be a user-friendly and didactic platform available to all the users. It will allow
the exchange of information between all the ecosystem participants. The microfinance
institutions will be able to offer smart contracts, communicate about their organisation and
their projects.

Users will have the opportunity to know about the microfinance institutions’ results in real time.
A full range of dynamic economic data will be available and usable for monitoring. Users will
have access to information pertaining to the pool, the rates applied and the participating
microfinance institutions.

Anyone willing to answer any financing request through offering a loan will be able to do so
through the smart contracts directly on the NEL wallet, that is well integrated with the NEL
platform.

For more information about the investment projects please visit:

Website: https://nel.network/
Whitepaper : https://nel.network/resources/pdf/NEL-whitepaper.pdf
Telegram: https://t.me/nelnetwork
Twitter: https://twitter.com/Nel_Network

 

Thank You For Reading.

Author Powerman001

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