The finance system over the last fifteen years, (though centralized) has evolved and through this welcome new financial technological innovations. Before the Advent of the evolvement, the financial statement has been known to be centralized and controlled by few. Most of the activities during this time, are actually profit driven. The old system was based on redistribution of money from those who have it, to those who need it in exchange for a fee. During these type of transaction, the Banks have always been the middlemen to broker the deal. This has not really made the process far enough, so Banks are usually dictator intermediaries. They decide who gets access to credits and who should not.
They take decisions on their own. This is the reason why the loan process has been concluded to be centralized. Over text years also, we've seen the arrival of blockchain technology and cryptocurrency arrive the financial market scene, but having a slow reception/acceptance of traditional financial institutions.
These led to the peer-to-peer (P2P) system taking a place and influencing the financial lending system. The elimination of Banks as intermediaries meant that interest rates and costs reduced, and money was available to everyone who needs it not minding geographical difference. Accessing credit was surely democratized.
Like any other form of financial system, P2P encountered it's own problem such as the distribution of money amongst few others.
The Advent of cryptocurrency created opportunities for the P2P lending system. Anyone could participate in the system but the cryptocurrency P2P still faced it's challenges such as; Fiat currencies still the instrument for a lot of transactions and loan collateral because the blockchain technology has not been integrated. Converting crypto assets into real time Fiat currencies also still seems an hectic task.
BRIDGEX NETWORK
BridgeX network is a financial ecosystem built to be the framework and act as a bridge between the crypto and Fiat currencies. This will ease conversion and payment solutions to enable crypto-to-crypto lending backed by collateral.
The BridgeX network will feature three core components to make it a stand out platform.
The components include;
BridgeX Core which is a smart contract suite hosted on Ethereum blockchain, it also boasts of an on-chain matching service and loan trading service. The BridgeX platform will be powered by the Xcore infrastructure. It will also ensure loans are matched properly.
BridgeX Platform will comprise of Bridge Convert and Bridge Send. These are DApps projected to deliver third party integration with understanding possibilities going forward.
Third Party Integrates
Furthermore, the platform's DApps listed above will help with;
Initiating payment with cryptocurrency of choice
Getting the best rate
Payment in SDG, IDR and EUR
No Middlemen
Easy Conversion with Bridge Convert
Accessibility in 180 countries
BXN TOKEN
The BridgeX Network will make use of BXN token which is an ERC-20 token. This token will be a utility token that provides users with access on the platform. The token will also be used for membership and incentivising the BridgeX Network. Other uses includes;
Lending Asset
Loan Collateral
Loan Repayment
Burning of BXN
Earning Rewards ...and more
TEAM
The BridgeX team is headed by Jody Ong who serves as the CEO. He is a seasoned fintech experts with over ten years experience in the payment system. He currently works at Wallex. He is backed by Joseph Lee, Hiroyuki among other experts who work to make the BridgeX Network great.
MORE?
You can Read more, about the BridgeX Network via the official website on
www.bridgex.network
Whitepaper:
https://bridgex.network/180827%20BridgeX%20Network%20Whitepaper.pdf
Bitcointalk Bounty Thread Link:
https://bitcointalk.org/index.php?topic=5024373.0
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