The Depository Network is a cryptocurrency platform that wants to make viable collateral to obtain loans from a certified bank or credit institution.
The Depository Network is a cryptocurrency platform that wants to make viable collateral to obtain loans from a certified bank or credit institution. The platform will combine the traditional lending and blocking technology. The borrower who holds the cryptocurrency signs a contract with a peer to peer lending platform, bank or credit institution for a fixed amount of fiat money as a loan and provides crypto coins or tokens as collateral. The Depository Networking System creates a smart contract for smart negotiated systems or a multitasking address for coins without the need of smart contract support. The borrower must send the agreed amount of coins to this contract or address accordingly. Once the loan is returned, the transaction is initiated into a loan provided by the borrower. Either the lender's representative or the depository network can provide the necessary signatures to sign and send the transaction.