What is Block 66?
As of now, the mortgage market has a few problems with its infrastructure. For example, the mortgage market has over $9.9 trillion in the US, but there are some risk-averse institutions that might not want to lend to even the most qualified and creditworthy customers.
Block 66 offers a solution to this problem. First, it streamlines the entire operations and software stack. For lenders, Block 66 acts as a sustainable loan pipeline, mortgage securitization, and auditing tool in one single platform.
Block 66 eliminates geographical restrictions, a bank account, and reduces the number of counterparty risk. For borrowers, the competitive and transparent nature will give their customers the best mortgage deals available.
For borrowers with good credit scores (661-770), Block 66 will be focused on assisting them first. In their white paper, the project will use blockchain technology to issue the mortgages on the platform. These mortgages are also physically represented by a Digital Trust Fund.
We can see that Block 66 is aiming to disrupt the home and global mortgage industry. Even though the market is growing, it can be difficult for customers to receive their mortgages without a lengthy process. Block 66 speeds up this process and creates a decentralized system to help it scale for a high number of users.
- Identity Checks: Block 66 works by using third-party APIs to send out identity checks (KYC) to verify the borrower’s identity. This helps brokers detect fraud and meet regulatory requirements.
- Virtual Underwriters: The system sends an application to a virtual underwriter if it’s unable to make a valid borrower file automatically. The broker or client will pay for the fees in ETH.
- Block 66 Network Tokens: These tokens are used to pay for services conducted on the Block 66 Network. With them, you can have faster access to mortgages on its platform.
- Website: View
- Whitepaper: Read
- Fundraising Goal: $3,000,000 (Soft Cap)- $20,750,000 (Hard Cap)
- Price: 1 B66 = 0.10 USD (Pre-ICO). 1B66 = 0.15 (Post-ICO Sale)
- Total Tokens for Sale: 155,000,00 B66
Bounty0x username: thetechinsiderorg
- Team Experience: Block 66’s team is known for their experience and developments within the FinTech industry. With over 20+ years experience and a strong vision, there is a high chance this team will bring the project to completion.
- Mortgage Protection: Block 66 aims to give legal assistance through various geographies. It does this to protect the users from borrower defaults through multiple partnerships.
- Lender Incentives: Apart from the U.S and Canada during the mid-term, Block 66 lenders will have exposure to modern markets, this includes emerging economies.
- MVP: While Block 66 is a good project idea, it still doesn’t have an MVP product. Seeing a physical version of how this ICO project would work will increase its credibility amongst other investors.