What is Depository?
Depository network is a project that aims to create a decentralized crypto asset system for every B2B case. Each token or coin holder can pledge their assets in a collateral and receive loans from multiple lending institutions.
Lenders will have their individual depository on Depository Network and can start receiving digital assets as collateral. And every lender can organize their assets and have separate independent depositories. Each lender can define their own agreements and terms for the release and usage of the collateral.
Depository’s target user base is over 50,000 banks, consumer finance companies, P2P lending platforms, and crypto lenders around the world. The project’s goal is to reach a market penetration of around 5% within 7 years.
How do DEPO’s smart contracts work? It works by having a depository platform being created by a lender on the network. Then, the lender will offer users loans that are secured by digital assets.
Then, the borrower creates a loan agreement with your lender and makes a wallet within the DEPO network. All of the digital assets are then collected as collateral. The collateral is protected by a multi-signature wallet that requires a minimum of three signatures (the borrower, DEPO, and the lender).
When the smart contract is activated, the lender sends the borrower cash in fiat money. After the smart contract has been completed, the smart contract gives the collateral to the borrower. With Depository, you can receive DEPO tokens for each positive transaction that occurs within the network.
- Website: View
- Whitepaper: Read
- Fundraising Goals: $2,600,000 (Soft Cap) – $15,000,000 (Hard Cap)
- Price: 1 DEPO = 0.01 USD
- Minimum Investment: $50 USD
Bountyhive username: thetechinsider
- Team Experience: Svetoslav Dimitrov has over 15 years of professional experience. And it has Martin Kuvandjiev, the co-founder of Bitcoin gold behind the project. Because of their experience, Depository is a project that has a high chance of succeeding.
- Investor Incentive: The borrower has ownership of their assets, and benefits from any increase in price value.
- Integration: You don’t have to worry about being limited by one lender website. Depository is decentralized, making it easier to integrate with any lender website. Thus, saving investors time and money on their ventures.
- Competition: This ICO is in direct competition with other asset collateral blockchain projects. It will take some time before we see this ICO surpass the competition.
- Limited Vision: While Depository is a great idea, it will have problems reaching a wider audience. This ICO will have to make its product appealing to the public if it plans to grow in the future.
To conclude, we believe that Depository is a great ICO that has a high growth potential. Not only does it have a reliable smart contract system, but it also gives users the ability to borrow and lend assets without any issues of fraud. We can’t wait to see more developments and changes within this project as this ICO gets ready for launch.