Eracom works on Decentralized finance (DeFi) lending and borrowing platforms that are decentralized applications built on block chain technology that allow users to lend and borrow cryptocurrencies and other digital assets without the need for intermediaries such as banks. These platforms use smart contracts to automate the lending and borrowing process and provide a transparent, secure, and censorship-resistant environment for users to manage their funds.
A P2P lending and borrowing offer several advantages for both borrowers and lenders such as:
Decentralized Finance (DeFi) lending and borrowing refers to the practice of lending and borrowing cryptocurrencies through decentralized platforms on block chain networks like Ethereum. These platforms use smart contracts to automate the process of lending and borrowing, allowing for peer-to-peer transactions without the need for intermediaries like banks. Users can lend out their digital assets to earn interest, or borrow assets and use them for various purposes, often with the requirement to provide collateral. DeFi lending and borrowing is often considered as an alternative to traditional finance and has gained significant popularity in recent years.
A P2P lending platform, operates as an intermediary between individual borrowers and lenders. The platform connects borrowers seeking loans with lenders who are willing to provide funds. The lender provides the loan funds, and the platform manages the loan process, including loan disbursement, repayments, and interest calculation. In return, the platform charges a fee, which is typically a percentage of the loan amount. The platform often performs credit checks and verification on borrowers to assess their creditworthiness and reduce the risk of default. P2P lending can offer borrowers lower interest rates compared to traditional banking options and provide lenders with a higher return on investment compared to traditional savings products.
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