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Lendoit ICO Review – Offering Smart Contracts for Global P2P Lending Platform

About Lendoit 

Lendoit has developed a lending economy that enables the borrowers to receive lucrative interest rates and the lenders get better returns by utilizing Smart Loan Contracts. The platform is designed with the aim of improving the level of trust of the users over the Blockchain technology that uses Smart Reputation contracts. This platform saves the lenders from losing their funds, leveraging the capabilities of Collector’s Tender and Smart Compensation Funds Contracts.


Analysis of the Marketplaces

The current scenario of lending marketplaces seems to be quite challenging and lethargic. Lending marketplaces are online platforms that allow the lenders to lend loans to the borrowers. But these platforms are completely different from banks because they act as agents who facilitate the whole process without receiving deposits and lending funds. They generate income through commissions and fees received by the involved players. The P2P lending system is a medium to meet borrowers and lenders via online platforms. In this way, borrowers can enjoy the benefits of accessing quick funds and typically get fairer interest rates as compared to those provided by the banks. Each platform has its own scoring system to determine the eligibility and repayment capacity of the borrower.

Peer to peer lending without the involvement of banks

Peer-to-Peer lending marketplace is a relatively new industry, founded in the year of 2005. But, In comparison to traditional lending system, this concept brings huge advantages for the industry and still providing significant margins by implementing accurate strategy and technical innovation. The P2P lending process makes it quite easy to lend and borrow money without the involvement of the banks, who often have lengthy requirements of KYC and other documentation to complete a loan transaction. Nevertheless, the process itself may prove to be quite taxing for the loan applicant as one may have to visit the bank’s office in person multiple times. The process may take weeks and even months to complete. Filling of the documentation itself may be quite cumbersome.

Experience the convenience

According to the Lendoit, it is a misconception that new industries that come with latest technologies provide more benefits, but in reality older industries are more established and require constant technology upgrade to stay ahead in the competition. And the Peer-to-Peer lending marketplace has not reached that stage yet. That’s why, Lendoit has started focusing on the emerging P2P lending platform to build it from the scratch with the support of blockchain technology, to provide a seamless and secure use experience.

Decentralized P2P Lending

Lendoit has introduced the decentralized P2P lending marketplace that connects the borrowers and lenders all over the world leveraging the benefits of Smart Contracts and Blockchain technology.  The platform offers multiple solutions required for the lending markets for professional Scoring, Collection and Verification. It also helps lenders in securing their funds by creating unique Smart Compensation Fund Contracts and Smart Reputation contracts.  With Lendoit, lenders can give loans in any ERC20 compliant wallet and contribute in Lender’s nondiscriminatory tender. They can also do it directly through third-party wallets supported by Lendoit’s Smart Loan Contract. Apart from it, Lendoit also provides Secondary Market that allows the lenders to liquidate their funds conveniently.

Smart Card Contracts

Lendoit is aiming to change radically the ways people make and receive loans by creating more authentic and simple loan process and promote P2P lending marketplaces over the blockchain.  The company is backed by the strong team members who share over 100 years of experience in the arena of Fin-Tech Industry. The company is stepping ahead to bring innovative changes in the lending industry, and facilitating personal funding on the blockchain technology and Smart Card Contracts. The contracts allow the lenders to use the platform on a global level. They can lend to anyone, anywhere.

Lendoit Ecosystem

Lendoit has created a disruptive ecosystem powered by Smart Contracts that can be used by four different types of networks:

  • Lenders: – With this Smart Loan Contract, lenders can give loan to the borrowers by transferring fund to the contract.
  • Borrowers: – They can easily apply for loan through Smart Loan Contract.
  • Collectors:- By utilizing Smart Loan Contract, collectors can buy any debt in a tender. But, the collectors participating in the auction must fulfill the applicable legal requirements and regulation in the relevant jurisdiction.
  • Consumers:- They can grab information regarding Ethereum address for any purpose through Lendoit Smart Reputation Contract.

Lendoit Platform for Decentralized Loans 

The Lendoit platform takes help from the professional third party risk assessment organization to ensure safe and secure lending process. It identifies and measures the risks associated with lending processes, and also determine what type of mechanisms and controls can be implemented to prevent the chances of illegal discriminations. After receiving the confirmation of borrower score and verification approval, a Smart Contract is updated on Blockchain and also published on the Lendoit Marketplace.

After this, loan process begins in a decentralized way, a specialty of blockchain technology, eliminating the interference of mediators. Once the borrower repays the loan, their status is updated and portion of their returns are transferred to the Smart Compensation fund to save the lender from lending to defaulters.

Lendoit platform has great ability to ascertain risk for the lenders and allows them to make informed decision about whom they are choosing to lend.

How Lendoit Differs from Others?

The loan process of Lendoit Platform is divided into different steps to ensure complete authenticity and security for its users. Here are its two key processes.

1 – Verification process:- Before starting with Lendoit, first borrowers need to go through with quick application process to accomplish all essential KYC verification as per the legal requirements and regulations. After this, Lendoit sends verification information to the top international verification providers to ensure that the provided information is true and authentic.

2 – Scoring process:- Previously, credit scoring was done on the basis of different factors like potential of the borrower to repay the amount of money borrowed and their credit history. But different ways can now be used to determine anyone’s credit score. At Lendoit, they will send the borrower’s data to the verified scoring provider to verify the borrower’s credit score and ability to repay the loan. As this whole process works digitally, it just takes few hours to complete.


Once the borrower’s information and credit score information is verified by the professional scoring provider, Lendoit can publish the loan request. They will publish the Smart Loan Contract in the Lendoit and Blockchain Marketplace. Lenders who are willing to fund a loan can start bidding for it in the form of lender tender. The whole process makes the lending competitive both for the lenders and the borrower. The bidding process ensures that the borrower is able to choose from the multiple attractive options put forward to them by the lenders. They can choose from the one as per their needs and the repayment terms and interest rates of the lender.

Lendoit Smart Contracts

The Lendoit system uses different types of smart contracts in order to operate and automate the whole process. The smart contract is actually a set of protocol rules, coded in software that decides how a transaction will be processed. These set of standardized rules ensure that not only transparency is exercised in the process but the whole data is recorded in a safe, secure and unalterable way. There are hardly any chances of anyone playing fraud with the data as multiple checks and balances ensure the integrity of the data.

1 – Smart Loan Contract in Lendoit Loan Process

 Although, Lendoit’s Smart Loan Contract is also recognized as “contact” but it contains very important information related to loan process functions. Smart loan contract:

  • Contain details of the borrower’s score and score provider
  • Stores the details of borrower’ verification with verification provider
  • Has lender’s tender for interest rate
  • Contains loan conditions and acts in the form of electronic agreement
  • Is accountable for updating the Smart Reputation Contract with an objective record
  • Keeps records of the Smart Conversion contract
  • Is responsible for transferring the funds into Smart Compensation Fund Contract
  • Works like a reliable intermediate responsible for releasing and holding the funds to the borrower
  • Allows for deviations of ownership in loans made by transactions among secondary market and lenders
  • In case of defaulted loan, it can initiates a collector’s tender

2 – Smart Reputation Contract

  It is equal to credit score that acts like a global score of an Ethereum address which can be used for various purposes rather than credit transactions. To maintain the anonymity, Ethereum addresses eliminate any type of trust issue which inevitably arises and happens in such anonymous environment.  The Smart reputation contract gets updated when:-

  • The lender lends to a borrower
  • Borrower repays the loan
  • Borrowers fails to repay the loan

Whether it is a case of late repayment or successful or default loan, the records will be generated and recorded in the Smart Reputation Contract. It will generate up-to-date records and additional information for the borrowers. Lendoit makes sure that the data will be accessible to everyone so that lenders get all the information regarding the specific borrower. Further loan rates are provided to borrowers having high reputation score in their wallet with better term as compared to new unrated wallets.

3 – Smart Compensation Fund Contract

Lendoit has developed the Smart Compensation fund which reflects the available funds all the time at no cost.  The small portion of loan return is transferred to Lendoit’s Smart Compensation funds Contract so that lenders can get peace of mind that they will recover their some part of their funds in any case. However, the transferred fund portion will constantly vary as per the machine-learning process.

Advantages of Lendoit Smart Loan Contacts over P2P Lending

The smart Loan Contract offers various benefits over other P2P lending solutions. Key benefits for the users include:

  • Global Marketplace:- The decentralized system supported with Blockchain runs everywhere and provides lucrative interest rates for both the lender and borrower. The loan’s interest rate is openly determined to offer transparent tender where lender can evaluate borrower’s score to decide the amount of bid and rate.
  • Reputation Objective:- Smart Loan contract is not based on emotions like other reputation systems. It focuses on creating authentic record, based on the prior performances of the borrowers and their timely repayments of loan.
  • True P2P:- It is beneficial for transferring funds from lender to borrower and vice –versa, without including the interference of any mediator. This will automatically enhance the trust of lenders and borrower due to its transparent and swift lending process.
  • No need for a trust account:-With the latest blockchain based technology of Smart Contracts, users need have a trust account. It saves their time and lot of money by offering automatic transaction process while bypass all barriers.
  • Collector’s tender:- In case of defaulted loan, the debt can be sold to verified international collectors with the help of collector’s tender. It will prove beneficial for the lender to recover his large portion of defaulted loan.
  • Compensation fund:- This fund is applied by a Smart Contract and it can be accessed only by the Smart Loan Contract. It is helpful in preventing the risk involved in lending as lenders have option to recover the part of their losses through the compensation fund.


Lendoit platform has the potential to revolutionize the whole lending and borrowing process. It’s the way apart of the traditional lending platforms that we are used to. Lendoit ecosystem ensures that the financial data is transacted in a flawless manner as the entire process is digitalized and runs on a secure blockchain technology. Blockchain technology is the backbone of all cryptocurrency transactions. The relatively new development has made decentralized processing possible. The decentralization of processes has eliminated the need of the rational banking and financial intuitions that keep all the data at a centralization location. In case someone gains access to that data, he can easily steal it and make fraudulent transactions. Due to its robust approach, Lendoit tokens are going to be widely received by the investors in its ICO launches.

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