Borrower - any organization that requests funds for its type of activity through a pool from a sponsor. But before contacting sponsors, any borrower needs to undergo an audit.
Audit - Evaluates the borrower for fraud. Each auditor is a separate person who, independently of other auditors, checks the borrower. The auditors are constantly changing, this is done so that the auditors are not dependent on each other. They decide by voting. Whether to admit the borrower to the sponsor or not.
Sponsor - After the audit, the borrower goes to the sponsor. The sponsor is interested in a good borrower, therefore he insures himself with additional inquiries to the borrower. These can be additional questions, documents, live meetings. If the Sponsor is satisfied with everything, he gives him a loan. The loan is issued in two tranches. The first tranche goes from the Sponsor, it is called the Junior Transh, followed by the second tranche from the Senior Pool, which is provided by liquidity providers.
Liquidity providers are users who are mainly interested in passive income. They provide their funds in the “Senior Pool” from which, after the decision of the Sponsors, a loan is issued to the borrower at an agreed interest rate.
Using the concept of “trust through consensus”: borrowers can demonstrate creditworthiness based on the collective assessment of other participants, rather than based on their cryptoassets.
What is the difference between a liquidity provider and a sponsor?
To begin with, each of them has its own pool, which are issued to the borrower in a ratio of 4 to 1. Each of them allocates 10% of the loan yield to the reserve pool. In turn, the Senior Pool, which is owned by the Liquidity Providers, additionally deducts a fee from the loan income in the form of 20% of the Junior Pool, which is owned by the Sponsors. This is done because the Sponsors do additional work in checking the borrower, and also allocate capital for the first loss.
Parties concerned:
Auditors - Members who receive remuneration from GFI for providing audits on the minutes;
Backers - Members who provide Junior Tranche capital to selected Borrower Pools;
Borrowers - Participants who raise capital from the protocol;
Borrower Pool - The smart contract itself, constituting and coding a set of financing conditions for the Borrower, including the interest rate and repayment schedule, and with which the Borrower can borrow capital and return it on these terms;
GFI - Operational Token used for Governance Voting, Auditor Bids, Auditor Voting Rewards, Sponsor Bets, Junior Tranche Member Rewards, and other potential rewards for all protocol participants;
Liquidity Providers - Members who provide capital to the Senior Pool;
Senior Pool - A Smart Contract that accepts capital from liquidity providers and automatically distributes capital across the Senior Tranche of Borrower Pools in accordance with the Leverage Model;
Leverage Model is a formula by which the Senior Pool automatically determines how much capital should be allocated to each Borrower Pool.
Bond rates will reach zero and become negative, according to Goldfinch. This will cause a change in trend. Capital will target other markets (stocks, driving up the prices of these assets)
The redistribution options are private lending funds, which continue to perform well (8-10% +, thanks to private deals). But the big disadvantage is that you need to be part of an affiliated group.
Goldfinch is trying to make a difference.
Blockchain can act as a defense against monetary policy. Developing countries have already turned their attention to cryptocurrencies.
Who can provide a loan?
Financial relationships consist of debit and credit. Any transaction needs funding! In the world, banks act as this intermediary. But there is another option. Where anyone can provide credit for any transaction in the world. Imagine if not only huge banks could provide loans for these transactions, but also anyone in the world, or even a smart contract.
People will start receiving their income on this blockchain! This will open up a much broader space for developing how Goldfinch can fund these activities.
Goldfinch believes it is possible to remove these bank overheads and offer these opportunities to the collective judgment of people around the world.
There is enormous untapped underwriting potential with thousands if not millions of people who can identify and evaluate new sources of credit. By decentralizing the underwriting process, DeFi can allow anyone to lend in ways that banks simply cannot today. This is especially the case for emerging markets.
The only questions you may have are:
-This is the verification of borrowers (methodology);
-Output ratings and their effectiveness;
-Legal responsibility;
-Regulation;
-In which jurisdictions it will work!
Who are the investors and advisors:
p.s
Maybe this is the future of money, or maybe this is an attempt to create a new financial system. Let's watch the development of the project and then draw our own conclusion, but for now I give you the opportunity to learn new information.
Learn more about the Goldfinch project:
Веб-сайт: https://goldfinch.finance/
Whitepaper: https://goldfinch.finance/goldfinch_whitepaper.pdf
Telegram: https://t.me/joinchat/HKTu8GB4-FrbVhUQ
Twitter: https://twitter.com/goldfinch_fi
Introduce the Flight Academy program:
Module 1, Flight Basics - Introducing GoldFinch is now available!
Tutorial Videos:
Three Module 1 tutorial videos are now available on the Goldfinch YouTube channel. You can watch them here:
Take the Test:
After watching the tutorial videos, take the following test:
https://docs.google.com/forms/d/e/1FAIpQLSeUI6KxriODmRjTIChNwzA5UvEwMzp2c--xXMFeEnc4Q4ZSwg/viewform
It is important that you provide an email address so that you can receive copies of your responses.
You can help other Flight Academy members by discussing the protocol on Discord on the questions-1 channel (sharing answers to the test is prohibited - this will lead to disqualification from the program and may result in a ban from the server.)
Tasks:
Create an original blog post (250+ words), a storm of tweets (at least 5 tweets), a YouTube video (at least 1 minute), or similar content covering one of the following topics:
1. Getting to know GoldFinch
2. How Goldfinch Is Different From Other DeFi Lending Protocols
3. Key differences between the Senior Pool Partner and Sponsor roles.
Share your post on social media and post a link to your post on social media in the challenge-1 thread. Content and social media posts can be in any language, although English is preferred. Vote for the content you like with the red bird emoji!
Meme Contest:
Create a meme that best reflects the sponsor's role in the Goldfinch protocol. Post your best stuff to the memes-1 branch. Next Monday, September 27th, we'll vote for the best meme using a special emoji.
Translations:
The community really needs help with translations, especially Russian translations. Please post quality translations on the translations-1 channel to support other community members. The content we need to translate includes: 1) this instruction, 2) Youtube video (text translation is fine!) 3) Test (translating the text verbatim, including the answers, but not specifying the answers, would be very helpful). Don't forget to vote for the best translations using the red bird emoji! Only the best translations will receive awards.
Please note: all tests, assignments and memes for Module 1 must be submitted by September 27th. Translations must be submitted by September 21st.
Other ways to receive rewards during Module 1 (in addition to participating in the above activities) include:
Asking detailed questions based on Module 1 content in the questions-1 channel
Answer questions from other community members on questions-1
All activities for the past week.
If necessary, follow the link to: https://drive.google.com/drive/folders/1ozt3oMW7zdyYovql-fmJZC8S0boptJ80
How do I join the academy? Registration:
1.To register, you need to follow a series of steps described in the document: https://goldfinchfinance.notion.site/Goldfinch-Flight-Academy-ab749e181d514ce08160ba5e688c874f
2.Complete KUS: https://app.goldfinch.finance/verify
3. Join the discord: https://discord.gg/HVeaca3fN8
4. Go to the channel "start-here" and under 2 messages from andrew | Goldfinch like green check box ?.
5. The channel "# flight-prep" will open for you where you need to like the icon of the red bird under the message.
6. Fill out the form: https://docs.google.com/forms/d/e/1FAIpQLSdptzhIXmJe_Rz4flvFsLV7KkMiIWHCKtU6zudAYU5nx6f1-A/viewform
7. Thanks to me: you can go to the "new-friends" discord channel and write: hello @Dimon#5415
