Tritium is a peer to peer crypto loan facilitators. This means that if A would like a loan and he has Bitcoin, B can lend him fiat while A places BTC as collateral. $Trtt will act as an escrow for the transaction.
The system is not yet operational it will be launched in Q1 of 2019.
Borrowers can borrow up to 70% of their collateral. The funds will be held in a three-way multi-signature wallet. One key will be held by Tritium, the other by the borrower and the other by the lender. If the interest payments are paid and / or the value of collateral falls below the value of the loan. The collateral might be liquidated and the lender paid back his loan.
Tritium is registered as a company in Estonia, and now they are waiting for their crypto license, which will allow them to use crypto in this ecosystem.
Tritium wallet is based on PivX, so it has features such as instant send and private send. 50,000 $TRTT are needed to run a tritium master node. As of the time of writing the passive income, ROI is 230%, but it is scheduled to fall on the 23/09/2018.
What is interesting is that $Trtt holders will share in 50% of the fees once the lending platform is launched. The system will use a Proof-of-Consumption distribution mechanism. When fees are paid, they will be sent to a burn wallet, then a matching number of coins will be created in a superblock and distributed to the $Trtt holders., The platform will be white-labelled in exchange for royalty fees paid in $trtt of course.
The beta version of the lending platform is already being tested, and soon a demo will be shown on loan between two different accounts. Web and Android wallets have already been created, and the team is waiting to have their ios wallet approved.
On September 23rd 2019 a hard fork will change the no of $Trtt generated per block to reduce the no of coins generated as follows:
Competitors in the Crypto Lending Space:
- Nexo – will release only 30% of the funds to the token holders. They are owned by https://credissimo.com/
- Salt Lending – is a crypto lending platform which has run into problems
Remember to always do your due diligence, I have written these articles specifically to start you in help you in your dyod (do your own diligence)
- Investing in masternodes: Part 1: Business Risks
- Investing in masternodes Part 2: Masternode Scams
- Investing in Masternodes: Part 3: Masternode Pools and Shared Masternodes
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