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In today’s video we look at the brand new Elix app that has just debuted on Android and iPhone. This is an exciting step for Elixir and its peer to peer, decentralized lending & crowdfunding platform.

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Links
http://www.ELIXIRTOKEN.io

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47 COMMENTS

  16. Despite the founders seemingly relatively new foray into cryptocurrency development, they have certainly started off strong with a clear vision in mind. The fact that they are already testing an alpha version of the app just a few months into development is a testament to their desire for this project to succeed. There is not much competition within the cryptocurrency lending scene at the moment, SALT being its largest competitor with a market cap of $688,121,780

  17. According to the developers, they believe Elixir will have a very bright future in the cryptocurrency lending market for a few reasons:

    The rewards system for repaying loans.
    A mobile exchange and wallet, easy to use UI.
    Aimed at making cryptocurrency easy to use even for absolute beginners.
    Loan holding periods will reduce circulating supply thus driving price up.
    Strong branding separates it from competitors such as SALT.

  18. The members of ELIX keep an active blog of weekly updates through Medium.com. This is always great to see with any fledgling cryptocurrency. When developers are active within their own community it certainly creates a better sense that they are diligently working on their product and are making tangible progress.

  20. Until early 2018 the team members behind Elixir remained anonymous. When their new website launched the team behind Elixir Token was debuted. The current, and only two members, are the co-founders David Jackson and Munir Safi. Jackson is an Engineering graduate and entrepreneur from Stanford University, and Safi acquired a degree in Computer Science with a focus in Intelligent Systems from the University of Indiana. In a recent Reddit AMA they stated that there are plans to grow the number of members throughout 2018.

  21. Elixir token is designed to be an anonymous peer-to-peer lending platform where users can create, track, and manage loans made to other users. Users can, if they choose to, charge interest on these loans. One of the many other benefits of this system is that as a result of repaying your loans, both users earn additional ELIX just for using the system. This system creates incentive to repay your loans. The creators also intend to allow the ability of pooled loans for crowdfunding purposes

  22. Elixir Token is a relatively new Ethereum based ERC20 token designed to facilitate anonymous peer to peer lending by leveraging the power of smart contracts. The token is “mined over time” during a loans holding period and does not require an exorbitant amount of energy to mine or any type of specialized hardware. The finer details of the system are not released yet, but will be in an upcoming whitepaper revision.

  34. According to their White paper, the exact rewards model used by Elixir is as follows:

    When creating a loan, lenders and borrowers can choose whether to set up a mining period once the loan is returned. The mining feature enabled by smart contracts allows the lender to lock their ELIX in their wallet for a holding period, after which the lender and borrower both receive rewards.

    Currently, 65% of the reward goes to the lender for assuming risk, and 35% to the borrower for paying back the loan on time. If a borrower pays back a loan late, the lender receives 100% of the reward.

  35. The initial lending structure will not feature any collateral or interest, but will rely solely on both the lender and borrower being incentivized by rewards to engage in a successful lending agreement where payments are made on time.

    Overtime, the platform will assign users with a risk score that signals which individuals are safer to lend to or borrow from. They will also be able form new kind of credit score based on the amount of token rewards earned from successful lending agreements.

    At this point, collateral will be introduced in the lending model, and they hope to also incorporate institutional lenders.

  37. Under traditional loan structures, the borrower gets the benefit of receiving a loan, while the lender gets the benefit of getting back their loan with interest.

    Elixir improves on this in two ways. Firstly, by utilizing Etheruem smart contracts to make the processing of each loan more efficient and less costly. Secondly by creating an incentive based lending model whereby both the lender and receiver get rewarded for engaging in a successful loan agreement where payments are made on time.

  44. Elixir token is developed to allow users to make payments, create/request loans, and crowd fund projects all in one ecosystem using Ethereum’s smart contract technology

  45. Centralized servers put users’ vital data at risk of being hacked (like in the case of Equifax), and the current centralized lending and payments models cost time and money to process, which users end up paying the price for with high fees

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