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What is SOFIN?
There has been an exponential growth over the years in the number of people looking for credit services around the world. For instance, in 2015 the volume of money lent in the P2P lending market surpassed 50 billion US Dollars and this is expected to grow up to 300 billion US Dollars by 2020.
The SOFIN (Social Finance Network) platform has been developed to serve this growing need by acting as a marketplace that links creditors and borrowers. In simple terms, SOFIN is an international platform in the middle that connects people who want access to credit (borrowers) to people who have an excess of that credit or simply provide credit services (creditors).
Interesting facts about SOFIN
- SOFIN issues loans in the national currency of the country in which the borrower resides. This facilitates easy to exchange in cases where the borrower and the creditor reside in different countries.
- SOFIN uses blockchain technology to store all the operations carried out on the platform. This will enhance transparency and security in financial operations since data stored in a blockchain cannot be modified or altered.
- SOFIN offers peer to peer lending services, which have a high rate of requisition processing. This means that credit services are much cheaper and easily accessible than in other financial institutions.
- SOFIN uses artificial intelligence or machine learning to determine the borrower’s credit score.
SOFIN ICO Team
He is the company’s project manager. He has 17 years of experience as a financial expert where he worked for various banks such as Raiffeisen, microfinance organizations and regional funds. He holds a diploma in Economics from the Rostov State University and an accounting diploma from the Russian Distance School for entrepreneurs. He also possesses numerous awards in the financial industry.
He works as the product director at Sofin. He previously served as the CEO and founder of Elonsoft. He also worked at the Southern IT Park as the deputy director. He is an expert in creating software products and has more than 10 years’ experience in the field. He possesses a Master’s degree in Information technology and basic Informatics from the Southern Federal University.
He works as the department head for the research and development of blockchain-based smart contracts department. He is an entrepreneur with more than six years’ experience in web projects and has worked on online and offline based business projects related to cryptocurrency. He possesses a master’s degree in Information technology from the Southern Federal University.
He works as the technical director at Sofin. He is experienced as a developer building financial technology for more than eight years. He formerly served as the CTO at Elonsoft and is a member of the Google Chrome group. He has in the past developed the Yandex Browser and maintained Phantomjs. He possesses a diploma in business and law Information technology.
He is highly experienced in legal affairs with sixteen years practice as a lawyer. He is the head of the Verum law firm in Russia and has provided legal advisory for construction and investment projects in the country. He graduated in 2001 with a degree in law from the Ryazan State University.
He has the lead and worked in various financial groups and firms where he has helped them raise funds for their operations. He currently serves as the chairman of LDJ Capital. He is an active speaker in the Crypto community.
SOFIN Scam check
- All the team members of the company have credible Facebook and Telegram accounts.
- The SOFIN platform uses the Ethereum blockchain ERC 20 standard, which guarantees transparency in operations.
- All tokens bought are secured in a smart contract and stored in ERC 20 compatible wallets, which can be tracked.
- There have been no scam reports that have been made on the SOFIN ICO. However, care should be taken when buying the tokens to ensure tokens bought are legitimate.
SOFIN ICO Social Media
Is there a demand for the product the ICO wants to develop?
According to World Bank’s statistics, an estimated 2 billion people do not have access to credit services, especially from banks. This is due to the lengthy processes involved and high fees charged by banks. From the inception of microloans offered by microfinance organizations, the rate of borrowing has increased by 72% for the last 3 years, which shows a consistent rise in demand for microloans that is far higher than the supply.
What markets can they reach?
- The project targets creditors such as banks, microfinance institutions and private individuals who can invest in the platform and grow their money.
- Borrowers all over the world including individuals, small and medium-sized enterprises and organizations who can use the platform to access education, automobile, mortgage and business loans.
Are there existing markets and ICOs providing a similar product?
There are two categories of competitors providing a similar product. The first is cryptocurrency loan platforms such as Btcjam and Everex. The second category is traditional peer to peer lending platforms such as Zopa and Lending club.
The SOFIN ICO is, however, different and better for two reasons. First, it uses a decentralized storage system to store transactions, which makes it more transparent. Second, it is a legitimate venture since it offers loans in the national currency of the borrower’s country, which is in accordance with the law.
SOFIN ICO Business model
- The company will generate income by deducting 5% to 9% of the amount issued by a creditor to a borrower in a given transaction. Part of the income generated will be reinvested back into the company and part of it used to pay bonuses and cashback in form of SOFIN.
- The company also offers a guarantee fund service to both creditors and borrowers in order to encourage the use of the service. The company will charge a rate of 5% – 10% of the amount transacted to individuals and 2% – 5% to entrepreneurs.
SOFIN’s minimum viable product (MVP)
- SOFIN’s minimum viable product is a partially implemented platform that includes the technical and interface design of the platform.
- SOFIN already has a demonstration of their MVP, which can be accessed here.
- SOFIN has partnered with numerous organizations in both the financial and legal sector.
- Some of the partners include Elonsoft IT Company, LDJCapital, KickICO, CryptoBazar, Tradingview, MicroMoney, Law & Trust International, Verum law firm and Solar Dao.
What are the potential/ use cases of the SOFIN ICO?
- The SOFIN platform is developed inside the Ethereum blockchain, which is much faster, robust and secure compared to other blockchains such as bitcoin.
- The platform is a highly flexible system that is capable of adapting to any market globally while also offering normalized rates to its users.
- The SOFIN platform aims to provide affordable loans to all segments of the public hence they have developed a simple and straightforward site that is easy to use.
- The platform selects the best rate with minimum interest for the borrower at a given loan repayment period.
- The use of SOFIN tokens in the platform is going to act as an intermediary for exchanging one fiat currency to another hence breaking barriers in the global economy.
What is the Capitalization potential of the SOFIN ICO?
- The ICO aims to raise 9,500,000 US Dollars in its public sale out of which 1,118,280 US Dollars has already been raised in the presale.
- Previous similar ICOs have been able to raise up to 10,000,000 US Dollars, especially the ones offering loans in cryptocurrency.
- SOFIN having passed their soft cap of 1 million US Dollars shows a huge potential for them to raise the desired amount by the end of the ICO.
- Fundraising goal: 9,500,000 US Dollars.
- Maximum tokens: 400,000,000 SOFIN.
- Tokensale will take place from 15th January 2018 to 15th March 2018.
- Payments are accepted in BTC, ETH, and USD.
- The ICO has no minimum investment amount.
- The presale of SOFIN tokens raised USD 1,118,280.
- Token price differs depending on how early an investor buys tokens and the number of already sold tokens. The table below shows the different prices of tokens at different times:
|Number of SOFIN tokens||Price for each token||Type of phase||Target Amount|
|0 to 47,500,000 tokens||0.2 US Dollars||Dedicated phase||USD 9,500,000|
|47,500,001 to 350,000 tokens||0.4 US Dollars||Bonus phase||USD 140,000,000|
- The token generation event (TGE) will be deemed successful if the target of the dedicated phase is met.
- After the TGE sale, remaining tokens will be bought via smart contracts for 10 USD each.
The SOFIN Coin
- The total coin supply is 450,000,000 tokens.
- 25,000,000 of total tokens will be spent on the ICO team and another 25,000,000 will be used by the company as guarantee fund and payment for bounty.
- The coin supply is steady and no more emissions will be added.
- Token holders will receive certain advantages over the platform’s common users, such as more profitable loan terms, which will include bonuses and higher access to the guarantee fund.
- The founders’ value strategy is to raise capital with the tokens locked up in a smart contract and increase the value of the token by maintaining the number of tokens despite an increase in revenue volumes generated from the service.
What is the purpose of the SOFIN token?
- Tokens can be used by the owner as a means to issue loans to a borrower or they can be traded on exchanges for other cryptocurrencies.
Sofin coin Wallets
- The SOFIN platform is built to the ERC 20 standard, which is compatible with the following wallets: MyEtherwallet, Trust, Cipher, Mist, imToken, Parity, and Metamask.
Sofin coin Exchanges
- Tokens that will remain after the TGE sale period will be available in the following exchanges: Hitbtc, Bittrex, Binance, Etherdelta and many more.
Rules, laws, terms, and regulations of SOFIN ICO
- Residents and citizens of Singapore and United States of America are not allowed to participate in the ICO or use the SOFIN platform due to regulatory issues.
- The platform requires the provision of documents, which include scanned copies of the user’s passport, Taxpayer Identification Number (TIN) and filling of all the verification information required by the site during registration.