The problem CROWDLEND solves

In todays financial systems debt is much bigger class when compared with equity. There is possibility to use Dharma protocol to service the crowd lending debt market.

Problem Statement
Using the Dharma protocol, currently a debitor can borrow from only one creditor. Following are the problems faced by the creditors and lendors.
Creditors Perspective

• There is no platform for Financiers to Crowdlend loans at global level.
  Debitors Perspective
• There is no platform for Corporate Bonds, IDO's, Individuals to get loans from multiple lenders.
• There is no platform to raise initial capital for Companies, ICO's for small duration of time without giving stake.

Solution
We have built a Crowdlend Platform on top of Dharma Protocol where

• Debitors Can request loans specifiying Principal Amount, Interest Rate, Duration etc.
• Multiple Lenders can lend money in small amount for small duration and gain interests on lent money.

Future Prospects

1. Add Collateral which should be split in proportion to lenders amount.
2. Optimize number of transactions takes place in whole process.
3. ERC20 tokens issued to lenders can be used as a token to trade in secondary markets.

Challenges we ran into

We had to modify dharma source code to make crowd lending work. Going through entire source in 1 night, understanding the workflow and designing solution for crowd lend was challenging.

We faced few challenges in design and implementation phase like

1. how multiple lenders can lend a loan request? 2) How repayments will happen? 3) how to optimize number of transactions that takes place? etc.
   We went through multiple rounds of discussions ourselves as well as with Chris, Brendon, Nadav, Sid. We came up with a solution where when multiple lenders lend money, Lender will be allocated ERC20 tokens proportional to their lent amount plus interest rate. When Debitor repays, lenders will be repayed proportional to ERC20 token they posses.