BankSocial leverages blockchain technology to introduce governance for the first social consensus lending platform.
BankSocial is the first peer-to-peer social consensus lending platform to use blockchain technology to be secure. The company has just taken the first steps to introduce governance for all BSOCIAL token holders. It is moving forward with issuing its first asset-backed loans for businesses and individuals by providing community members with a mechanism to influence the development of its lending ecosystem, without a third-party regulator.
Through the governance system, BSOCIAL token holders will have the opportunity to vote on proposals made by the community to solidify their position in this financial system. This is the first system designed for and managed by ordinary people.
By giving an active voice to members of the BSOCIAL token-owning community, BankSocial continues to refine its BLOCKSCORE technology that will leverage both traditional and next-generation social scoring. This completely new approach to lending builds on its innovative technologies that allow members to take part in the lending process.
In addition to introducing governance for its token holders, community testing is live for BankSocial’s™ Wallet Application that will allow an individual to trade or hold a variety of cryptocurrencies and will play an important role when peer-to-peer lending begins.
John Wingate, CEO of BankSocial, explains: “Governance, and the development of a decentralized autonomous organization, or more commonly known as a DAO, are critical steps in placing the power of decentralized finance in the hands of our token holders. As our community members will be funding loans for other individuals, and sharing in the value created in doing so, it’s critical that the holders’ voices are part of steering future development and governance. The blockchain allows us to quickly implement new community-generated ideas while social consensus continues to build value for each token holder in the community.”
For more information about BankSocial™, BSOCIAL tokens, and other BankSocial™ products, visit https://news.banksocial.io.
