Celsius Network Peer-To-Peer Decentralized Credit System

Celsius is recognized as a blockchain-powered global credit network. It’s a Peer-to-peer decentralized credit protocol generated utilizing smart contract technology. The idea of this platform based on their official website is to build a state-of-the-art platform for P2P lending, develop a protocol to facilitate the next generation credit ecosystem, powered by a worldwide community of members.

In layman’s terms, Celsius is a peer-to-peer lending platform built on Ethereum smart contracts. The Celsius Foundation, which leads the development of Celsius, was founded by Alex Mashinsky.

Obviously, Celsius isn’t the only company that seeks to reinvent the global lending industry using blockchain technology. Like other platforms, Celsius promises to provide the best experience for lenders and borrowers – including good returns for lenders and easy access for borrowers.

The Celsius Wallet

The Celsius Wallet will be the first online crypto wallets designed to enable members to use coins as a guarantee to get a loan in dollars, and in the future, to lend their crypto to gain interest on invested coins when they’re loaned out.

Crypto Collateral

crypto collateralMembers will be capable of borrowing USD against their crypto holdings in their wallet which will be utilized as collateral. They aim to enable anyone who’s in need of cash to simply borrow from the Celsius platform without needing to trade their crypto holdings. The capacity to take loans in dollars against your cryptocurrency will be possible after the Celsius tokens are distributed.

 

Crypto Interest

In the future, within the Celsius Network, cryptocurrencies deposited by members into their Celsius Wallet will gain POS fees and be available on the network for instant borrowing and shorting for a charge. Coins that are lent from member wallets or applied as POS collateral will begin to accumulate interest in the sort of Celsius Tokens (CEL), enabling members to earn up to 9% annual interest.

 

The Celsius Token (CEL)

In connection with the launch of the Celsius Crypto Wallet, they have introduced the Celsius Token (CEL). After their Token Generation Event, members will be capable of using their CEL tokens to acquire access to loans in dollars utilizing their crypto as collateral. In the future, members who deposit coins in their
Celsius Wallets will also be capable of earning CEL Tokens as a reward for lending to the platform.

They’re producing CEL (ERC20 Token) to be the backbone of the Celsius Network, building a value-driven lending and borrowing platform for all their members.

The Celsius Token (CEL), at the time of the Token Generation Event (TGE), will have services that include:

• the ability to become a member of the Celsius platform and community
• the ability to deposit cryptocurrencies in the Celsius wallet
• the ability to use for dollar loans with cryptocurrencies as collateral
• the ability to repay interest on these loans at a discount

In the future, the CEL token will have added utilities including:

• enabling members to lend cryptocurrencies to earn interest
• obtaining seniority in the platform which will affect the interest rate gained
• get interest bonuses on cryptocurrencies lended

The Celsius Network Roadmap

celcius network roadmap 2017

celsius network roadmap 2018

celsius network 2019

Celsius CEL Token Economics

The network is building the Celsius Platform that enables members to deposit, lend and borrow a variation of different crypto assets. The Celsius Token (CEL) will be key for users who want to loan or borrow.

CEL is a platform utility token that is compensated to crypto holders in the Celsius Wallet as interest on their coins. That interest is produced from charges, in CEL tokens, obtained from
institutional traders who utilize the assets pool. Celsius has a non-for-profit model where profits are used to incorporate all costs and membership growth, while most are issued back to the members’ community.

When the token is issued, members who own CEL tokens will be able to apply for and receive dollar loans against their current holdings. Also, users who receive the loan may pay the interest in CEL tokens for a discount.

celsius network token economy

CEL Token Utility

Celsius network’s lending and borrowing model needs a blockchain and an open ledger technology. It also requires consensus and a global footprint of coin holders to obtain traction and complete their purpose.

Any loan they proceed may be accumulated from thousands of coin holders which may be rearranged at any time. Only a smart contract able of tracing and returning in micropayments can manage such complexity. So while they will be beginning with enabling members to borrow dollars against their crypto, their long-term concept is a 2-sided marketplace for lending and borrowing that will utilize:

Open Ledger
With the Celsius Platform, millions of transactions will be transacted between borrowers and lenders and an open ledger is the core of transparency on their platform.

Consensus
Whenever they issue credit or permit members to borrow coins, they will use the consensus provided to them by their members.

Global Footprint
They are developing Celsius to be a global decentralized marketplace that enables lenders from anywhere in the world to gain interest despite their base currency or the local laws they operate below.

celsius network crowdsale

The Celsius Network Team

The Celsius Network is on for a greater mission. They are conducting a crowdsale to accomplish their intentions: a decentralized network of good actors who will be assisted with loans and credit. They want people to give to their crowdsale who not only want to make loans in dollars utilizing their crypto as collateral but who also believe in their mission to grow the crypto community and the future of credit on the blockchain.

Alex Mashinsky
Founder and CEO
Alex is a consecutive entrepreneur and founder of seven New York City-based startups, growing more than $1 billion and exiting over $3 billion. Alex established two of New York City’s top 10 venture-backed exits, Arbinet, with a 2004 IPO market capitalization of over $750 million; and Transit Wireless, priced at $1.2 billion.

S. Daniel Leon
Founding, President & COO
Daniel Leon is a marketing and social entrepreneur with a demonstrated track record of growing early-stage companies and developing organizations from the ground up. Daniel has co-founded and managed several companies and not-for-profit organizations.

Syed Fazli
CTO
Fazli was at Dow Jones before settling the majority of his career at Bloomberg in several engineering leadership positions where he managed a large group traversing multiple continents and timezones. While at Bloomberg, Fazli streamlined services by executing agile development methodologies and moving legacy software systems to open-source environments. He also ascended up Tradebook’s US Equity matching engine which included a smart order router to achieve 150X greater order flow.

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