Bird.Money: The Off-Chain Analysis Lending Platform
Decentralized lending platforms are a prime example of how blockchain technology and cryptocurrency are changing the financial landscape. In the past, banks and other financial powerhouses were the primary ways people earned interest on their money. With new protocols being developed everyday, cryptocurrency has proven to be a solid option when it comes to storing your money for a return. One of these new protocols that is looking to further innovate the earning/lending niche of blockchain is Bird.Money.
Bird.Money is an ERC20 token (Contract Address: 0x70401dFD142A16dC7031c56E862Fc88Cb9537Ce0) which acts non-custodial digital asset lending and borrowing platform. Bird.Money is based on current decentralized lending platforms, but with various changes to bring an even more innovative environment.
What makes Bird.Money so unique is how it plans on using Off-Chain Oracle Analytics to help reduce the risk investors face before they begin to interact with the ecosystem.
The way this helps benefit the ecosystem is quite simple and easy to see from a glance. Users who provide as much information as possible in regards to their transaction history, will require less collateral than normally required. This provides an extremely transparent view to other lenders or borrowers which in turn creates a safer ecosystem. Users who supply this information will also get additional access to $BIRD tokens which is available to borrowers without addition collateral. The amount of $BIRD tokens the borrower can receive is based on the users Off-Chain Oracle Analytics transaction history and rating. The formula to decide the amount of $BIRD lended is as follows:
BIRD + = Amount to borrow + Transaction History / Amount to lock up
There will be an Off-Chain API interface for third party integration with other companies, developers, and deFi apps. Some of the features available include ETH account analytics POST and GET endpoints. Other features such as account blacklist, Oracle integration with external data directories, on-chain and off-chain equity measurement, on-chain and off-chain assets measurement will be released in the next coming weeks.
Check out the documentation here: https://bird.money/docs
Try it out easily with any ETH address here: https://bird.money/analytics/address/your-eth-addres
More features such as account blacklist, smart contract analysis, a loan aggregation engine, and investment intelligence will be added to the API soon and will be free to the $BIRD community members.
Oracles provide a solution to the transparency issue many cryptocurrency projects face. By taking off chain information and supplying the data in an immutable way, smart contracts can pull data from the oracle from blocks that contain the information. The information transmitted from the oracle can include things that can’t be tracked or monitored by the blockchain. This includes user payment information, changing/updating government policies, real world events (such as economical crises, pandemics, etc.), and even user account history.
By providing a completely transparent layer of transparency, trust is gained from lenders and borrowers in a way unseen in the cryptocurrency industry. For example, Instead of blindly lending someone Ethereum without any sort of history or proof of previous fulfillment of lending requirements, a lender can look into the users past ability to repay what is owed on what was borrowed. This allows the lender to have a sense of confidence or lack-there-of in the user depending on their information. Other factors can also influence this confidence. But it would not be possible without the added oracle layer.
By adding pooled assets with the addition of the ability to use BIRD + tokens while also taking advantage of the Collateral Debt Position which is utilized by both Compound and Aave, users will have an entirely different experience not seen with any other lending platform. With $BIRD, you can borrow the sum of up to 66% of your collateral (for example, you can borrow 66 Ethereum in its equivalent value in DAI with 100 Ethereum posted as collateral).
Users who take out additional borrowed $BIRD would be subject to interest and would have to fulfill payment at a set time. If the user is unable to fulfill their payback agreement, the user would be subject to a negative analytic rating which would lessen their chances if being granted another loan on the platform. Interest would also be reduced to a minimum to incentivize repayment.
$BIRD has a comprehensive distribution model. Its total supply consists of 900,000 $BIRD. The tokens are distributed as follows:
- 40% will be sold via presale which is currently ongoing (all tokens that aren’t sold will be used for liquidity providing or yield farming rewards)
- 20% will be used for project development
- 20% will be used to provide Liquidity and yield farming
- 10% tokens will be allocated for development and partnerships (For 5 years, these tokens will be locked to instill confidence in the community)
- 10% will be used for marketing
$BIRD Liquidity providers will be paid out every month for their contributions and will receive $BIRD for contributing to the BIRD-ETH and BIRD-DAI pools (these rewards are in addition to the LP rewards generated by Uniswap). To be eligible for these rewards, you must provide 5,000 $BIRD in either liquidity pool by the 20th of every month and hold it in the pool until the 15th of the next month.
Off-Chain Analysis being utilized to help build trust in the lending and borrowing cryptocurrency niche is something that has not been explored. Bird.Money is taking the opportunity to create a more trustworthy ecosystem while also providing an incentive to participate in borrowing and lending to increase your analysis score. Before, anyone could get a loan, whether or not they had a history of paying back their loan or avoiding their debt. With the ability to use real life information and events as a factor in the decision, users can worry less about credibility and trustworthiness and focus on using their assets to help grow their portfolios while participating in a new, innovative and trailblazing platform.
- Twitter: https://twitter.com/_birdmoney
- Medium: https://medium.com/bird-money
- Discord: https://discord.gg/Z2BeCnS
- Audited Contract: https://github.com/bird-money/bird-smart-contract-erc20/blob/master/contracts/BirdToken.sol
- Website: https://bird.money
- Etherscan: https://etherscan.io/token/0x70401dFD142A16dC7031c56E862Fc88Cb9537Ce0
- Analytics Demonstration App: https://app.bird.money/
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.