Sun, 16 Dec 2018

GN Compass

Platform for peace of mind, worry free investing



GN Compass provides Cryptocurrency-Backed Loans ™ to create constant liquidity in the lending market. This is accomplished by allowing investors to sell portions of loans in their portfolio. Investors are not locked in to the term of a loan and can liquidate loans for any reason (E.g. financial hardship, increased GNCT price etc.) only after a certain no-trade time period has been reached.

The buying investors will reap the benefits of the loans being paid back by borrowers while the selling investor still makes a profit. By using blockchain technology to verify and distribute all transactions across the Ethereum network, it guarantees transparency.

People are getting lost in the current financial system. Let Great North Compass be your guide to creating value utilizing blockchain technology. GN Compass is a lending system where investors and borrowers can exchange value. With their Cryptocurrency-Backed Loans ™, Compass offers investors good returns on investment plus added security on all funds invested.

GN Compass, is a peer-to-peer lending platform for Cryptocurrency-Backed Loans ™. Investors invest funds into a pool at a certain interest rate with the invested amount bein backed by Compass tokens(GNCT). The invested amount is then disbursed to Borrowers. Borrowers pay loans (principal plus interest) back to the Lenders. All transactions are verified and distributed on the Ethereum Blockchain.

GN Compass Credit System

GN compass credit system will use traditional credit scores, mobile data and social media analytics to assess risk and assign a GN Compass credit rating from A+ to B. Other factors assessed to determine a borrowers GN Compass credit rating will be occupation, military service, volunteer work, credit history, debt-to-income ratio and income. First-time borrowers must have a credit score of 660 or above, a debt-to-income ratio of around 19.99%, six-year credit history and permanent residency or citizenship status. Returning borrowers will be approved based on the above requirement, minus a credit check and credit history. In place of both it will be used previous payment history and current GN Compass credit ratings to make the decision.

Microloans

In the future, GN will offer micro loans to higher risk borrowers. These borrowers will be assigned a GN Compass credit rating of C+ to D, and receive loans from $150 to $1000 at interest rates from 13.99% to 16.99%. These borrowers will also have the opportunity to improve their credit rating with good payment history. All loans will be backed by Compass tokens (GNCT). The tokens will represent the amount invested. This does not include the potential interest amount the Investors will receive. If Borrowers default on a loan over a certain period, the tokens will be automatically exchanged and the fiat currency the Investor originally invested with (e.g. US dollars) will be deposited into the Investors‘ wallet. The Investor can then choose to reinvest or transfer funds from their wallets back into their bank accounts.

Transferability of Tokens

What makes GN Compass unique is that Investors can sell loan. If the seller sells all their tokens, the smart contract will replace the seller’s information for the buyers, and all the proceeds of the seller’s former investment (plus interest) will go to the new buyer(s). The new buyer(s) would have to be registered as a token buyer or an Investor on the system and have a wallet with the company. If an Investor wants to sell a portion on their loan to a new buyer(s), their information will be attached to the smart contract along with the Sellers‘.

Solution to Lending Issues

GN Compass provides Cryptocurrency-Backed Loans ™to create constant liquidity in the lending market. This is accomplished by allowing investors to sell portions of loans in their portfolio. Investors are not locked in to the term of a loan and can liquidate loans by selling the GNCT backing their loans to other investors thereby allowing the new investors to reap the benefits of the loans while making a profit. By using blockchain technology to verify and istribute all transactions across the network, it guarantees transparency.

How it works for Investors

Investors simply sign up and create their profile and investment portfolio. The investment portfolio page will ask the Investor about their investment goals such as retirement planning, preferred repayment cycle (e.g. To have investment re payments deposited to their account on a certain day per month). This is where they will input the amount they are looking to invest and the interest rate they are looking to receive plus the length of time they are looking to invest for. Once the profile is complete and the Investor is happy with their investment settings, they will then be required to add their banking information into their secure payment system. From there, the Investor will be assigned a secure digital wallet attached to their bank account where all the transfers and payments will be made. The Investor investments will then be sent to a loan pool to fund loans. When loans are being repaid the GNCT backing the loans will be adjusted accordingly.

GN Compass Token (GNCT)

All loans will be backed by Compass tokens (GNCT). The tokens will represent the amount invested. This does not include the potential interest amount the Investors will receive. If Borrowers default on a loan over a certain period, the tokens will be automatically exchanged and the fiat currency the Investor originally invested with (e.g. US dollars) will be deposited into the Investors’ wallet. The Investor can then choose to reinvest or transfer funds from their wallets back into their bank accounts.

Token Advantages

  • Token buyers are protected by anti-scam systems.
  • Funds will be refunded to contributors in case of failure to reach targets.
  • Bonus tokens for early buyers.
  • Loans on the GN Compass platform will only be backed by GNCT.
  • Tokens will increase in value as Cryptocurrency-Backed Loans create liquidity in the lending market.
  • Investors can buy and sell the tokens backing loans only in GNCT.

Start in 12-02-2018
Ended in 10-03-2018
Symbol GNCT
Price USD $0.25
Platform Ethereum
Accepting ETH

  • Michael Collins - CO-FOUNDER & CEO Product & Design
  • Jean Pierre Rukebesha - CO-FOUNDER & CFO
  • Jordan Tymburski - SENIOR SOFTWARE ENGINEER
  • Lee Raj - ETHEREUM DEVELOPER AND BLOCKCHAIN CONSULTANT
  • Subramanian Venkatesan - SOFTWARE ENGINEER, BLOCKCHAIN AND SMART CONTRACT SPECIALIST
  • Sunshine Reyes - MARKETING EXECUTIVE
  • Prashant Rattan - MARKETING EXECUTIVE
  • Ganesan Nagalingam - SENIOR DEVELOPER AND MARKETING EXECUTIVE
  • Neha Rana - MARKETING EXECUTIVE

  • Q2 2017
    RESEARCH AND DEVELOPMENT OF CONCEPT.
  • Q3 2017
    BUSINESS INCORPORATION AND TEAM EXPANSION.
  • Q4 2017
    BUILDING CORE STRATEGY AND FUNCTIONALITY. PRODUCT DEVELOPMENT BEGINS. DEVELOPMENT OF ERC20 TOKEN & MULTI-SIG WALLET.
  • Q1 2018
    RAISE SEED FUNDING (INITIAL TOKEN OFFERING PRE-SALE).GN COMPASS MARKETING CAMPAIGN LAUNCH.
  • Q2 2018
    HIRE MORE TEAM MEMBERS. GN COMPASS SMART CONTRACT TESTING AND BUG TESTING.
  • Q3 2018
    MVP RELEASE WITH CONTINUED BUG TESTING AND IMPROVEMENTS. GNCT TO BE LISTED ON AT LEAST ONE WIDELY RECOGNIZED EXCHANGE.
  • Q4 2018
    RELEASE OF GN COMPASS LENDING PLATFORM ON ANDROID AND IOS.

Maiyah

Bitcoin Talk : Maiyah Link

ETH : 0x5620C0851d58Fd55a411dAdeb17c83DBB8E61b29