There were 769 press releases posted in the last 24 hours and 189,963 in the last 365 days.

BankSocial to Introduce Governance for First Social Consensus Lending Platform

Enabling Social Consensus and DAO Governance on the BankSocial Ecosystem

Enabling Social Consensus and DAO Governance on the BankSocial Ecosystem

BankSocial leverages blockchain technology to adopt governance for all community members and implements DAO in support of social consensus lending

Governance, and the development of a decentralized autonomous organization, are critical steps in placing the power of decentralized finance in the hands of our token holders.”
— John Wingate
DALLAS, TX, UNITED STATES, August 5, 2021 /EINPresswire.com/ -- BankSocial™, the first peer-to-peer social consensus lending platform to be secured by the blockchain, has taken the first steps to implement governance for all BSOCIAL token holders. By providing community members with a mechanism to influence the development of its lending ecosystem - absent a third party regulator, BankSocial™ is moving closer to issuing its first asset-backed loans for businesses and individuals.

BankSocial’s novel approach to lending is building upon its innovative technologies that will allow community members to partake in the lending process. By providing BSOCIAL token holders with an active voice in the development of the blockchain’s first social consensus lending platform, BankSocial™ continues to refine its BLOCKSCORE™ technology that will leverage both traditional and next-generation social credit scoring to determine borrower creditworthiness. Through its governance system, all BSOCIAL token holders will have an opportunity to vote on community-based proposals, further solidifying their position in the first financial system designed for and run by regular individuals.

John Wingate, CEO of BankSocial™, stated, “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.”

In addition to introducing governance for its token holders, community testing is currently underway for BankSocial’s™ Wallet Application that allows an individual to hold and trade a variety of cryptocurrencies and will play an integral role for users when peer-to-peer lending begins. Additionally, BankSocial™ recently announced that it has selected the Polygon Network for the development of its proprietary side-chain solution.

BankSocial™ is a peer-to-peer social consensus lending platform that revolutionizes the way the blockchain is used for lending. For more information about BankSocial™, BSOCIAL tokens, and other BankSocial™ products, visit https://news.banksocial.io.

Jon Shields
BankSocial
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn