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A New Decentralized Lending Ecosystem

An ecosystem for bona fide LENDERS which allows people or companies to borrow money using their Digital Assets as collateral. A gap exists between traditional fiat lending and digital asset-based lending. The divide is marked by safe, long-standing, regulated lending practices on the one side, and highly specialized engineers with big ideas on the other. Our open-source, lending management protocols and vast traditional fiat lending experience bridges this gap.

Start Date
September 15th 2018 12:00 UTC
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End Date
November 15th 2018 12:00 UTC
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Team

ryan medlin photo
ryan medlin
Founder and Head of Tech
Ryan Medlin is a seasoned Silicon Valley entrepreneur and technologist. ? His most recent exit was the sale of his proximity tracking and measurement company Datasnap.io in 2015 to Neustar where he then led a team of engineers to build out Neustar's IoT Identity initiatives. This included a product for IoT which was an improvement over normal PKI providing cryptography based policy enforcement and Identity Management in a highly decentralized architecture. ? As part of this responsibility for the past 2 years, many Blockchain and DLT based prototypes and concepts were given a lot of resources for prototype assessments. Platforms and protocols included: IoTA, Ethereum, Hyperledger, Rootstock, Lisk, NEO and many lower level protocols including things such as Telehash and Cothority.
Howard Krieger photo
Howard Krieger
Founder and CEO
Howard is a Managing Director in CBIZ Valuation Group, LLC (“CBIZ”). He specializes in the valuation of complex financial instruments including crypto-currency loans, interest rate swaps, agency and non-agency mortgage-backed securities (MBS), and collateralized debt obligations (CDOs). He is a former Big-4 Senior Manager responsible for a variety of assignments including: intangible business valuation, intellectual property valuation, financial modeling, valuation of equity participating instruments and other exotic financial assets/liabilities with almost 20 years’ experience. Howard has an MBA from Rutgers Business School with a concentration in Quantitative Finance

Advisors

Kumar Sriram photo
Kumar Sriram
Technical Blockchain Advisor
Senior IT Program Manager (Mergers, Acquisitions and Divestures) at Symantec: 10+ years of program/project management experience managing complex IT landscapes and IT teams in creating Business Growth Strategies. Demonstrated skills in management and technology consulting services to help clients develop business planning, analytical, technology roadmaps and design solutions to drive additional enterprise and customer value. Proven expertise in marketing SaaS platforms, Infrastructures & Mobile solutions.
Kevin Thompson photo
Kevin Thompson
FP&A / Strategy
My role entails harmonizing our overall business strategy with the financials through such tools as projections. I believe what we are trying to accomplish will create a better ecosystem for both borrowers and lenders.
Melissa Barbera, Esq photo
Melissa Barbera, Esq
Chief Operating Officer and General Counsel at LC Lemle Real Estate Group
Chief Operating Officer and General Counsel at LC Lemle Real Estate Group
Michael Gale photo
Michael Gale
International Tax
If you are in growth mode, everything around your IT & Tax footprint is getting more complicated. You are looking for your next round of funding, key partners and anchor clients. Michael will connect you with the right people, and make sure you don't hit the usual roadblocks of a new startup. He has worked at top consulting firms, large Pharma and a 3 person startup (with no salary) so he understands you and your business. Areas of Focus: Business Development, Tax, Fundraising, Pharmaceutical, Biotech, Technology, Cybersecurity, SOC, CPA, MST, Masters in Taxation, Villanova, Bucknell.
Katy Atkinson photo
Katy Atkinson
Product Advisor
In depth experience in Product Management, Information Architecture, data visualization and workflow as well as IoT ecosystem. Extensive experience of application development life cycle and requirements gathering. Ability to work across diverse teams to push products to market. Previous cofounder with Ryan Medlin with exit selling Datasnap.io to Neustar.
Alan Alford, PhD photo
Alan Alford, PhD
Risk Pricing (Economics)
Principal at Bates White Economic Consulting. Previous Vice President, Chief Tax Economist at Thomson Reuters
Scott Banks, CPA photo
Scott Banks, CPA
FP&A / Controls
Financial executive with broad experience in accounting and financial management in the financial services industry, especially focused in Banking and Mortgage Banking. Significant experience in asset securitization, portfolio and asset valuation and financial modeling. CPA. Specialties: Management Information, Planning and Analysis
Ed Eaton photo
Ed Eaton
Operations
former CEO 123 Loan, HSBC subsidiary doing $150mln/mo
Stanley Krieger photo
Stanley Krieger
Engineering Advisor - Quality Assurance
28 years at The SCO Group (and predecessor companies; Tested pre-releases, and various features of UNIX, UNIX System V, and UnixWare releases since UNIX 4.2 (pre-System V). Found errors and identified vulnerabilities during tests of normal usage and operation, error conditions, user data errors, system load and overload, and network load and overload. Served as Manager, Lead Tester, and Test Planner for UNIX releases. Produced overall system test plans, estimated staff, equipment, and infrastructure needs, specified testing assignments, and produced automated status reports with analysis for management review.
Daniel Love photo
Daniel Love
Product Design
American Housing Capital, LLC d.b.a. CRM Lending, is a full service mortgage banker based in Tyson’s Corner, Virginia.
Martin Williams photo
Martin Williams
Technology and Operations
Founder and CTO of http://www.mortgagevco.com/ and http://www.acristechnology.com/. Mortgage VCO is an end-to-end, cloud-based virtual corporate office suite of software applications, IT and consulting services for the mortgage banking industry including: VCO Lend - Loan Origination and Processing Software as a Service (SaaS) VCO File - Paperless electronic document management (EDM) VCO Sign - Digital E-signature solution VCO Voice - Integrated telephony VCO Desk - Virtual desktops with Microsoft Office® and Outlook® Software customization and development services IT, telephony and Citrix® virtual office consulting
Michael Forester, CFE, CMB, CPA photo
Michael Forester, CFE, CMB, CPA
Compliance
Managing Director at CrossCheck Compliance, LLC Mike Forester is managing director of CrossCheck Compliance, a regulatory compliance, audit, and loan review firm serving financial institutions. He has spent over 35 years in the mortgage and financial services industries. Prior to co-founding CrossCheck, he was associated with The Prieston Group, a firm he helped launch, which provides fraud prevention and indemnification services to the mortgage industry. Prior to joining The Prieston Group, Mike spent 16 years with Household International (now HSBC). Mike currently serves on the advisory board of the Anti-Money Laundering Association and the risk committee of the Illinois Mortgage Bankers Association.
John Owens photo
John Owens
Operations
CEO and Founder of Ameritrust. Recently received the Entrepreneur Award from Charlotte Business Leader Inc.500 Recipient two consecutive years Charlotte Chamber Entrepreneur of the Year Charlotte Business Journal Top 40 under 40 Executive Finalist for Ernst and Young Entrepreneur of the Year Carolina Parent Magazine

Residual Token Token Distribution

  • Residual Pool23,000,000 RSDLL46.00%
  • Private Sales, Public Presale, and ICO10,000,000 RSDLL20.00%
  • to be distributed by the Company to the Residual Founders8,500,000 RSDLL17.00%
  • Residual Adbvisors7,500,000 RSDLL15.00%
  • reserved by the Company to incentivize community2,000,000 RSDLL2.00%

Milestones

  • Q3 2018

    Basic Collateralized Lending Protocols and Lending Browser based DaPP using one Asset Class.

  • Q3 2018

    Begin full third party security audits.

  • Q4 2018

    Beta test Alpha of lending protocols in a closed environment

  • Q1 2019

    Additional Ecosystem Protocols such as Escrow, Uunderwriting, and Custodial Services

  • Q1 2019

    Ecosystem Servicing DApps using Protocols

  • Q1 2019

    Initial Lending Ecosystem Partners officially introduce its lending platform based on Residual protocols based on market feedback and asset classes

  • Q1 2019

    Add 1 to 2 more asset classes determined by market demand. Potentially Real Estate and Accounts Receiveable tokenized assets.

  • Q1 2019

    Initial Lending Ecosystem Partners officially introduce its lending platform based on Residual protocols based on market feedback and asset classes

  • Q2 2019

    Advanced Protocols such as Collateral Valuation and Loan Pricing. Valuation and Loan Pricing Servicing DApps using Protocols

  • Q2 2019

    Advanced Protocols such as Collateral Valuation and Loan Pricing

Questions

Why is your company going to succeed?

The large, established lenders, banks, and other financial institutions are racing to develop blockchain solutions up and down the ledger and across the process landscape to drop lending costs, increase profitability and obtain market share. Our platform is strictly a way for traditional specialty finance companies to add-on a digital asset framework. It is designed for small to medium-sized lenders looking to realize positive ROI as it converts to a blockchain-supported model. There is nothing fancy about sound lending practices. Borrowers put tokenized digital assets up as collateral against loan proceeds. In turn, they can use those proceeds to purchase like amounts of other digital or traditional assets. If there are large cross-currency value swings or the borrower becomes delinquent, then our platform uses credit enhancement protocols to protect capital. The two main forms of credit enhancement is over-collateralization and capital calls.
If currency aggregators or other interested parties enjoy the various aspects of Residual, then the protocols supporting our platform are open for everyone so that they may establish their own lending platform on the Residual framework. As part of this future state, the code for these protocols will be open sourced. We expect users to innovate, create and develop new uses for ecosystem tokens beyond what the Founders contemplate here. Perhaps additional video game assets or other virtual real property will be introduced as viable collateral for the lending platform.
We are building an ECOSYSTEM ,not a Bank,
Other platforms are either financing dating services for lenders and borrowers or looking to exchange currencies as part of a loan. Our borrowers pledged collateral sits in escrow/title agent custody, and serves the mutual benefit of lender and borrower. This condition remains the same until such time as the loan (and outstanding demands) is satisfied or the borrower fails to meets its obligations.
Other platforms charge origination fees and use static pricing technology. Our fees are transaction based, episodic as needed by Lenders and adjustable to meet market conditions.
Most importantly is the background of the Founders and Advisors. Other digital asset-backed lending platforms involve combinations of digital asset experts and former investment bankers or Wall Street types. We are consumer lending experts and fashioned protocols around standard, tried and tested lending models.

Where did your team members meet originally?

Howard and Ryan met while both involved in the financial industry in the Charlotte, North Carolina area and have known each other in a professional capacity for almost 16 years.

What are the top five risks you see for your business?

Ever changing and worldwide regulatory risk, especially in the USA. Better funded and better executing startups, Increasing negative view of Token Sale and Cryptocurrency industry affecting overall price of all cryptocurrencies. We poorly execute and get distracted and run out of money. Lack of velocity around tokenizing digital assets affecting ability to provide collateralized lending.