Synthetix Network Token SNX to Cred LBA Exchange

Crypto Pair Details: SNX to LBA

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

Cred LBA

Libra Credit is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain. Libra Credit is a global initiative with a mission to provide financial inclusion and lower the cost of financial services. Powered by its proprietary big data, AI-based credit assessment technology and existing global partnership networks, Libra Credit has the expertise and capabilities to realize its mission. Libra Credit aims to offer a seamless digital lending process that can be completed in 5 steps: application, verification and credit assessment, confirmation, collateral deposit, and disbursement. The Libra Credit platform will focus on a dual-credit risk scoring mechanism that considers the creditworthiness of the pledged collateral as well as the credit information of the borrower. Borrowers will be able to pledge any crypto-assets as collateral and receive loans in their desired asset. Using smart contracts and a proprietary collateral valuation and liquidation system, Libra Credit will lock in agreed terms between borrows, lenders, custodians, guarantors and liquidators. Libra Credit was founded in 2017 and operates out of San Francisco, USA. They are backed by investors such as FBG Capital, GBIC, DHVC, Dekypt Capital, Crypto Parency, and others. Lu Hua, Co-Founder & CEO has experience in the payments, financing, and risk management industries. He was previously the CEO of moKredit, one of China’s top digital credit servicing companies. Lu was also the Head of Core Payments for PayPal China and the Head of Global Banking Platform for PayPal US. Dan Schatt, Co-Founder & COO has previously worked as the Chief Commercial Officer at Stockpile Inc., a leading fintech company, and as General Manager of Financial Innovations at PayPal. Howard Wu, Chief Scientist, he is a blockchain and cryptography expert who is a Founding Partner of Dekrypt Capital, Advisor of Blockchain at Berkeley, and Software Engineer at Google. He advises the project in a technical capacity and has received a Master’s degree in Electrical Engineering and Computer Sciences from UC Berkeley. There are already quite a few blockchain lending projects, so competition is stiff. Libra Credit’s development progress is rather early compared to its competitors. The crypto-to-crypto lending part seems to be well thought out. However, not so much with the crypto-to-fiat part. According to the roadmap, crypto-to-fiat lending is scheduled to launch in 2018 Q3. With details lacking in the weekly blog update about crypto-to-fiat lending, it is difficult to gauge whether the proposed timeline is reasonable.

SOURCE: COINGECKO

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