SOFIN initial coin offering (ICO)

Social Finance Network



SOFIN (Social Financial Network) — the international fiat P2P-lending online service based on blockchain. This marketplace platform, that brings creditors and borrowers together: Creditor — individuals, banks, microfinance organizations and funds; Borrower — individuals, entrepreneurs, and organizations. The foundation of our platform is the legal purity of the loan agreements. We will check the borrower through credit scoring and the full verification system (ergo contacting the borrower, the employer, etc.) and the request of credit histories from the credit bureaus. Depending on the responses received, each borrower will be given a certain ranking. When registering for the service, each client provides scanned copies of their identification documents (Passport, TIN, IIAN) and passes verification. We will also check the data that was provided to transfer the funds: for example, verify a credit card.

3.7
9 9 expert ratings
3.9
3.5
3.7
3.6
View rating distribution
Starts in 1 year ago
2018-01-15 - 2018-07-15
Token
SOFIN
Type
ERC20
Price in ICO
1 SOFIN = 0.4 USD
Platform
Accepting
Soft cap
1,000,000 USD
Hard cap
9,500,000 USD
Raised
1302414
preICO start
Nov 6, 2017
preICO end
Nov 19, 2017
ICO start
Jan 15, 2018
ICO end
Jul 15, 2018
More on ICO
Report

About SOFIN ICO

SOFIN (Social Financial Network) — P2P-lending online service based on blockchain. This marketplace platform, that brings creditors and borrowers together:


  • Creditor — individuals, banks, microfinance organizations and funds

  • Borrower — individuals, entrepreneurs, and organizations


Loans are issued in a fiat currency of the borrower country of residence. This allows the currency to be exchanged through the SOFIN token among creditors and borrowers from different countries.
On our website you can see the demo version of the platform.
SOFIN mission – to remove barriers and borders to grant the less developed countries access to financial recourses. We will address the daily needs of average individuals and entrepreneurs, opening up decentralized access to finances on the terms convenient to both parties, and not to a financial bank entity or any other intermediary.
Each potential borrower must undergo a verification process based on the methodology we have developed and tested—proved to be successful in our online-IFI. Each verified borrower will be awarded a credit rating, which will aide the prospective creditor in the investing decision. In every country, our local representative will correlate the local merits of credit scoring (ergo, analogous
NBCH, FSI, RPF, FSSP, etc.) for the most accurate risk assessment. Our level of pre-judicial settlement is 17%. This is a very high rate for microcredit market. Legal purity and transparency of each transaction. The loan is given in the fiat rate in currency of the borrower, according to the law. Therefore, creditor has a clear and legitimate reason to repay his loan.
Verification takes place within the following parameters:

  • Passport validity of citizenship

  • Verifying borrower in the executive productions data bank

  • Checking borrower for bankruptcy

  • Convictions and trials currently in progress

  • Database of terrorists and extremists

  • Verifying the credit score of the borrower in the credit ratings bureau–only banks and microfinance organizations have access to credit ratings under the law, our access will be provided through the IFI’s partner

  • IP address of the borrower

  • Social media networks—there are more than 10 factors per network

  • Employer organization for existence at TIN\PSRN\Name

  • Location of the borrower on cellular data

  • Bill payment history, such bills like telephone, utility, etc.

  • Verifying contact information of the borrower


We will integrate the local verification services in every country (read more on how to connect new countries in the Road Map).
Using Tokens in the System
The tokens within the system will be used as follows. The creditor (or the pool of creditors within a single loan) and the borrower will the same fiat rate currency. The creditor will be able to exchange one fiat currency to another using our tokens in the system. The entire loan amount is distributed in fiat. If a part of the loan is in cryptocurrency, the system automatically converts the loan to fiat currency of the borrower. The borrower pays a percentage to the system before receiving credit (up to 5% of the amount in SOFIN tokens that will be purchased automatically from the exchanges). This is the main source of income of the service: these funds are used to pay the bonuses and cashback in SOFIN — 1.5% to the borrower and 1.5% to the creditor. When the borrower repays the loan the creditor will have a choice to get the entire income in fiat or take a part of it with tokens. Also a part of the loan amount (1.5% to the creditor and 1.5% to the borrower) will return with tokens as cashback. A part of a loan (up to 20%) can be issued with tokens that the system will automatically buy and transfer to the fiat currency for the borrower. The integration of other cryptocurrencies with the possibility of issuing loans up to 100% will be pursued. Tokens can be used as an intermediate link in exchange of one fiat currency to another to issue loans in the currency of the borrower. Token holders will receive some advantages over ordinary users of the system (external differences in the service interface, more profitable bonus terms, etc.).
Why Do We Need Blockchain?

  • Transparency of all transactions performed on the platform – all reporting systems can be verified

  • Automated processes through smart contracts

  • Convenience in working with cryptocurrencies on Ethereum ERC 20

  • Integration with other projects on blockchain (such as registers, credit scoring, statistical services)

  • Reliability and fault proof


Benefits of SOFIN Tokens

  • A part of the loan (up to 20%) can be issued with the SOFIN tokens that the system will automatically buy at a profitable rate and transfer to fiat for the borrower. The integration of other cryptocurrencies with the possibility of issuing loans up to 100% will be pursued.

  • Tokens can be used as a mediator link in exchange of one fiat currency to another to issue loans in the currency of the borrower.

  • Large token holders will be identified as trusted members of the system. They will have more profitable loan terms, if necessary. Such holders will receive a bonus — a two-fold fee of the system to make loans for their tokens. The system will provide a guarantee for such borrowers in case of a default, that will cover the loan instantaneously by taking it as a loss out of the company funds. However, in the future the delay of funds will be covered via purchase of mortgage tokens from the borrower. These borrowers will thus have the highest ranking in the system and, as a result, will be able to attract investments on the most profitable terms, as the investor will ask for a minimum low rate of risk at almost zero

  • Token holders will receive some advantages over the common users of the system (ergo, external differences in the service interface, more profitable bonus terms, etc.)

  • The P2P system will receive the fee, up to 5%, in the SOFIN tokens, which will be automatically purchased from the exchange on each loan. This is the main source of income of the service: these funds are used to pay the bonuses and cashback in SOFIN — 1.5% to the borrower and 1.5% to the creditor. When the borrower repays the loan the creditor will have a choice to get the entire income in fiat or take a part of it with tokens.


Electronic Loan Agreement
A loan agreement signed by an equivalent handwritten signature has legal force in the RF, USA, EU and other countries and regions of the world. The EHS is generated by the platform by sending the digital code to the mobile phone of the contract party. All the relationships of the sides on the platform are through the electronic workflow through the preparation of the platform and the signing the relevant documents by the parties:

  • Loan agreement

  • Extension of a loan

  • Issuance and withdrawal of bail

  • A surety agreement

  • Assignment of a claim under an obligation arising from a contract

SOFIN reviews

Luca Cotta
Icodriver...expert launching ICOs, Influencer, IT expert.
Rated on Oct 20, 2017
1
2
2
8%
Igor Karavaev
ico advisor and investor
Rated on Apr 28, 2018
5
5
5
8%
Bogdan Fiedur
ICO and Blockchain Advisor. Full Stack and Ethereum/Solidity smart contract developer.
Rated on Apr 2, 2018
4
3
4
5%
Vladimir Nikitin
ADVISOR | CONSULTANT | EXCHANGES Listing
Rated on Apr 19, 2018
3
3
4
8%
Irina Nikitina
ICO Advisor
Rated on Apr 8, 2018
4
5
5
6%
Eugene Podkovyroff
Investor, Decentralized Economics Researcher, Crypto Visionary, FinTech Pro, Startup Mentor and Advisor
Rated on Apr 16, 2018
4
3
3
13%

Brief thoughts.

0. Idea and principles behind the SOFIN P2P loans is OK. These would work, been them developed and delivered in a full compliance with the modern AML, KYC and loan international regulations and industry requirements.
1. No Team KYC done.
2. Team doesn't show any adequate to the task international business connections.
3. Team has some very strong professionals, yet I can see how very important positions are
4. Seychelles domicile is a big no-no for far too many reasons, if you are going to be in any type of the retail financial business in any developed country. Cost of operations and compliance will sky rocket the very same moment, when some of your local partners/agents/operators will be regulated outside of Seychelles.
5. Costs for any international litigation is inadequately high for the majority of small and medium loans. It is unclear, to what degree the SOFIN team will support a creditor in a case of a loan default, yet it is clear, that it will cost a lot either to a SOFIN (hurting it's financials) or to a creditor (hurting SOFIN's reputation).
6. Borrowers verification with a credit card doesn't look good at all.
7. Tokenomics looks to be disadvantageous for later ICO investors.
8. This team has a micro financing business in Russia. Which is good in terms of experience. What is bad about it, is that microfinance institution charges 2% per day (which would be a up to 2700% annually with a daily compound interest). Sounds more like a loan shark business to me. I would argue, that it hurts more than it helps the community.

Overall feel is that this ICO campaign is poorly managed or simply neglected by the founders.

UPDATE 15.04.2018: given some updates of the project, rates have been just risen. Yet there are some unsolved issues on the surface.

Nikolay Shkilev
Entrepreneur | CEO | ICO Advisor | Crypto enthusiast | Blockchain expert | Public speaker | Mentor
Rated on Apr 11, 2018
4
5
3
8%
Phillip Nunn
Entrepreneur | CEO | ICO Advisor | Cryptocurrency Evangelist | Global Speaker | Blockchain Influencer
Rated on Apr 25, 2018
3
4
4
4%
PlumBot
ICO Analyzer Bot
Rated on Sep 5, 2018
0
0
0
38%


Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

SOFIN ICO price

Price in ICO

1 SOFIN = 0.4 USD

SOFIN (SOFIN) crypto

SOFIN coin

SOFIN token
SOFIN
SOFIN type
ERC20
SOFIN platform

SOFIN (SOFIN) value

Tokens for sale
4000000

SOFIN market cap

SOFIN market capitalization
$ 1302414

SOFIN investment info

Accepting
Min. investment
0.1 ETH
Distributed in ICO
90%
Soft cap
1,000,000 USD
Hard cap
9,500,000 USD

SOFIN whitepaper

SOFIN team

Apply as an advisor

Konstantin Ivanov

Founder of TradingView. Ph.D in Math and Economics

Advisor

Dr. Rupal Agarwal

Founder & CSO Obizcoin, Entrepreneur, Strategies Implementation Expert, Retail Management Consultant, Blockchain & AI Enthusiast, ICO Consultant

Advisor

Alexey Telnov

Partner at VC arm of one of the largest family offices in Eastern Europe. Helds M.A. in Finance and Law.

Advisor

SOFIN milestones

1
2010 Rostov region guarantee fund

WePower idea

2
2011 Offline MFO Expressmoney

WePower idea

3
2012 Opened the Verum law firm

WePower idea

4
2013 Miming rigs, cryptotrading

WePower idea

5
2013 Opened the Elonsoft IT company

WePower idea

6
2014 Private P2P loans to entrepreneurs

WePower idea

7
2019 Launch of one country per quarter

WePower idea

8
August 2016 Launch of MFO Loan CLub

WePower idea

9
August 2016 P2P platform concept

WePower idea

10
December 11, 2017 ICO

WePower idea

11
July 2017 - to date Commencement of system development

WePower idea

12
Q1 2018 Token on exchanges

WePower idea

13
Q1-2 2018 Launch of the platform in Russia and the Guarantee fund option

WePower idea

14
Q3-4 2018 Launch of the platfrom in the CIS countries

WePower idea

ICOs that might interest you

Gimmer offers easy-to-use advanced algorithmic trading bots that require no programming skills & ...

Aug 22, 2019

The GYM rewards app rewards you for exercising at the GYM by introducing Proof of Exercice to the...

Mar 1, 2018

One platform that will target several global industries and will bring stability and prosperity t...

Apr 4, 2018

Funding and rewarding open source development. FundRequest makes it easy to fund open issues on a...

Aug 22, 2019