Block66 is an innovative blockchain mortgage platform that streamlines and organizes the facilitation of residential and commercial financing. The primary goal of the platform is to reduce the amount of time, persons involved and money that it takes to complete a full mortgage cycle. Previously, real estate transactions on the blockchain required 100% funding upfront, which is no more with block66.
Block66 introduces the first platform where lenders can access a marketplace of vetted borrowers looking for mortgage finance. This marketplace is public, transparent, and highly automated, so lending is streamlined, with lower costs, and lower risks. Each loan is represented as a pool of “proof of loan” (PoL) tokens that can be individually resold to investors, providing lenders with liquidity, and empowering a diverse pool of investors.
Block66’s blockchain and smart-contract technology make it possible for lending contracts to be tokenized, and the flexibility and liquidity provided by Block66’s asset-backed tokens will open the mortgage market to a more diverse pool of investors. Each loan has its own smart contract, responsible for minting, selling, and tracking ownership of ifs PoL tokens. Block66’s cryptographically-secured smart contracts ensure the market remains public, transparent, and tamperproof.
A digital trust fund (DTF) ensures the safety of the underlying loan agreement, represented digitally as PoL tokens, by acting as custodian for the loan and collecting repayments – including accrued interest. Strict laws regarding trusts funds protect each mortgage even in the event of bankruptcy meaning that no party, including Block66, the broker, or anyone else can claim it.
Block66 infrastructure will be implemented as a decentralized application (dApp), and run on the Ethereum network. Brokers will be able to list clients as lending opportunities on the platform, after being thoroughly vetted by Block66 through proof of residence, credit reports, license verification, and criminal record checks. Proprietary software, as well as a network of partners, will be used for this purpose. Based on a personal risk/reward ratio, lenders can then select an investment from the offered mortgages to add to their portfolio.
At this point, Block66 will present the broker with explicit, comparable fees, and interest rates with which to advise the borrower.
Block66 software and API integrations will automatically verify the majority of files, limiting the need for an underwriter. These same checks will go a long way toward reducing incidences of mortgage fraud by flagging contentious applications. When dealing with more complex mortgages, virtual underwriters will validate documents in exchange for Block66 Network Tokens (BNET). Token mechanics are explained in more detail further on.
Over time, the Block66 team will look to make the distribution as far-reaching as possible for PoL tokens, and the Block66 ecosystem. To achieve this the team will partner with exchange relayers, such as 0x, as well as partnering directly with exchanges. The team will also take advantage of the TPL protocol to help manage Block66’s regulatory exposure.
Block66 is conceived. Work begins on drafting the whitepaper and contact is made with some early advisors and team members.
Planning work begins on the Block66 platform. User journeys and operating flows are designed for the matching engine.
TOKEN GENERATION EVENT (TGE)
TGE launch coming soon. Office build out begins. Wireframing and prototypes of platform produced.
DESIGN AND DISTRIBUTION PHASE
Ramp up marketing and business development efforts. Form "Block66 Alliance" of customers. Move aggressively into product planning and design.
Alpha testing phase with first customers using the platform. First "Block66 Alliance" report.
RELEASE PHASE I
MVP Launch, with first batch of on-chain loans funded and distributed via the network.
RELEASE PHASE II
Loan tokenisation. Network users can trade on-chain securities on a fractional basis, with smart contracts ensuring that loan repayments are distributed to all token holders.