Can you trust the internet? Constant and IOST are betting on it with a new collaboration.
Today, IOST holders can begin leveraging their assets for competitive P2P loans on Constant.
IOST is a new shard-based blockchain network started by the IOST Foundation. They want to solve the trust problem surrounding node verification in shard networks.
“Trust on the internet is one of the biggest issues currently facing the blockchain and the DeFi industry,” said Duy Huynh, founder of Constant. “Even in many so-called “trustless systems”, users find they still have to put their trust in something, whether that’s the platform or other users who might find ways to abuse the system.”
Constant, the fastest-growing P2P lending service in Southeast Asia is a team looking to remove some of the trust from the peer to peer lending industry. Their solution? Crypto-backed loans.
There are many advantages to using crypto assets like IOST to obtain a loan on Constant.
While it is relatively simple to trade assets on an exchange for their USD value, it is only a good option for users who want to divest. A Constant loan is a great option for someone feeling bullish about their coins who want to free up some cash.
On Constant, borrowers must put up 150% of their loan value in crypto as collateral. Their collateral is then held in an untouchable escrow account until the loan is paid off where it is sent back to the borrower’s account.
“What we have ended up creating is a great tool for both borrowers and crypto traders as well,” said Huynh. “Holders can leverage their assets on our platform to get the value of their coins without divesting. It’s a great feature for those who want to get a bit of extra cash to make big purchases or even buy more coins.”
IOST solves the trust issue with their own invention, the Proof of Believability (PoB) protocol.
The PoB protocol is unique in that it allows users to build up their reputation in the IOST network through a non-tradable service coin called servi.
Whenever a node validates a new block correctly, they are awarded servi. The more servi a node holds, the more authority they are granted when verifying future blocks in their shard. And the less other users have to worry about untrustworthy shards manipulating the system.
By leveraging their assets for competitive loans on Constant, IOST users aren’t just unlocking real-world value from their tokens. They are pushing forward a new era of secure financial tech working to bring value to people who need it worldwide. Constant and IOST hope their collaboration will help to promote both platforms as they work to make the internet a more trustworthy and friendlier place.
IOST is an ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB). Led by a team of proven founders and backed by world-class investors, its mission is to be the underlying architecture for online services that meet the security and scalability needs of a decentralized economy.
Just two months after the launch of mainnet, IOST is now one of the Big 4 Public Chains for DApps alongside Ethereum, EOS, and Tron. IOST has already surpassed Ethereum in network transactions while maintaining high levels of decentralization.
Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world. They are backed by PrimeTrust and the FDIC and work closely with custody services like Bitgo to insure collateral.