DefiCliq

DefiCliq is the first company to provide both collateralized and uncollateralized loans in both p2p and traditional ways, with more features like DAO (off-chain governance), staking, interoperability at one place on Polkadot.

The banking system is currently one of the most scrutinized sectors in any country. Due to the amount of regulation and political interest associated with this sector, innovation is slow, with occasional bouts of stagnation, a situation familiar with any over-regulated situation. Because of this, it is increasingly tempting for innovators to target this field, aiming at current institutions, with extensive opportunities for substantial invasion and digitalization. The recent success of fintech proves how necessary technological development is in the field, with more room togrow. Lending is a crucial component of any traditional financial institution, but at the same time, it is a tricky component to access because of the legal and political aspects associated with it. However, it is a central place in the financial industry that has led to several technological efforts entering this space. Peer-to-peer lending and, more importantly, DeFi (an acronym for Decentralized Finance) are leading the way and making a change into the field, challenging traditional lending mechanisms. Recent market turmoil, such as the Great Recession and the 2020 Pandemic, has brought to the forefront the need for new financing options, putting further into the spotlight the traditional institution inadequacy of keeping up with development and consumer demand. Defi is one of the answers to this problem, proposing extended use of blockchain technology to create faster, safer, and more transparent systems to rival the existingones. Deficliq's mission is to democratize the lending market opening further possibilities in this untapped space, with the firm belief that everyone has the right to finance their endeavors in a safe, secure, and transparent environment. As such, we are the first company to provide both collateralized and uncollateralized loans that, too in both p2p and traditional ways, with more features like DAO (off-chain governance), staking, interoperability in one place as a Polkadot Substrate Project, thus becoming a leading competitor in the fintech space. We will debate in this paper the current conditions of the field, the impact of DeFi, and the innovation brought forward by Deficliq.