The Luxury Bank is both, centralized and decentralized which help The Luxury investors using the advantages of Smart Contracts and Blockchain Technology. The Luxury Bank also offers important functions like syndicated loans and the ability to sell a loan to another member if needed. Our approach is unique and different and unlike others, The Luxury is the only one platform in the world which does NOT take collaterals. With the help of smart contracts, we disable the voting and selling rights without affecting the ownership of the portfolio asset.
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Dec 2017
Platform Idea. Development of the concept and business plan.
Jan 2018
Create Partnership with Complementary Partners
Mar 2018
Elaboration of Platform Market Research Technical Feasibility Assessment
May 2018
The first sketches of the platform
Jun 2018
TTeam Set-Up Business Strategy Implementation of the Blockchain Technology
Jan 2019
Completion of ICO and final implementation of the platform
Mar 2019
Organizing events in Dubai, New York, London and Singapore
- Jan 2018 Create Partnership with Complementary Partners
- May 2018The first sketches of the platform
- Feb 2019The final implementation of the platform
- Dec 2017 Platform Idea. Development of the concept and business plan.
- Mar 2018 Elaboration of Platform Market Research Technical Feasibility Assessment
- Jun 2018 Team Set-Up Business Strategy Implementation of the Blockchain Technology
- Mar 2018 Event Launch of the platform. Organizing events in Dubai, New York, London, and Singapore
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If a borrower fails to pay back the loan completely, the loan turns into a default. In this case, The Luxury immediately deposits a fraction of the loan to The Luxury Bank in order to minimize the loss. Since the borrower is known and legally bound to the smart contract, the platform has the choice of collecting the debt canceling the co-ownership contract to the nearest value or simply selling the default on the Collectors Syndicate Market to further minimize the loss.
The Luxury Smart Loan Contract saves all the important data about the borrower and the loan specifications.
After being posted on the platform and being filled by one of our officers, the Smart Contract executes and deposits the money to the borrower’s wallet. When the first payment is due, the Smart Contract automatically notifies the borrower and recognizes if the borrower successfully pays back the loan.
In response to the borrower’s payment discipline, The Luxury Smart Loan Contract communicates with The Luxury Reputation Contract and actualizes the borrower’s rank.
Every loan application will be visible on The Luxury Bank Staff dashboard, where the officers will decide the amount and interest for each specific loan.
Generally, we believe that cryptocurrencies are the future and in the near future it will not be necessary to convert into another currency in order to realize purchases. However, the borrower can receive the funds in The Luxury wallet, which allows our member to continue shopping on our platform where private planes, yachts, properties, luxury cars or jewels will be available to be turned into property. We are also working on a direct implementation of multiple cryptocurrencies and wallets to facilitate the conversion of the loan into fiat.
Young and small markets tend to be more volatile than big and established markets. The market for Cryptocurrencies is still young and comparably small – therefore the high grade of volatility. We foresee the cryptocurrency market will keep on growing significantly in the long run which means that coins and tokens will be more stable in terms of price fluctuation. But we don’t have to wait for that to happen in order to run a functioning platform – if a borrower is afraid of borrowing because the price might skyrocket before he is able to pay the loan back, he needs to relax, we will set alerts and transfer the risk to our account.