Platform Idea. Development of the concept and business plan.
Create Partnership with Complementary Partners
Elaboration of Platform Market Research Technical Feasibility Assessment
The first sketches of the platform
TTeam Set-Up Business Strategy Implementation of the Blockchain Technology
Completion of ICO and final implementation of the platform
Organizing events in Dubai, New York, London and Singapore
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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.