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      "body": "Congratulations @joosprotocol! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@joosprotocol/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@joosprotocol) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=joosprotocol)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "**<h3>The Emergence of Cryptocurrency Lending</h3>**\nFor long-term cryptocurrency investors, accessing liquid currency represents something of a paradox. Cryptocurrency cannot yet be used in many non-digital transactions, nor can it be leveraged within the traditional financial system to securitize a bank loan in the same way that other investible assets can be (e.g. stocks or real estate). Thus, cryptocurrency investors face the dilemma of having to sell off their tokens at current market prices in order to make additional investments or to simply pay off real-world expenses. For investors who are bullish and long on their tokens, the expectation that the price of cryptocurrency will rise means that it will become increasingly expensive to repurchase the tokens that they sold as time passes1.\n\nTo address this problem, a number of cryptocurrency lending services have emerged. These services, such as SALT2, Nexo3, ETHLend4, and BlockFi5, allow users to use their cryptocurrency as collateral in exchange for a loan. There are some notable differences between these platforms and how they implement lending. SALT, Nexo, and BlockFi are centralized lending platforms that operate similarly to a traditional bank – they deliver fiat currency directly to a real-world bank account upon the deposition of cryptocurrency in an escrow account. ETHLend, on the other hand, operates a more democratic platform that matches lenders and debtors directly and allows them to exchange Ethereum-based tokens. \n\nThese platforms have for the most part been quite successful. SALT, one of the first major players in the cryptocurrency lending space, has over 70,000 active members and over $50 million in issued loans6. Meanwhile, BlockFi grew its revenue ten-fold in 2018 as long-term cryptocurrency investors and cryptocurrency bears alike weathered through the recent market dip7. More important, the pullback in the cryptocurrency market while the stock and real estate markets largely soared in 2018 demonstrated the potential profitability of loaning against cryptocurrency assets in exchange for fiat currency to investors, broadly validating the business model of cryptocurrency lending.\n\nPart of the reason for the success of these companies, especially during the recent drawback in the cryptocurrency market, is that they only accept Bitcoin, Ethereum, and other major tokens such as Ripple and Litecoin. Importantly, these are large-cap cryptocurrencies with relatively high market liquidity. Liquid cryptocurrencies are easier to buy and sell8, meaning that these lending platforms have the ability to sell of collateralized tokens if a debtor is unable to repay their loan. This is especially important for SALT, Nexo, and BlockFi, since these platforms are themselves the lenders for all loans that they issue.\n\nIn addition, liquid large-cap cryptocurrencies such as Bitcoin and Ethereum have less price volatility than illiquid small-cap cryptocurrencies. This contributes to relative price stability, even during period when the cryptocurrency market is experiencing a broad sell-off as occurred recently. Price stability is another important financial consideration for these centralized lenders, as they require that loans be leveraged to a specific degree.\n\nFor example, SALT issues loans at a as much as a 50% loan-to-value ratio9 – meaning that for every $10,000 of fiat currency loaned, $20,000 worth of Bitcoin or Ethereum must be collateralized. Since the price of Bitcoin and Ethereum relative to US dollars is constantly fluctuating, debtors must keep the market value of their collateral account above that $20,000 minimum. For more volatile cryptocurrencies, ensuring that debtors keep their collateral accounts above the minimum requires more computational effort and there is a greater chance that the collateral account value can drop precipitously with little warning.\n\n**<h3>Unrealized Value in Cryptocurrency Lending**</h3>\nHowever, by limiting themselves to accepting only a few major cryptocurrencies as collateral for loans, the major cryptocurrency lending platforms have prevented themselves from fully saturating the market sector. Bitcoin, Ethereum, Ripple, and Litecoin together make up only about 70% of the total cryptocurrency market capitalization10, meaning that these lenders are effectively shutting out as much as 30% of cryptocurrency value from their platforms. All told, that represents more than $40 billion in value that the cryptocurrency lending industry has not yet serviced.\n\nThat leaves open a significant opportunity for the Joos platform. In addition to accepting major cryptocurrencies on the distributed peer-to-peer Joos network, Joos is seeking to enter into the remaining 30% of the cryptocurrency market by accepting small- and micro-cap cryptocurrencies as collateral for lending.\n\n**<h3>Lending Against Small-cap Cryptocurrencies on Joos**</h3>\nThe primary challenge in allowing debtors to stake small- and micro-cap cryptocurrency tokens at loan collateral on Joos, or any other cryptocurrency lending platform, is managing risk. However, Joos has identified several ways in which the platform can limit the potential downside of these cryptocurrencies.\n\nFirst, Joos is making an effort to evaluate small-cap cryptocurrencies that have until now been ignored by the cryptocurrency lending market. This evaluation will consider the history of a particular token and its projected direction in order to ensure that Joos is not accepting coins that may cease development in the foreseeable future or that could be subject to pump-and-dump schemes11. Joos’ evaluation will also consider the historical volatility and liquidity of individual tokens, which provide objective measures of the risk that different cryptocurrencies bring to the platform. Although this stringent vetting process will exclude some microcap cryptocurrencies from being listed on Joos, the majority of the hundreds of tokens currently inadmissible in cryptocurrency lending will become eligible for use.\n\nWhere Joos plans to break from existing cryptocurrency lenders is in designating coin-specific loan-to-value ratios. Currently, since SALT, BlockFi, and Nexo only accept major coins with relatively stable pricing, they either designate a single loan-to-value ration across the platform regardless of the coin used as loan security or, as in the case of SALT, set the loan-to-value ratio according to a subscription tier9. Joos will instead use the objective risk measures – volatility, liquidity, and other token-specific risk factors – to determine the loan-to-value ratio to be assigned to each cryptocurrency accepted on the platform.\n\nThe advantage of this approach is that Joos retains full control over the amount of risk being introduced to the platform with each new cryptocurrency. For example, a micro-cap cryptocurrency that is highly illiquid and volatile may be assigned a loan-to-value ratio of just 10%, meaning that the debtor must put 10 times the value of the loan up as collateral based on the current market value of that coin, and to keep their collateral account above that level as the price of the coin changes. This means that even if the market price of the coin were to suddenly swing downward by as much as 90%, the lender would be able to recover the value of the principal loan by liquidizing the collateral.\n\nThe relatively low loan-to-value ratios that will be assigned to microcap cryptocurrencies may be a limiting factor on the sizes of loans that long-term investors can take on, since large loans will require a significant amount of coin to be staked as collateral. This can be partially alleviated by allowing debtors to use multiple types of accepted tokens – each with their own loan-to-value ratios – to meet the necessary collateral requirements.\n\nIt is also worth noting that the vast majority of long-term bullish investors in small- and micro-cap cryptocurrencies are incentivized to keep their collateral accounts above the required margin. These investors believe in the long-term growth potential of the currency they are holding and do not want to see it sold off to re-balance a collateral account – hence the reason for taking out a cryptocurrency loan rather than simply selling off their assets. Thus, debtors themselves can help to manage the risk of these tokens by buying more during dips in value and adding those newly purchased coins to their collateral accounts.\n\n**<h3>Growing Joos’ Lending Potential**</h3>\nThere is significant incentive for cryptocurrency investors to flock to the Joos platform as their cryptocurrency lending service of choice as more tokens are accepted on the platform. Importantly, Joos will be the first and only cryptocurrency lending platform to accept the hundreds of popular, high-value tokens that are not among the top five cryptocurrencies by market cap. For users who hold these tokens, then, Joos will be the only option available to hold those coins while using them to securitize a loan in fiat currency.\n\nSince Joos also accepts major currencies such as Bitcoin and Ethereum, it is easy for investors to remain within the Joos network once they begin using it – the platform will serve as a one-stop network for lending using any cryptocurrency. Furthermore, because Joos is a peer-to-peer lending platform in which lenders must compete against one another, average interest rates on the platform are likely to be significantly lower compared to centralized lending platforms such as SALT, Nexo, and BlockFi. \n\nUltimately, this means that by expanding the types of cryptocurrencies accepted on Joos, the platform could both carve out a niche for lending to small- and micro-cap cryptocurrency investors as well as poach market share from more established cryptocurrency lenders.\n\n**<h3>Conclusion**</h3>\nJoos will be the first cryptocurrency lending platform to make lending available to investors holding small- and micro-cap cryptocurrencies. While accepting potentially volatile cryptocurrencies with low liquidity does present some inherent risk for lenders operating on Joos, the platform plans to thoroughly evaluate each token to objectively assign a loan-to-value ratio. This individually assigned value, combined with the natural desire of bullish cryptocurrency investors to keep their coins from being sold, will help to minimize risk across the Joos network.\n\nAll told, small- and micro-cap cryptocurrencies make up roughly 30% of the cryptocurrency marketplace and represent around $40 billion in value that is currently not being targeted by existing cryptocurrency lenders. Accepting a wider range of cryptocurrencies than any other cryptocurrency lending platform gives Joos both a major competitive advantage relative to more established industry players as well as a high-value niche that caters to the needs of an underserved cryptocurrency investing population. \n\n**<h3>References**</h3>\n1Crosman P. 2018. Crypto Lending May be Risky, But These Firms Say They’ve Solved the Riddle. American Banker. https://www.americanbanker.com/news/crypto-lending-may-be-risky-but-these-firms-say-theyve-solved-the-riddle.\n2SALT. https://saltlending.com/.\n3Nexo. https://nexo.io/.\n4ETHLend. https://ethlend.io/.\n5BlockFi. https://blockfi.com/.\n6SALT. 2018. The Upgraded SALT Borrow Experience is Here. Medium. https://blog.saltlending.com/the-upgraded-salt-borrower-experience-is-here-53991a2d6d3.\n7Kharif O. 2019. Lenders are Thriving on Bitcoin’s Bust by Aiding Both Fanatics and Shorts. Bloomberg. https://www.bloomberg.com/news/articles/2019-01-02/thriving-on-bitcoin-s-bust-lenders-aid-both-fanatics-and-shorts.\n8Guide to Cryptocurrency Liquidity: Understanding Liquidity & Its Importance. Master the Crypto. https://masterthecrypto.com/cryptocurrency-liquidity-understanding-liquidity-importance/.\n9SALT. Loan to Value (LTV) Explained. Medium. https://blog.saltlending.com/loan-to-value-ltv-explained-9ff7182d446f.\n10Top 100 Cryptocurrencies by Market Capitalization. CoinMarketCap. https://coinmarketcap.com/ (Accessed March 27, 2019).\n11 Kamps J, Kleinberg B. 2018. To the moon: Defining and detecting cryptocurrency pump and dumps. Crime Science 7:18.",
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      "body": "**The Emergence of Cryptocurrency Lending**\nFor long-term cryptocurrency investors, accessing liquid currency represents something of a paradox. Cryptocurrency cannot yet be used in many non-digital transactions, nor can it be leveraged within the traditional financial system to securitize a bank loan in the same way that other investible assets can be (e.g. stocks or real estate). Thus, cryptocurrency investors face the dilemma of having to sell off their tokens at current market prices in order to make additional investments or to simply pay off real-world expenses. For investors who are bullish and long on their tokens, the expectation that the price of cryptocurrency will rise means that it will become increasingly expensive to repurchase the tokens that they sold as time passes1.\n\nTo address this problem, a number of cryptocurrency lending services have emerged. These services, such as SALT2, Nexo3, ETHLend4, and BlockFi5, allow users to use their cryptocurrency as collateral in exchange for a loan. There are some notable differences between these platforms and how they implement lending. SALT, Nexo, and BlockFi are centralized lending platforms that operate similarly to a traditional bank – they deliver fiat currency directly to a real-world bank account upon the deposition of cryptocurrency in an escrow account. ETHLend, on the other hand, operates a more democratic platform that matches lenders and debtors directly and allows them to exchange Ethereum-based tokens. \n\nThese platforms have for the most part been quite successful. SALT, one of the first major players in the cryptocurrency lending space, has over 70,000 active members and over $50 million in issued loans6. Meanwhile, BlockFi grew its revenue ten-fold in 2018 as long-term cryptocurrency investors and cryptocurrency bears alike weathered through the recent market dip7. More important, the pullback in the cryptocurrency market while the stock and real estate markets largely soared in 2018 demonstrated the potential profitability of loaning against cryptocurrency assets in exchange for fiat currency to investors, broadly validating the business model of cryptocurrency lending.\n\nPart of the reason for the success of these companies, especially during the recent drawback in the cryptocurrency market, is that they only accept Bitcoin, Ethereum, and other major tokens such as Ripple and Litecoin. Importantly, these are large-cap cryptocurrencies with relatively high market liquidity. Liquid cryptocurrencies are easier to buy and sell8, meaning that these lending platforms have the ability to sell of collateralized tokens if a debtor is unable to repay their loan. This is especially important for SALT, Nexo, and BlockFi, since these platforms are themselves the lenders for all loans that they issue.\n\nIn addition, liquid large-cap cryptocurrencies such as Bitcoin and Ethereum have less price volatility than illiquid small-cap cryptocurrencies. This contributes to relative price stability, even during period when the cryptocurrency market is experiencing a broad sell-off as occurred recently. Price stability is another important financial consideration for these centralized lenders, as they require that loans be leveraged to a specific degree.\n\nFor example, SALT issues loans at a as much as a 50% loan-to-value ratio9 – meaning that for every $10,000 of fiat currency loaned, $20,000 worth of Bitcoin or Ethereum must be collateralized. Since the price of Bitcoin and Ethereum relative to US dollars is constantly fluctuating, debtors must keep the market value of their collateral account above that $20,000 minimum. For more volatile cryptocurrencies, ensuring that debtors keep their collateral accounts above the minimum requires more computational effort and there is a greater chance that the collateral account value can drop precipitously with little warning.\n\n**Unrealized Value in Cryptocurrency Lending**\nHowever, by limiting themselves to accepting only a few major cryptocurrencies as collateral for loans, the major cryptocurrency lending platforms have prevented themselves from fully saturating the market sector. Bitcoin, Ethereum, Ripple, and Litecoin together make up only about 70% of the total cryptocurrency market capitalization10, meaning that these lenders are effectively shutting out as much as 30% of cryptocurrency value from their platforms. All told, that represents more than $40 billion in value that the cryptocurrency lending industry has not yet serviced.\n\nThat leaves open a significant opportunity for the Joos platform. In addition to accepting major cryptocurrencies on the distributed peer-to-peer Joos network, Joos is seeking to enter into the remaining 30% of the cryptocurrency market by accepting small- and micro-cap cryptocurrencies as collateral for lending.\n\n**Lending Against Small-cap Cryptocurrencies on Joos**\nThe primary challenge in allowing debtors to stake small- and micro-cap cryptocurrency tokens at loan collateral on Joos, or any other cryptocurrency lending platform, is managing risk. However, Joos has identified several ways in which the platform can limit the potential downside of these cryptocurrencies.\n\nFirst, Joos is making an effort to evaluate small-cap cryptocurrencies that have until now been ignored by the cryptocurrency lending market. This evaluation will consider the history of a particular token and its projected direction in order to ensure that Joos is not accepting coins that may cease development in the foreseeable future or that could be subject to pump-and-dump schemes11. Joos’ evaluation will also consider the historical volatility and liquidity of individual tokens, which provide objective measures of the risk that different cryptocurrencies bring to the platform. Although this stringent vetting process will exclude some microcap cryptocurrencies from being listed on Joos, the majority of the hundreds of tokens currently inadmissible in cryptocurrency lending will become eligible for use.\n\nWhere Joos plans to break from existing cryptocurrency lenders is in designating coin-specific loan-to-value ratios. Currently, since SALT, BlockFi, and Nexo only accept major coins with relatively stable pricing, they either designate a single loan-to-value ration across the platform regardless of the coin used as loan security or, as in the case of SALT, set the loan-to-value ratio according to a subscription tier9. Joos will instead use the objective risk measures – volatility, liquidity, and other token-specific risk factors – to determine the loan-to-value ratio to be assigned to each cryptocurrency accepted on the platform.\n\nThe advantage of this approach is that Joos retains full control over the amount of risk being introduced to the platform with each new cryptocurrency. For example, a micro-cap cryptocurrency that is highly illiquid and volatile may be assigned a loan-to-value ratio of just 10%, meaning that the debtor must put 10 times the value of the loan up as collateral based on the current market value of that coin, and to keep their collateral account above that level as the price of the coin changes. This means that even if the market price of the coin were to suddenly swing downward by as much as 90%, the lender would be able to recover the value of the principal loan by liquidizing the collateral.\n\nThe relatively low loan-to-value ratios that will be assigned to microcap cryptocurrencies may be a limiting factor on the sizes of loans that long-term investors can take on, since large loans will require a significant amount of coin to be staked as collateral. This can be partially alleviated by allowing debtors to use multiple types of accepted tokens – each with their own loan-to-value ratios – to meet the necessary collateral requirements.\n\nIt is also worth noting that the vast majority of long-term bullish investors in small- and micro-cap cryptocurrencies are incentivized to keep their collateral accounts above the required margin. These investors believe in the long-term growth potential of the currency they are holding and do not want to see it sold off to re-balance a collateral account – hence the reason for taking out a cryptocurrency loan rather than simply selling off their assets. Thus, debtors themselves can help to manage the risk of these tokens by buying more during dips in value and adding those newly purchased coins to their collateral accounts.\n\n**Growing Joos’ Lending Potential**\nThere is a significant incentive for cryptocurrency investors to flock to the Joos platform as their cryptocurrency lending service of choice as more tokens are accepted on the platform. Importantly, Joos will be the first and only cryptocurrency lending platform to accept the hundreds of popular, high-value tokens that are not among the top five cryptocurrencies by market cap. For users who hold these tokens, then, Joos will be the only option available to hold those coins while using them to securitize a loan in fiat currency.\n\nSince Joos also accepts major currencies such as Bitcoin and Ethereum, it is easy for investors to remain within the Joos network once they begin using it – the platform will serve as a one-stop network for lending using any cryptocurrency. Furthermore, because Joos is a peer-to-peer lending platform in which lenders must compete against one another, average interest rates on the platform are likely to be significantly lower compared to centralized lending platforms such as SALT, Nexo, and BlockFi. \n\nUltimately, this means that by expanding the types of cryptocurrencies accepted on Joos, the platform could both carve out a niche for lending to small- and micro-cap cryptocurrency investors as well as poach market share from more established cryptocurrency lenders.\n\n**Conclusion**\nJoos will be the first cryptocurrency lending platform to make lending available to investors holding small- and micro-cap cryptocurrencies. While accepting potentially volatile cryptocurrencies with low liquidity does present some inherent risk for lenders operating on Joos, the platform plans to thoroughly evaluate each token to objectively assign a loan-to-value ratio. This individually assigned value, combined with the natural desire of bullish cryptocurrency investors to keep their coins from being sold, will help to minimize risk across the Joos network.\n\nAll told, small- and micro-cap cryptocurrencies make up roughly 30% of the cryptocurrency marketplace and represent around $40 billion in value that is currently not being targeted by existing cryptocurrency lenders. Accepting a wider range of cryptocurrencies than any other cryptocurrency lending platform gives Joos both a major competitive advantage relative to more established industry players as well as a high-value niche that caters to the needs of an underserved cryptocurrency investing population. \n\nReferences\n1Crosman P. 2018. Crypto Lending May be Risky, But These Firms Say They’ve Solved the Riddle. American Banker. https://www.americanbanker.com/news/crypto-lending-may-be-risky-but-these-firms-say-theyve-solved-the-riddle.\n2SALT. https://saltlending.com/.\n3Nexo. https://nexo.io/.\n4ETHLend. https://ethlend.io/.\n5BlockFi. https://blockfi.com/.\n6SALT. 2018. The Upgraded SALT Borrow Experience is Here. Medium. https://blog.saltlending.com/the-upgraded-salt-borrower-experience-is-here-53991a2d6d3.\n7Kharif O. 2019. Lenders are Thriving on Bitcoin’s Bust by Aiding Both Fanatics and Shorts. Bloomberg. https://www.bloomberg.com/news/articles/2019-01-02/thriving-on-bitcoin-s-bust-lenders-aid-both-fanatics-and-shorts.\n8Guide to Cryptocurrency Liquidity: Understanding Liquidity & Its Importance. Master the Crypto. https://masterthecrypto.com/cryptocurrency-liquidity-understanding-liquidity-importance/.\n9SALT. Loan to Value (LTV) Explained. Medium. https://blog.saltlending.com/loan-to-value-ltv-explained-9ff7182d446f.\n10Top 100 Cryptocurrencies by Market Capitalization. CoinMarketCap. https://coinmarketcap.com/ (Accessed March 27, 2019).\n11 Kamps J, Kleinberg B. 2018. To the moon: Defining and detecting cryptocurrency pump and dumps. Crime Science 7:18.",
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      "body": "The credit score system is, on its face, an essential mechanism to ensure fair access to lending. By using an objective credit score rating, lenders can determine how much of a risk individuals and businesses are for any loan, and accordingly require higher interest rates, additional collateral, or altogether decline to issue a loan. This in turn keeps the financial system accountable for the risk it takes on so that credit remains widely available for lower-risk debtors.\n\nHowever, the credit score system is deeply broken due to a lack of transparency and objectivity. Numerous studies have found evidence of subjective bias against racial minorities, including the assignment of lower credit scores to minority-owned small businesses1 and the use of credit scores to deny, rather than support, loans to minority individuals2. The system is also prone to identity fraud, after which it can be nearly impossible for consumers to repair their credit rating3.\n\nFor individuals with bad credit, whatever the underlying cause, the consequences are severe. Entrepreneurs can find themselves unable to start or scale successful small businesses, while individuals may lose the ability to build wealth through means such as homeownership4. In more extreme situations, consumers with poor credit may lack the means to cover essential costs of living and be forced to turn to predatory payday lenders.\n\nThankfully, Joos’ peer-to-peer lending environment offers a fundamentally redesigned credit score system. \n\n#### **Blockchain-based Credit Scores**\nIn Joos, credit scores are recorded and tracked on the blockchain, just like financial loan transactions. This has two important ramifications.\n\nFirst, credit scores are fully transparent and can be queried from the blockchain by any user – including the individual to whom a credit score belongs. Furthermore, checking a user’s credit score is not punitive to that score, as checking a credit score in the traditional financial system can be5.\n\nSecond, credit scores in Joos are fully objective and capture the full range of transactions made on the platform. This is a minor, but critical difference from traditional credit scores. While traditional credit scores are meant to be fully objective, they fail to account for most on-time payments and only register complaints when a payment is missed or late. That leads to a system in which consumers are penalized for delinquent financial actions, but are not rewarded for positive financial interactions6. In Joos, since all transactions are recorded to the blockchain, it is possible to incorporate both positive and negative payment interactions into the credit score and for potential lenders to see a debtor’s past transaction history.\n\n####  **Advantages of Joos’ Credit Scoring System**\nTogether, these two characteristics – transparency and objectivity – offer a solution to the deeply flawed credit scores used by the traditional financial lending system. Next, we’ll take a look at three ways in which Joos’ credit rating system can benefit users on the platform.\n\n### Ability to Build Credit\nAn important flaw in the traditional credit score system is that positive financial transactions, such as on-time payments, are often not reflected by an individuals’ credit score6. In Joos, since payments are recorded to the blockchain, this is not the case. That means that individuals with poor credit have the opportunity to build their credit score on Joos by taking out small loans and making series of on-time payments. \n\nThis is where the diversity of lenders on Joos can play an important role. Small lenders with more risk tolerance may be more willing to work with individuals with poor credit scores in exchange for higher interest rates or more valuable collaterals to securitize loans. As individuals’ credit scores improve by repaying these lenders, they can take out larger loans or loans with lower interest rates from more risk-averse lenders.\n\n### Enabling Conversations between Lenders and Debtors\nOne of the major problems with the lack of transparency in the traditional credit rating system is that it is nearly impossible for consumers to see which transactions or missed payments caused a credit score to drop. Ultimately, this means that there is no way for consumers to explain specific missed payments and any extenuating circumstances to potential lenders. \n\nOn Joos, because it is possible to see the full history of transactions that comprise a credit score, it is possible for lenders and debtors to have real conversations about specific delinquent payments. In many cases, debtors may be able to use their transaction history on the platform to provide evidence for their claimed circumstances at the time of the missed payment, and to demonstrate to potential lenders that missed payments were an anomaly rather than the norm for them. Ultimately, this may lead to lenders being more willing to work with debtors with marginal credit scores, which increases the availability of credit for everyone.\n\n### Elimination of Bias\nJoos’ credit score system does not inherently eliminate bias, in the same way that the traditional credit score system is not inherently designed to promulgate bias. However, because Joos is an anonymous platform and there is ample opportunity to build credit scores, Joos’ credit score system offers numerous paths for overcoming racial and other biases that are rampant in the traditional credit scoring system. Furthermore, the diversity of lenders on Joos virtually ensures that debtors, regardless of their race, economic status, or other non-financial factors, will be able to find a lender willing to work with them.\n\n#### **Conclusion**\nJoos is redesigning the consumer credit score system to be more transparent and fully objective. Thanks to Joos’ credit scoring system, debtors on the platform will be enabled to build their credit scores over time as well as to work with lenders to explain extenuating circumstances around past anomalies in their credit history. Importantly, these improvements to the credit score system promise to address many of the flaws in the traditional credit score system, including rampant bias and a lack of transparency.\n\n#### **References**\n1.Henderson L, Herring C, Horton HD, Thomas M. 2015. Credit Where Credit is Due?: Race, Gender, and Discrimination in the Credit Scores of Business Startups. The Review of Black Political Economy 42(4):459-479.\n\n2.Brown J. 2019. Unscoreable: How the Credit Reporting Agencies Exclude Latinos, Younger Consumers, Low-Income Consumers, and Immigrants. Unidos US. \n\n3.Blascak N, Cheney JS, Hunt RM, Mikhed V, Ritter D, Vogan M. 2019. Financial Consequences of Identity Theft: Evidence from Consumer Credit Bureau Records. FRB of Philadelphia Working Paper No. 19-2.\n\n4.Korver-Glenn E. 2018. Compounding Inequalities: How Racial Stereotypes and Discrimination Accumulate across the Stages of Housing Exchange. American Sociological Review 83(4):627-656.\n\n5.Stapleton L. 2019. Does Checking Your Credit Score Hurt Your Credit Score? Credit Sesame. https://www.creditsesame.com/blog/credit-score/does-checking-your-credit-hurt-your-credit-score/.\n\n6.Lake R. 2019. How to Use Apartment Rent to Build Credit. Credit Sesame. https://www.creditsesame.com/blog/credit-score/guide-renting-first-apartment-using-rent-to-build-credit/.",
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      "title": "How Joos is Transforming the Broken Credit Score System"
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      "author": "joosprotocol",
      "body": "Joos is a blockchain-based platform that aims to upend the global financial system by offering peer-to-peer loans and enhanced mechanisms for debt collection. The lending mechanisms offered by this platform offer clear monetary incentives for the community of lenders operating on Joos, such as creating an easily accessible marketplace to buy and sell secondary debt and decreasing the likelihood that debtors will become delinquent.\n\nImportantly, Joos also promises widespread socioeconomic benefits as a result of shifting the global landscape of financial lending. For example, the platform aims to generate a single, objective credit rating system to replace the existing, arguably broken and biased, personal credit score system. It also offers an alternative to predatory payday lending by expanding the loan market and creating market opportunities for niche lenders.\n\nHowever, there are also critical challenges that Joos faces in achieving its goals. Chief among these is the difficulty the platform faces in ensuring the veracity of its users’ information, which is essential for Joos’ novel debt collection measures to work effectively. In addition, it is important that the platform take regulatory action to prevent the very predatory lending it may undercut from spreading on Joos.\n\nSocioeconomic Benefits of Joos\nThe first goal of this article is to more closely examine the potential positive social and economic changes that Joos’ peer-to-peer financial lending model can offer. We will focus on three areas in which Joos can make a significant global impact: offering democratic lending, reducing predatory lending practices, and establishing a non-discriminatory and transparent credit rating system.\n\nDemocratic Lending\nOne of the major failings of the current financial lending system around the globe is that it primarily works for people who are already relatively affluent. In contrast, there are numerous well-documented cases of minority-owned businesses and minority individuals being denied loans by the traditional banking system or being forced to pay exaggerated interest rates1,2. Similarly, much of the populations of developing countries lack access to low-cost loans from trustworthy institutions3. Although microfinance has developed in response to the need for accessible lending among these underserved populations, that industry has increasingly come under criticism for profit-chasing and charging high interest rates4.\n\nBy offering democratic, secure, peer-to-peer lending, Joos offers a solution to the historical imbalance in lending to these populations. Anyone with access to the Internet can connect to lenders on Joos, meaning that there is no inherent discrimination against the underbanked or against those in developing countries where major financial institutions do not have physical branches.\n\nMoreover, the same financial incentives that draw lenders to Joos’ platform are likely to create competition on the platform. That in turn will drive down interest rates and offer opportunities for niche lenders to succeed by making specialized loans to narrowly defined populations. For example, several competing lenders may specialize in offering loans to specific rural populations within one country or region, or to minority entrepreneurs who have faced discrimination within the traditional lending system.\n\nThis lending, in turn, can have significant impacts on minority communities and developing countries. Loans could represent a mortgage to buy a home, which is traditionally a barrier to the accumulation of family wealth among minority populations5. Alternatively, loans made on Joos could be used to support small-scale entrepreneurship in developing nations. Across a wide scale, Joos-based small loans in developing countries could play an important role in spurring economic progress.\n\nReducing Predatory Lending\nAnother major potential socioeconomic effect of Joos’ introduction is the reduction or even the elimination of predatory lending. This type of lending, which is epitomized by the payday loan industry, operates by charging the consumers most at-risk of defaulting on loans exorbitant interest rates and expensive hidden fees6. Historically, individuals have been driven to these predatory lenders largely because banks and other trustworthy lending institutions have decided against the practice of making small personal loans.\n\nBy enabling lenders to make small, short-term loans to individuals on the platform, Joos offers a clear way to undercut the predatory lending industry. Joos lenders have a wider potential audience and can charge interest rates well below those offered by predatory lenders because there are few business costs to operating on Joos. Furthermore, because Joos encourages competition among lenders – and especially small personal lenders, where the capital barriers to offering loans are negligible – there is extra incentive for lenders to reduce their interest rates and remove hidden fees.\n\nIn addition, the debt enforcement mechanisms built into Joos, the creation of a secondary debt market on the platform, and the platform’s immutable blockchain-based credit rating system all work to significantly reduce the risk to lenders who make small personal loans. First, small personal lenders have more tools at their disposal in Joos to collect on delinquent debts than in the traditional lending market. Second, if a lender decides that collecting on delinquent debt is not worth their effort, they can recoup a portion of their losses by selling the debt. Finally, lenders can easily track the financial lending history of Joos debtors when making decisions about to whom to make loans and at what rates. All of these factors combine to reduce financial risk for lenders, which in turn should lower interest rates well below those found in the current, often predatory, short-term and small loan marketplace.\n\nCredit Rating System\nAnother important shift that Joos will make in the financial lending industry is a rethinking of credit scores. Currently, consumer credit scores and business credit ratings are determined according to a system that is at best unfair, and at worst arbitrary. Consumer credit scores are largely based on home ownership, which tends to disadvantage minority populations, while business credit scores have been widely demonstrated to harm minority-owned businesses7. Furthermore, credit scores have been shown to be used as a tool for racial and socioeconomic discrimination throughout the financial lending system8. Worst of all, consumers are unable to see the factors that affect their credit score and are penalized for checking it.\n\nJoos aims to create an immutable credit rating system based entirely on individuals’ transaction history on the platform. This inherently eliminates considerations of race, socioeconomic, or educational status in determining credit scores, which will lead to fairer lending for everyone on the platform. In addition, credit ratings are stored on the blockchain, so that all factors leading to a change in credit rating are fully transparent to Joos users.  \n\nChallenges to Joos\nWith those potential socioeconomic benefits in mind, we will now investigate some of the obstacles that Joos is likely to face as the platform grows. In particular, we will focus on how the platform will need to ensure that users provide true personal information and how Joos may need to adopt regulations to prevent predatory lending on the platform.\n\nPersonal Information and Unique Accounts\nOne of the major challenges to Joos, as well as for any online marketplace, is ensuring that users provide accurate personal information and do not create multiple accounts to circumvent punitive measures. The former is particularly important for Joos, as the platform’s unique debt collection mechanism relies on creditors having access to the personal information of those to whom they make loans. In that case that debtors provide false information, the debt enforcement mechanism is effectively toothless and loans untraceable outside the platform.\n\nWhile it is possible to verify personal information, such as by requiring government ID to register on Joos, such a mechanism would inherently violate the government-free ethos of the platform. Just as important, collecting identification and checking it is highly likely to create numerous data security issues. Thus, Joos may face difficulties in finding a universal method for ensuring that the personal information provided by users to securitize loans is accurate, without needing to share that information, store personal data in a centralized location, or rely on government-backed means of verification.\n\nA closely related issue is that Joos must have protections in place to ensure that users cannot circumvent the platform’s universal and immutable credit rating system by creating multiple accounts. If this were to happen, there is little repercussion to a user defaulting on multiple loans across multiple Joos accounts. Assuming that Joos is able to verify identification, this problem could be solved simply by regulating that no single ID can be used to create more than one account. However, it is important that Joos remain vigilant of fraudulent IDs and allowing multiple forms of ID to be used for account creation.\n\nPredatory Lending\nWhile Joos has great potential to reduce or even eliminate predatory lending, without self-regulation on the platform it is also possible that Joos could proliferate predatory lending. In this case, lenders on Joos could simply ignore the risk mitigation and lower costs of entry that come with operating on Joos and choose to charge predatory interest rates. However, these high interest rates should be reduced or eliminated as the number of lenders operating on Joos grows and competition among lenders increases.\n\nStill, Joos may need some level of self-regulation to prevent against hidden fees or masked interest rates. For example, without any regulation, lenders may be able to offer loan contracts that include a very low and widely advertised starting interest rate, which then balloons after a certain period of time. This type of lending may be more difficult for debtors on the platform to identify accurately, but is still extraordinarily predatory and cannot be eradicated by competition alone.\n\nConclusion\nThe unique peer-to-peer lending and risk mitigation model of Joos offers to bring competition and specialized lending to populations worldwide. That, in turn, offers the potential to leave behind the racial and socioeconomic discrimination that characterizes the existing financial lending industry, and to provide opportunities for widespread economic development. However, the path to achieving these benefits does require overcoming several hurdles, such as ensuring fair use of Joos’ platform and installing mild regulations to prevent abuses by lenders. \n\nReferences\n1Palia D. 2016. Differential Access to Capital from Financial Institutions by Minority Entrepreneurs. Journal of Empirical Legal Studies, 13: 756-785.\n2Goering J, Wienk R (eds.). 1997. Mortgage Lending, Racial Discrimination, and Federal Policy. Routledge Revivals.\n3Mehta A, Bhattacharya J. 2018. Financial sector development and the poor in developing countries: Revisiting the access to finance channel. Theoretical and Applied Economics 3(616):153-168.\n4Mersland R, Øystein Strøm R. 2013. Microfinance: Costs, Lending Rates, and Profitability. The Encyclopedia of Financial Globalization. Elsevier, Oxford, UK.\n5Lee H, McCollum M. 2018. Differential Impacts of Mortgage Curtailment in Household Wealth Accumulation. Financial Management Association Conference.\n6Sweet E, Kuzawa CW, McDade TW. 2018. Short-term lending: Payday loans as risk factors for anxiety, inflammation and poor health. SSM Population Health 5:114-121.\n7Henderson L, Herring C, Horton HD, Thomas M. 2015. Credit Where Credit is Due?: Race, Gender, and Discrimination in the Credit Scores of Business Startups. The Review of Black Political Economy 42(4):459-479.\n8Korver-Glenn E. 2018. Compounding Inequalities: How Racial Stereotypes and Discrimination Accumulate across the Stages of Housing Exchange. American Sociological Review 83(4):627-656.",
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      "title": "The Socioeconomic Benefits and Challenges of Joos"
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      "memo": "Now more than 38,000+ Followers! Promote your new post with the biggest resteem service @raise-me-up. Send 1 SBD/1.5 STEEM or more. Invest in your account to succeed! Find new friends/voters who will vote your posts daily. Put post's url in memo and @raise-me-up will resteem your post + 100% upvote. Weekly subscribe 6 SBD or 8 STEEM. 365 days Active.[Return 'stop' as memo if you don't want to receive message like this.]",
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      "author": "joosprotocol",
      "body": "A man's word is his bound, unless you are a debt collector who has seen many a man vanished into thin air at the mere sight of you, claim to be out of town over the phone while you are just three tables away, or flat out deny their identity in the presence of their nana. Then, that word is worth all the sand in the desert. \n\nAnd those are the easy ones. \n\nBomb scares, death threats, and human waste in the mail, the debt collection industry is one that can throw the worst humanity has to offer in one’s face in the same breath as it says “Hello”.\n\n<b>Give Me Some Credit...</b>\n\nEither way you slice it, debt collection is a tightrope walk across a knife edge. No matter how helpful a debt collector may present themselves, a debt past due is never a healthy sign for the status of the debt and the state of the debtor. Yet, there was an agreement in place that should be honoured - should have been honoured without the intervention of a debt collector. While it’s easy to ascribe blame to the debtor for allowing an agreement to lapse, the truth is that debt collection is anything but straightforward.\n\nAccording to a press release by the [Federal Trade Commission](https://www.ftc.gov/news-events/media-resources/consumer-finance/debt-collection), the debt collection industry generates the most ire, saying:\n\n*“Debt collectors generate more complaints to the FTC than any other industry. Although many debt collectors are careful to comply with consumer protection laws, others engage in illegal conduct. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers’ employers, co-workers, family members, and friends. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Many consumers pay collectors money they do not owe and fall deeper into debt, while others suffer invasions of their privacy, job loss, and domestic instability”*\n\nHowever, the rise in complaints doesn’t translate into increased inhumanity or criminality as Hollywood would have us believe, rather it’s due to a liberal application of the [Fair Debt Collection Practices Act](https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-debt-collection-practices-act-text), which states that debt collectors cannot: \n\nCall the debtor before 8am or after 9pm: Simple to understand, tricky to execute due to time zone differences\nCall the debtor at work, knowing that the debtor’s employer doesn’t approve of phone calls: Knowing has always been a problem for debt collector\nHide their identity while calling the debtor\nThreaten, harass, oppress, or abuse the debtor\nLying or falsely imply that the debtor has falsely committed a crime\nEmploy unfair methods in order to collect a debt\nIgnoring a written request from the debtor to stop contacting them\nArmed with these, it’s no wonder debtors will use any legal authority at their disposal to lash back at those whom they perceive as trying to kick them while they are down. \n\nIt shouldn’t be so. \n\n*“None of us know what a consumer is facing in their own circumstances” [Alan Harries, a 31-years veteran of the industry, stated in a recent interview](https://www.news.com.au/finance/money/costs/confessions-of-a-debt-collector/news-story/545e5e6e1c7196f1b5005af1b31e4dd3). “They might have lost a job, gone through a divorce. There’s no way of knowing why an account hasn’t been paid until you talk to them.”*\n\nMichelle Dunn, another veteran debt collector, echoed similar sentiment in a recent piece on [huffpost](https://www.huffpost.com/entry/real-confessions-of-debt-collectors_b_1810986), saying: \n\n*\"When somebody's in debt and they have bill collectors calling them, that's not their only problem. They normally have something else going on,\" Dunn said. \"The last thing you need is a bill collector calling you. They may lash out on you. I've had people tell me they were going to find where my children went to school. Most people who are bill collectors, they don't take happiness in yelling at people. They don't get into this business because they have to be mean to people.\"*\n\nWe believe that a fastest, cost-effective, and transparent debt collection system that eliminates the friction created by third-parties is the solution to this problem. This solution is what we are developing at [Joos Protocol.](https://jprotocol.io/)",
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      "permlink": "hello-debtor",
      "title": "Hello Debtor..."
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      "author": "joosprotocol",
      "body": "Bedwetting and Other Financial Crisis\n\nThere’s nothing wrong with bedwetting. It’s a normal process of growing up. However, past a certain age, this acrid “leakage” morphs from being a mild inconvenience to an irksome embarrassment to the parties involved. \nThe same goes for financial debt.\n\nLike the bedwetter, the last thing any debtor wants is to have their publicly identifiable mattress dragged into the open for all to feast their eyes on the spots littering the mattress and call out its sizes. However, unlike the bedwetter, the action of a debtor is not born from an unconscious necessity, but rather, a conscious want. Also unlike the bedwetter who has to air their mattresses to minimise the potency of the odour assaulting their nostrils, debtors have no such pungent discomfort. As long as debtors keep convincing their creditors that they are good for their debt, the credit remains open. By the time they turn it off, it's often too late for everyone involved. \n\nAccess to an accountable and transparent debt profile management and collection system for creditors the primary reason why debtors can flagrantly rob Peter to pay Paul in broad daylight. Individuals can borrow from one end of the street and immediately turn around to perform the same feat at the other end. Businesses can present the same assets as collateral to a myriad of disconnected financial institutions and countries can keep rolling over the debt into new loans simply because countries just don’t up and vanish into thin air. This is why corporate debt now sits at [$9 trillion](https://www.cnbc.com/2018/11/21/theres-a-9-trillion-corporate-debt-bomb-bubbling-in-the-us-economy.html), while the National Debt to GDP Ratio of several countries is well over [100%.](http://worldpopulationreview.com/countries/countries-by-national-debt/) \n\nDebt collection is a difficult task, compounded by the fact that the law is highly geared towards the debtor who can always file for bankruptcy at the end of the day. Solving the problem of debt management requires an easily accessible, secure, and autonomous system free from third-party interferences, trust issues, and data manipulation. Such a platform is what the team behind [Joos Protocol](https://www.jprotocol.io/) is developing. Also known as, [JProtocol](https://www.jprotocol.io/), Joos is a robust, decentralized solution for debt resolution leveraging reputation and social proof.  \n\nSocial proof is a psychological and social phenomenon based on the concept that people often rely on the feedbacks and actions of others for their own decision making. This phenomenon can be observed when we shop, travel to new places, or interact with new establishments. We look for reviews, check up on feedbacks and ratings before engaging. This information also shapes how we respond and interact. \n\nSo, imagine not only being able to check up on the entire debt profile of an individual, company, or country before engaging them, but also knowing that the debt will always be repaid as scheduled. This is what [Joos Protocol](https://www.jprotocol.io/) is capable of through its groundbreaking development on the blockchain, preserving data integrity and providing a trustless network for immutable transparency.",
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      "body": "[![](https://d1vof77qrk4l5q.cloudfront.net/statics/upsell-delegate-15-steem-power-2.png)](https://partiko-io.app.link/A27hLeUkgT)",
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      "body": "Reputation is one of the most difficult currency to earn and the easiest to lose. Just ask your socks. All it takes is one frayed thread dangling out and its place in the drawer is no longer certain. Same reason why most brands spend millions on developing, maintaining, and enhancing their public relations. However, while these companies will go to great lengths to keep their public profiles pristine, not much is being done about one of the most fundamental profile for survival - debt.\n\n[Estimated at $9 trillion](https://www.cnbc.com/2018/11/21/theres-a-9-trillion-corporate-debt-bomb-bubbling-in-the-us-economy.html)  , corporate debt is rapidly becoming the stuff global economic crisis nightmare fuels are made of. Experts continue to point out its eerie similarities between the subprime mortgages that brought the global economy to its knees in 2007 and lower-grade corporate debt market, especially debt-to-equity. The debt-to-equity ratio of any company is the most common metric for measuring its stability, painting a vivid picture of its operational flexibility and sustainability. Good debt ratio affords companies a higher degree of maneuverability in the market and may help fund expansion plans. Doesn’t matter how you slice a bad debt ratio though, it’s always doom, gloom, and damnation at the end of it all. \n\nWhile slapping the “global crisis” label on anything is a surefire way to drag eyeballs to the issue being raised, rarely have [these warnings](https://www.marketwatch.com/story/the-4-called-the-last-financial-crisis-heres-what-they-see-causing-the-next-one-2018-09-13) been able [to prevent the trainwreck](https://www.businessinsider.com/heres-why-the-dot-com-bubble-began-and-why-it-popped-2010-12?IR=T) they’ve been [signposting](http://time.com/money/5001194/stock-market-signs-tech-bubble-crash/). \n\nSo, what do we do? Bury our heads in the sands and wait for these house of cards propping up the socio-economic activities of most countries to come crashing down? Or keep signposting and hoping someone will see this sign before it's too late and pump the breaks? \n\nNot with the power of the blockchain at our disposal. \n\nReputation is an intangible currency. Reputation is a currency company spend among stakeholders - internal and external. Reputation for internal stakeholders - the CEO, employers, board members, attorney, and advisors - not only increase the overall value of the company, it also fosters loyalty, respect, and drives productivity forward. External stakeholders - investors and the general public - want to either benefit from the success of the company, be a part of it, and gain value from it.  \n\nAccording to a report by [Reputation Review Report](http://www.aon.com/attachments/risk-services/Aon-OM-Reputation-Review-2012.pdf), a bad one not only turns up at inopportune times but can also result in a loss of value and increased hiring costs. \n\n*\"The evidence demonstrates that a reputation crisis, where a company might lose more than one-fifth of its value suddenly and unexpectedly, carries an 80% likelihood in a five-year period. In an age of instant and global communications, it is more important than ever to have in place a reputation monitoring system to identify emerging threats and provide senior management useful intelligence,\"* <b>states the report.</b>\n\nIn this hyperconnected world, any reputation - and its propagation - is just a click away, and nothing sells like bad reputations tend to catch on like wildfire, burning down an estimated [$500 billion annually](http://blog.grade.us/the-cost-of-unhappy-customers/#more-228). The internet has become one of the most important tools in a new policy of shaming debtors. Slovenia published a list that named and shamed 16,000 tax delinquents to [widespread acclaim](http://www.sloveniatimes.com/tax-debtors-named-in-name-and-shame-list). However, information dissemination on the internet is centralized, fraught with security risk, difficult to verify, and susceptible to a single point of failure.\n\nThe blockchain is not.\n\nThe blockchain’s distributed and decentralized ledger system is an immutable and tamperproof network that can be accessed by anyone from anywhere with no restriction. While certain PR companies may pride themselves in being able to sweep bad reputations under the rug, information recorded on the blockchain cannot be manipulated or tampered with. This immutable foundation is the basis for [the Joos Protocol](https://www.jprotocol.io/) revolution of the debt industry.\n\n[Joos Protocol](https://www.jprotocol.io/) is the worlds first distributed third-party debt registrar and social debt collection agency with the lowest fees and fastest solution. Powered by the blockchain, the network allows users to verify and validate debtors through an intuitive and automated debt collection system. Debt can be collated and monitored autonomously through the blockchain and across a global audience of incentivized digital debt collectors.\n\nUsing an immutable distributed ledger and with the help of “validators” your debtor's list is verified and data integrity is maintained. At the event of default – 1st and 2nd follow-ups are automated mail outs and SMS. Third response sets off the social debt collection response. Details of the debt and a bounty are sent out to the network. “collectors” then work using digital and social pressure to remedy account discrepancies. After all, nothing sells like bad news...",
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      "body": "Two hundred and fifty trillion dollars of debt litters our global economy. That’s the equivalent of $35,714.00 each for every man, woman and child on this entire planet. With the current growing wave of increasing debt, these numbers aren’t going to shrink by themselves. With current people’s mindset to borrow more money, and sink further into the debt hole, than to repay current debt, our global economy won’t survive for much longer.\n\nWith our current debt system, the debtors are given way too much freedom, and can basically just take out new loans to cover previous ones, causing an unhealthy cycle of increasing debt. We need a much more modern approach to this problem, and currently there is none. Joos provides a simple solution to this and we call it the ARM Network.\n\nThe ARM network is simple, efficient and scalable and ensures account resolution faster than any other model in the market. We are disruptive because we are both faster and cheaper than all incumbents and we strip away all the resource and labour intensive processes in traditional debt collection. Furthermore, we circumvent industry restrictions and remove human empathy from the collection process, making sure no-one is offended/triggered.\n\nDebtors nowadays have so many options against the debt collectors, and can easily escape/delay payments, and if worse comes to worse, they can declare bankruptcy. Here are just some examples of ways that the debtor can put of his/her current debt.\n\nThe Debtor is allowed to\n-\tIgnore the creditor via phone, emails & other forms of communication.\n-\tChange phone numbers, details, cities, countries.\n-\tProvide fake information, or arrange a fake payment plan.\n-\tFile lawsuits for harassment/assault.\n \nWith Joos, we hope to solve all of these problems, and make the process of collecting debt emotionless, transparent and convenient for the creditor and the debtor. Let’s stop the bleeding with Joos and create an easy to use platform for everyone!\n\nFeel free to check out Joos at the following Links\n\nWebsite – https://jprotocol.io/\nLightpaper (Whitepaper coming Feb 1!) - https://jprotocol.io/wp-content/uploads/2018/12/Light-Paper-1.pdf\nTwitter – https://twitter.com/joosprotocol\nTelegram - https://t.me/joosprotocol",
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      "body": "@@ -77,17 +77,16 @@\n e all ow\n-n\n ed someo\n",
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      "body": "# World Debt: The Biggest Financial Time Bomb and the Shortest Fuse\n #\n\nWe’ve all owned someone something at one point or the other - some negligible, others not so. But how about getting saddled with a [$86,000 debt on top of what you own or don’t own?](https://www.imf.org/external/datamapper/datasets/GDD)  And you don’t have a say in it. \n\n*Welcome to the global debt business.*\n\n### Doth I Protest Too Much ###\n\nEstimated [at about $182 trillion by the International Monetary Fund (IMF)](https://www.imf.org/en/News/Articles/2018/12/01/pr18450-imf-managing-director-lagarde-calls-for-decisive-and-collaborative-action-by-g-20-leaders), the debt industry is the biggest in the world. Individuals, businesses, and governments will borrow based on the premises that the debt will be serviced by paying the principal and interest on it or rolling the debt over. Rolling over allows individuals to consolidate debts and lower payment, while businesses and government have to sell new securities to finance the redemption of maturing securities. However, there’s nothing that really holds governments to pay off their debt as long as the economy can be managed with low interest and inflation. \n\nWhen money is borrowed, a promise is made to repay the borrowed sum with interest at a certain point in time and the demand for savings is increased. With increased savings, interest rates start to goes up as competition amongst lending institutions intensifies. The more competitive the market gets, the higher the interest rates and the more difficult it becomes for businesses to borrow money, resulting in reduced employment opportunities, lowered tax collection, and higher deficits. Left unchecked, the government may have no other recourse than to borrow more and roll over debt, creating a vicious circle. \n\nNow imagine being able to print new currencies to repay loans, increasing the money supply, inflation rates, salary and infrastructural expenditures that will need more borrowing to solve. \nAs long as interest rates don’t rise past a certain threshold, governments can keep borrowing and rolling over debt - theoretically. However, market forces don't operate ad infinitum in linearity. Sooner or later, the circle busts and the chickens come home to roost with all the attendant foul play - delinquencies, and defaults, market crash, and financial crisis. \n\nWith 7 billion earning an average per capita income of $10,298 according to [World Bank](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD), paying off an $86000 debt - assuming we all embrace austerity - is roughly two decades away. But oh, we forgot to add annual interest and payment deadlines for existing loans that most likely will get rolled over into new loans with new interest rates. Adding those and the magnitude of the debt crisis becomes enormous.\n\nSimply put, our world is <b>Bankrupt. </b>\n\n### Society’s Greatest Burden ###\n\nThe blunt truth is the world can no longer survive to carry this burden any longer. Dubbed a [timebomb on a short fuse](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD) set to go off without warning or notice, the global debt burden is set to trigger the next [financial crisis](https://www.afr.com/markets/debt-markets/the-ticking-time-bomb-that-could-trigger-a-new-financial-crisis-20180903-h14vdo) as echoed by Joachim Verts, Co-Founder of [Joos Protocol](https://jprotocol.io/).\n\n“Statistics on the delinquent debt alone suggests that credit ratings aren't a strong enough motivator when it comes down to debt that is being heavily deprioritised” \n\nDebt, particularly unresolved debt, is a burden on society. The first path to a healthy economy and a healthy progressive commercial or personal life is to extinguish debt.\n\nBut how does one go about nursing the global economy back to health? \n\n### Mind Over Matter ###\n\nHuman psychology is a very powerful tool especially when harnessed to trigger predictable behaviours. This powerful tool is what Joos Protocol is now leveraging, built on the backbone of the Fourth Industrial Revolution’s core pillars - Big Data, AI, and the Blockchain\n\n“When your working reputation or ego or peer status is compromised a very raw human emotional response is triggered” explains Joachim. “We tend to resolve issues that compromise that part of our lives faster. Joos protocol approaches it with a new tact - credit rating is simple and will obviously be one tool but our power lies in human psychology or the ability to apply social and digital pressure in a way to trigger predictable human behaviours”\n\n\n[Joos Protocol](https://jprotocol.io/) is the world’s fastest and most effective debt collection solution built on transparency and cost-efficiency. This autonomous and automated solution based on a decentralized and immutable public ledger system enables users to monitor their entire debt collection solution across a global audience of incentivised digital debt collectors to expedite and optimise successful account remedy solutions. Simple – Using an immutable distributed ledger and with the help of “validators” your debtors list is verified and data integrity is maintained. At the event of default – 1st and 2nd follow-ups are automated mail outs and SMS. Third response sets off the social debt collection response. Details of the debt and a bounty are sent out to the network. “collectors” then work using digital and social pressure to remedy account discrepancies.\n\nThrough the consolidation of the world's debts and claims on a transparent, open source, and public ledger with no central authority, [Joos Protocol](https://jprotocol.io/) is creating a truly fair and honest new lending marketplace. We hope to become the worlds trusted axial for both borrowers and lenders.",
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