BankSocial Selects Polygon for Peer-To-Peer Lending Sidechain Solution

BankSocial has selected Polygon for the development of its peer-to-peer lending sidechain architecture which will allow for the development of a first-of-its-kind transactional experience for BSOCIAL token holders.

BankSocial™, the first peer-to-peer social consensus lending platform to be secured by the blockchain, has selected Polygon to construct its proprietary sidechain solution. With an enhanced focus on scalability, flexibility, and interoperability, Polygon will enable BankSocial™ to fully develop its staking architecture for BSOCIAL token holders.

BankSocial’s™ innovative approach to lending is creating a financial structure where individuals will fund asset-backed loans for other individuals and businesses. BSOCIAL tokens—which can be purchased on some centralized cryptocurrency exchanges, Ethereum based decentralized exchanges, and on the Binance Smart Chain—will be staked by token holders in exchange for proportional distributions of the interest collected from each loan. BankSocial’s™ sidechain, powered by Polygon, will be the primary framework and mechanism for staking all BSOCIAL tokens.

As BankSocial continues to redefine the future of finance, Polygon further equips the organization with the tools and ready-made solutions needed to actualize its sidechain solution. In addition to Polygon’s innovative technologies, their framework prioritizes ease of use and user experience, features that are important to BankSocial™ core business model, as it works to change the ways individuals interact with financial institutions. 

With lending anticipated to begin in 2022 and Polygon by its side, BankSocial™ continues to bring to life its revolutionary technologies while passively building value for all BSOCIAL token holders.

About Bank Social

BankSocial™ is a peer-to-peer social consensus lending platform that revolutionizes the way the blockchain is used for lending. For more information about BankSocial™, BSOCIAL tokens, and other BankSocial™ products.

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About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 350+ Dapps, ~128M txns and ~1M+ unique users.

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Source : cryptodaily.io

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