What is Trittium?
What is Trittium?
Cryptocurrencies have been part of our lives for around ten years now and it has been a long road for the digital currencies to get where they are now, especially with the controversy and challenges they have faced from governments and banking institutions. Despite their best efforts, cryptocurrencies are becoming part of our daily lives whether we like it or not and they appear to be here to stay for a very long time. Now since the rise of these digital currencies, you could say that a lot of people have had a significant ROI when it comes to bitcoin, because as we know bitcoin is currently the market leader with one coin being worth over $7,500. The period in which many became financially free because of bitcoin was the winter of 2017 where the price of bitcoin had risen from approximately $3000 all the way to $19,000, now I’d say the profitability factor on this was through the roof. Since then many people have been looking to replicate that effect and launch other cryptocurrencies with actual real world uses and benefits.
Cryptocurrencies such as Trittium who have been gathering momentum over the past few months and has been looking to combat one issue that are faced by millions of people throughout the world. By utilizing the power of blockchain technology, the Trittium platform and their respective cryptocurrency are looking to create blockchain-based secured loans, and shape the world’s financial markets. Trittium are looking to overthrow the current methods of taking out and securing loans, and with the financial and economic environment the way it is, people aren’t always aware of what they are getting themselves into. Currently when someone takes out a loan, they are faced with three paths that they can go down, which are credit-based unsecured loan, a guaranteed loan or a collateralized loan. Typically when you apply for a credit-based, these are usually short-term loans that can be used to cover things like car repayments, holidays things like that. More longer term and larger loans like for a mortgage require collateral or a guarantee from a third party
However the problems arise when the applicants have poor credit history and this makes it difficult for loan companies to issue the loan in the first place. If you have good credit history when you apply for a loan, then the process will usually go through without a hitch, whereas a person with poor credit history can expect to encounter issues with their application such as offering the loan with penal interest rates or simply rejecting it outright. Having poor credit these days almost feels like you’re cut off from the rest of the world because you have been denied access to money that is important to you.
Trittium are have a solution for such practices because this platform is looking to use blockchain-based assets as collateral instead of the traditional collateral people use today. Blockchain-based assets are divisible and are also liquid, so if a payment is missed then a portion of the fungible asset can simply be sold off to bring the loan repayments back in line with the terms of the initial loan. Not only are Trittium looking to introduce blockchain-based loans, but they are introducing cheaper loans too because of this, which means that more loans will be available to more people who desperately need them. Blockchain technology is the key to bridging the gap for many people and financial help that they need and since blockchain is a digital and decentralized ledger, it records all transactions publicly and needs no third party to intervene.
If you want to know more please visit https://trittium.cc
Originally published at medium.com on June 10, 2018.