Getting to know Goldfinch in plain language

Goldfinch is a protocol that creates a platform for borrowers and lenders (liquidity providers) to obtain / issue a loan without collateral. This platform is available for most countries in the world. By decentralizing the process, everyone can become a creditor or get a loan, no matter where they are.

The platform was launched in December 2020 and has already raised over $ 1 million in capital for thousands of borrowers in many countries around the world.

Well-known fintech companies such as PayJoy, QuickCheck, Aspire Money, Almavest and others are already partnering with Goldfinch. All of them have been demonstrating good results in the field of lending in various segments for several years and now strive to grow with the help of cryptocurrency.

The Goldfinch Protocol consists of 4 main participants: borrowers, sponsors, liquidity providers, and auditors.

1. Borrowers are companies seeking funding and submitting pools of borrowers for evaluation by sponsors. Borrower pools contain financing conditions — interest rate, limit, terms, repayment schedule, penalties for delays, and others.

2. Sponsors (bakers) — evaluate the pools of borrowers and decide whether to provide them with capital. After sponsors provide capital, borrowers can receive and repay their loan.

3. Liquidity providers (lenders) — supply capital to the pool to generate passive income.

4. Auditors — vote on the approval of the loan application for the Borrowers. Auditors are randomly selected by the protocol and provide checks to protect against fraud.

And this is just the beginning. Only a few months have passed since the launch, and the protocol has grown by 2.5 times due to loans provided to borrowers in 7 countries: India, Indonesia, Mexico, Nigeria, Singapore, Thailand and Vietnam. The main mission of the project is to create a decentralized credit protocol that expands access to financial services. Anyone can now join the project to help the Goldfinch protocol grow to the next level — get involved!

In order to become part of the goldfinch protocol, you first need to register here and join their discord.

Next, you will need to complete weekly tasks in order to support the project, for example, one of the first tasks is to join their twitter and retweet messages.

So I’ll wait for you in the discord channel and help all beginners!)

Here’s my discord: MeGusta^_^#4906