What is Block66?
“Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently.”— CEO Joe Markham
ICO Alert Quick Facts
- Mortgage lending platform that leverages blockchain tech to increase transparency and streamline the deployment of capital.
- $0.07 = 1 B66 token (30% bonus)
- Presale currently live; Main ICO to run in Q4 of 2018 with exact dates TBA
- 135,000,000 total available / 300,000,000 total supply
- Partnered with Civic to enhance efficiency, privacy, and security
Q&A with Block66’s Team
ICO Alert: Can you please describe how you plan to tokenize mortgage contracts?
Block66: It’s quite simple really. Block66 will tokenize mortgages with an API-synced smart contract for each home loan. Due to the fact that each mortgage is unique, having this type of dynamic real time information is vital.
ICO Alert: What intricacies are involved?
Block66: Really, the borrowing terms are unique for each lender. These unique lender terms have to fit within the context of regulation and will be built into a smart contract for that mortgage. This sounds simple, but this includes details around borrower credit score, regulation, loan-to-value and an array of other factors.
ICO Alert: What happens in the case of a borrower’s default?
Block66: As with mortgages today, this will be an issue between the lender and the borrower. One of the advantages of Block66 is that we will be using APIs from a variety of sources to give lenders as much upfront information as possible so they can avoid these situations.
ICO Alert: Can you please describe Block66’s relationship with BrickBlock?
Block66: We work closely with BrickBlock’s developers to build the Block66 MVP and protocol. This team is highly skilled and have 3+ years experience in blockchain real estate.
ICO Alert: What is the proof-of-loan token and how is it utilized in the Block66 ecosystem?
Block66: A proof-of-loan token is a piece of a mortgage that can be sold to investors from lenders. These tokens will be launched on our roadmap after the MVP has been finalized and mortgages are created.
ICO Alert: Can you please describe how the B66 and BNET tokens work within the platform?
Block66: B66 is the oil well. BNET is the oil (fuel). The BNET fuel is sold for access and the proceeds go to the B66 token holders who have activated their tokens with our special fountain smart contract.
ICO Alert: Since the price of the BNET token will be set by Block66, can you give investor’s some insight into how that decision will be made?
Block66: The BNET token price will be set such that their collective value to complete a mortgage will be competitive in the market. For example, if $1,000 is the competitive rate for the mortgage, Block66 will set BNET equal to $1.00 and a lender would need to buy 1,000 BNET to set up the mortgage. Ultimately, the price won’t matter because the mortgage fee will be the total value transferred in BNET. To avoid any doubt, in this example, there could be 1 BNET token worth $1,000 or 1,000 BNET tokens worth $1.00, ultimately totaling $1,000, which would be passed along to B66 holders.
ICO Alert: Is there collateral being secured on the blockchain for these loans?
Block66: Collateral will be appraised by our underwriters and logged on the blockchain.
ICO Alert: How do the repayments of capital function in terms of converting from fiat/ETH? Will centralized exchanges be used?
Block66: We will not be dealing with the repayments of mortgages, merely setting them up.