Goldfinch

How It Works

Mission of the project

Flight Academy is education program for the Backer community. Main goal is provide the community with basic vocabulary and tools to start evaluating debt deals and establish norms that will help the community develop over time. During: 6 weeks. Reward: 3% of the total token wiil be allocated to participants (not to everybody - only for these who will be very active).

Goldfinch is a Decentralized Finance (DeFi) credit platform that loans out cryptocurrency to users without requiring that they have crypto collateral themselves.Thethemselves. Instead, they require stake an amount of GFI equal to double the cost of an Auditor approval, which is a fixed rate set by the protocol. The company was co-founded in July 2020 by Michael Sall and Blake West, who both formerly worked at Coinbase. According to its whitepaper, Goldfinch's lending model relies on four core participants: Borrowers, Backers, Liquidity Providers and Auditors.

Mission of the project

Mission of the project

1. Backers may form off-chain legal agreements with Borrowers (but while not explicitly supported by the protocol). Backers may require such an agreement to be in effect, either with them directly or with another Backer, in order to be willing to supply capital. In these cases, the legal agreement and potential recourse are another important incentive for Borrowers.

2. Borrower need to publicize their address when proposing pools to Backers, their on chain history becomes public to future creditors (even those off-chain).